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 positive responses from the banks towards the government effort as they prevented their activity of taking repossession of the distressed properties. The homes all over the state that were taken away by the lenders also decreased grossly as it fell to 37% as compared to last year’s figure during the same time period, especially as back then the foreclosures were soaring.

In case this trend of lesser foreclosures continues then it might allow some amount of recovery for the property market. The analysts strongly feel that a flood of foreclosed properties may just plunge the home values all over again, though the prices of the homes seem to be in control. The economist Kenneth Rosen with UC Berkeley feels that the government officials will do anything to ensure the gradual clearance of the foreclosure backlogs has also observed that, “I certainly don’t think there’s going to be a deluge, or second wave of foreclosures. There’s now an appetite to make sure we get this right.”

However, thousands of homeowners in California are still at risk of facing foreclosures as they have skipped the payments of their debts and despite this the lenders are trying to provide more time to these defaulting homeowners so that they can catch up with the payment schedules. This is happening as the lenders are also concerned about the clogging property market. John Walsh, the president of MDA DataQuick providing research based on the real estate, commented about the reluctance of the lenders towards foreclosing and observed that, “It’s not out of the goodness of their hearts. It’s because they’ve concluded that flooding the market with cheap foreclosures in this economic environment may not be in their best financial interest.”

According to the Bank of America Corp the foreclosure process can be minimized only by exhausting almost every alternative method and option so that the homeowners can retain their homes. They further observed, “We do not hold foreclosed properties off the market. We have an obligation . . . to prepare foreclosed properties for market and sell them as efficiently as possible.”

Many have the opinion that the big lenders including the officials of the government are working through an implicit agreement. Richard Green, the director of USC’s Lusk Center for Real Estate commented that, “I don’t think people are saying it to each other, but they’re seeing it’s in nobody’s interest to have mass foreclosures.”

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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 National Association of Realtors feels that this also helped to pull down the average price of the homes in a region more than 12%. Nationally this figure came down to almost 13%.

Celia Chen, the senior director at Moody’s Economy.com, observes that, “The story in the West is still very much one of foreclosure sales occurring. Prices have fallen so much in the West that I think that’s also encouraging some buyers — both investors and those who intend to actually live in their units — to come back into the market.”

The sales in West went up by 1% since July. That went against the trend in the nation due to which the sales fell to 6.2% since July to August. There were improved sales in numerous Western metros in August

The Associated Press-Re/Max Monthly Housing Report Several of the largest Western metros saw improved sales last month. There was an increase in the sales figures of Phoenix, Los Angeles, Las Vegas, Boise, Idaho, and San Diego. On the other hand Denver, Seattle, Billings, Mont., San Francisco, Honolulu, Anchorage, Alaska, and Albuquerque, N.M., faced a fall in the sales in August compared to the last year.

Numerous buyers buying homes in August were primarily first-time buyers who were too eager to strike a deal prior to Nov. 30, and the deadline for qualifying to earn a tax credit of at least $8,000. The dealing process might take more than a months time.

Floyd Scott, the broker-owner of Century 21 Arizona-Foothills in Phoenix observed that, “Some of them are getting a little freaked out about finding a house to get the tax credit.”

In Phoenix the sales increased by 44% and above as compared to last year’s record. The average price of sales in the mean time fell to 32% resulting to $125,000. At least a quarter of them were fresh buyers and another 20% were investors. Scott assumes that the sales figures in September will be greater than August. The number of days to keep a home in a market fell in July compared to August in San Francisco, Los Angeles, San Diego, Phoenix, Denver and Seattle including Western metros.

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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 $200,000. These houses are definitely the best in the market.

However, while investing in the houses of Miami during foreclosures you should also remember that getting the cheapest house in Miami is not similar to getting the right deal for investing. As there are numerous properties which are enlisted as foreclosure houses in Miami, you should have a proper plan to strike a suitable deal not only in terms of a feasible budget but also in terms of your choice and taste.

The selections of properties for sales in Miami comprise of condos, townhouses, single-family homes, and vacation properties. These properties found in abundance in Miami makes it important for you to have a proper plan for buying and investing in these houses and it would be better if you do not go around checking every property. It is very time consuming. If you have a plan all chalked out and then it will be more prudent on your part.

