e.g. Miami or Miami-Dade or Florida or 33132
The increasing number of foreclosure homes is adding fuel the gloom of the American economy. The melt down of sub-prime mortgages resulted in the crisis of foreclosure homes and despite many measures being taken by the government at all levels, so far the pace has not slowed down.
So far the worst affected foreclosure homes have been the residential houses but lately reports are coming in of commercial foreclosures. It will complicate matters further if timely effective steps are not taken.
The great American dream has always been to own a house. Unfortunately only those with steady income and good credit record could avail of conventional prime loans. To make it easier for everybody the mortgage lobby introduced the sub-prime mortgages for people not fortunate enough to qualify for traditional mortgages. No questions were asked about income and practically anybody with a pulse could qualify. This led to money flowing into the real estate market and there was frenetic activity everywhere. This led to a rise in demand and in the price of houses. It was known as the housing boom. It was most noticeable in Florida, California, Nevada and Arizona.
According to the law of economics a boom invariably leads to a bust. This is exactly what happened. When floating rates of interest of sub-prime loans began to rise, the borrowers failed to continue and they began to default by thousands. Soon it ran into millions. The market became choked with foreclosure homes causing prices to tumble. Construction work came to a halt together with ancillary activities. This set off a chain reaction of unemployment and economic slump – all thanks to the increase in number of foreclosure homes.
Lenders are consistent with their efforts to help the striving homeowners to sustain their homes so that the massive number of foreclosed homes do not chock the housing and property market. This indicates that the much apprehended rise of foreclosures that might flood the property market in California may be averted primarily due to the [...]
Home buyers trying their best to qualify to get a irregular tax credit added to the increment of sales of homes in the Western part of the country. During August this figure was almost 5% greater than last year’s figure. The situations have been aggravated due to the foreclosures in California, Arizona and Nevada. The [...]
The Miami foreclosures has provided the option of buying the best homes in Miami at highly affordable prices. In fact, on checking the list of homes in the foreclosure market of Miami, one notices that the prices of the homes in the market is always low and the home prices apparently range from $80,000 to [...]
Foreclosures of homes and notifications of loan defaults took a leap by approx 10% in the month of June. This rate was almost 55% higher compared to the figures last year. However, in Glendale, Burbank and La Cañada Flintridge the rates seem to be lower than the average rate of Los [...]
Due to the increasing number of foreclosures in the US, there has been a drastic impact on the values of homes in certain regions. According to some people under such circumstances, it is highly difficult to be able to sell the homes, as they are not getting the expected amount for their properties.
As per Amanda [...]
As per the MDA DataQuick there has been a major curb in the prices of the homes in San Francisco Bay Area. Compared to the last year’s statistics this April the data featured a fall of approx 41% and in fact last year the foreclosures were responsible for more than half of the selling of homes and properties.
A report from the ForeclosureRadar, a Discovery Bay company, showed that about a quarter-million California houses faced foreclosure in 2008, which was even greater than the properties foreclosed in 2007.
The company further mentioned that December saw the issuance of a large number of default notices, replicating once again a situation during summer last year. This [...]
Monterey County has recorded that about 63.1 percent of the properties sold in August were a foreclosed property. The county real estate had a huge rate of foreclosures last month. The properties sold in August last year comprised only 7 percent of foreclosed properties. The median sales price for homes in Monterey County in the [...]
Another county that has shown an increase in its foreclosure activity is the Snohomish County. There has been a 39 percent increase in the number of foreclosed homes last month in comparison to what it was a year back. It has been found that there has been an increase of about 64 percent last month [...]
Lee County real estate market is submerged in open foreclosure cases of over 22,000. This county has to send surplus dollars to the state from the fees to work on foreclosure homes. Charlie Green, Clerk of Courts is already prepared to hold back about $200,000 to $300,000 from court fees and foreclosure to make a [...]
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