While planning for purchasing a home in Miami few things have to be kept in mind. Location is an important factor as before buying any foreclosed property you need to ensure if the location is suitable for you. This also includes inquiring about the available services, facilities that you need while staying there including the recreational facilities and sources of entertainment.

Specifications about the exteriors and the interiors of a house is important. After all you are paying for the property, it should be a worthy deal. The specifications also includes the size of the property, facilities of the home, interiors and numbers of bedrooms and bathrooms including fittings.

Budget plays an important role whenever you are purchasing something. The cheap properties of Miami doesn’t fall outside the purview of a feasible budget as it greatly helps you to plan your investment according to your affordability. You can also get a financial institution for issuing of loans so that your financial condition is not effected by this deal.

You can also take help from a Realtor if you are a first time buyer at the Miami foreclosures. A Realtor can help you with the legal issues and paperworks during a deal on Miami based properties and the home will be transfered to you in no time.

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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 Angeles County and California as per the estimates of the RealtyTrac, the property firm. As a matter of fact, 62 of every house countrywide faced foreclosure since the initial half of 2009, but only 1 out of 110 homes in Glendale faced foreclosure.

In Burbank the rates were comparatively better as approx 1 of each 111 houses experienced foreclosures and in La Cañada, out of 148 houses 1 home got foreclosed as per RealtyTrac. Though the foreclosures in the area numbering to 424 including default notices were higher in frequency compared to last year June’s records showing only 274 foreclosures., the current records show more stability in home values has been attained.

The local house owners got more flexibility during negotiation with the banks as the prices did not feature any drastic falls. Daren Blomquist, a RealtyTrac representative commented that, “Usually the markets with the lower foreclosure rates are standing up a little bit better in this environment that we’re in and are holding their values better so that homeowners who are in distress have some more options to avoid foreclosures.”

Compared to Los Angeles and Orange counties the prices of homes are not deteriorating drastically. Banks are now stricter during loan issuing. Contrarily due to lesser new projects of construction compared to the ones in communities in Southern California, the home demands have stayed stronger and controlled the falling of prices as observed by Soderstrom. Soderstrom observed that, “When the wheels came off the market a little bit, that wasn’t as drastic [locally].”

The rates of foreclosures in Glendale and Burbank have remained quite higher as compared to the national average featuring foreclosure of at least 1 out of every 144 homes as noticed by the RealtyTrac. However, the low foreclosure rates have certainly aided in preventing the regional prices from falling or any kind of alteration. This has in return kept the region profitable for the buyers of homes. This trend was noticed by Kendyl Young who is acting as a private property agent.

Kendyl Young has further observed that, “If we have a lower foreclosure rate, it means our property values are maintaining and I think that does make it more desirable.” Soderstrom observed that the occurrence of foreclosures invariably has a negative impact on the families in the neighborhoods as the falling prices effect the prices of the properties nearby.

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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 Frank, a homeowner, she is having problems with selling her house in West Chester. She had expected to gain at least $107,000 from the sale of the house but unfortunately, the buyers came up with much lesser amount to pay.

According to her, “The couple that was going to borrow it had an FHA loan. They came back and did an appraisal and it came back appraised at $80,000. That is $8,000 less than our current mortgage and $3,000 than our 2008 Butler County tax appraisal.”

According to the appraiser, the low value of the properties determined the value for the rest of the homes in the same locality. According to Frank, “They said the comparative sales within the neighborhood do admit there’s a downward trend in the pricing.” In fact, another home in the same locality have been appraised at $105,000

At the same another house of the same sq ft has been appraised for $70,000 and the owner of this house is trying attempting for short sale or selling the house for lesser amount than what is needed to pay back the mortgage debts.

Another house in the same locality suffered to some extent due to negligence and needs to be repaired as it is expected that this will increase the over all value of the house. However, to increase the value of the houses, more needs to be done in the neighborhood.

As observed by Frank, “Who wants to hear that without a predatory lender, without an adjustable rate mortgage, without buying on the bubble, here you are upside down on your current mortgage.” A lot many families have lost jobs or ran out of employment and hence have to face the issues of foreclosures.

The worst part is that the Franks have invested almost $100,000 in the house they own but on the contrary, it has been appraised at a mere $80,000. The situation is the same with their acquaintances, who are intending to sale their homes at approximately $126,000, but the buyers are only ready to pay $100,000. Hence, one needs to rethink before they invest any further in renovation of homes, as that does not seem to improve the value of the homes much.

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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.

In April 2008 the number of condominiums being sold including houses totalled to 7,139 in the nine-county zone and this featured a hike of almost 13%. According to a research company in San Diego, compared to last years average price of $518,000 this years average price showed a downfall to $304,000 and this can be calculated to be approx 54% less than the level attained by the degree of price rise two years back.

The president of MDA, John Walsh observed that, “Job losses and historically high foreclosure levels continue to pose serious threats to housing stability, in much of the Bay Area, there’s the added problem of ‘jumbo’ loan financing still being relatively expensive and, for many, hard to get.”

Freddie Mac who is also a buyer of mortgaged properties commented that in order to bring down the rates, the Federal Reserve tends to buy mortgaged securities ranging to almost $1.25 trillion. Lesser rates of mortgages and the accessibility to loans for homes are mainly supported through foreclosure properties at a discount and the Federal Housing Administration and these factors are controlling the aspect of sales throughout the US. There was a 4.82% fall in the rates of loans given for 30 years.

According to MDA DataQuick, the number of foreclosures in the Bay Area approximately reached to 47% and this turned out to be the most minuscule level since last November. This scenario cropped up because mostly the buyers purchasing for the first time in the counties featuring an inferior pricing or finance for buying, thanks to the FHA mortgages and this brought up the sales records to the heights.

In case the amount of any mortgage figures to more than $417,000 then it’s focussed on as jumbo loan. In this case approx 22% sales of homes were financed by these jumbo loans as these sales were cut down by 60% or more prior to the financial crisis hitting the economy and market in 2007 August. According to MDA DataQuick, that’s known as the ‘kept sales’ in the areas of expensive coasts where sales reached a recorded inferior state.

In the regions of Solano, Contra Costa, Sonoma and Alameda, Santa Clara sales percentage was hiked to approx 67%, 34%, 22%, and 17.5%, 11.5%. On the other hand according to MDA DataQuick, in the regions of Napa, Marin and San Mateo and San Francisco the level of sales fell to 1%, 19%, and 22.5% and 34% respectively.

The nine counties experienced major plummets and Solano experienced maximum fall of 44% with an average price of $180,000. In Contra Costa the prices came down to 43% making it $225,000 and Alameda faced a 39% fall making the prices approx to $289,197. Napa had a 37% fall leading to $315,000. Santa Clara featured 34% or $405,000, and Sonoma featured 30% or $290,000. The regions of Marin, San Mateo and San Francisco featured 27%, 23%, and 16% fall in the prices. Since March the average price of Bay Area homes came down to 4.8%. In October the average prices rose to just 1% and the prices rose to $665,000 in the months of June and July.

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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 was a clear indicator of mounting foreclosures in the New Year.

A total of 249,940 properties were foreclosed last year, which was a marked increase of 158 percent from the the previous year, which saw just about 97,000 foreclosures. 2007 itself recorded an all time high of foreclosed properties, even surpassing the earlier record of the number of foreclosures that took place in the year 1996, when more than 58,000 homeowners faced foreclosures, as reported by the MDA DataQuick.

The number of foreclosures at the end of the year further complicates the issue. The situation which seemed in control for a period of three months took a rebound in December, when over 42,421 default notices were filed by the lending institutions across the states. Default notices sent to homeowners in California in December were almost double the number of notices sent in November.

The passing of a new state law in September had improved the situation, recording a lesser number of default notices during this time. Mortgage companies were urged by the new legislation to give the defaulters a prior notice before 30 days, before starting the proceedings of foreclosure.

But a replication of an unrelenting situation of Summer 2008 in December of the same year, indicated that even the new law SB 1137, had failed to bring down the number of foreclosed properties, as observed by Sean O’Toole, the founder of ForeclosureRadar.

He noted that the problem lies in the fact that, defaulted property owners, need to pay more on their houses than the valuation of the property. O’Toole remarked that “Lenders simply don’t have sufficient reserves to lower principal balances enough to help homeowners in foreclosure escape the prison of debt their home now represents.”

Santa Clara County recorded about 6,268 foreclosed properties last year, which was about 270 percent than in 2007. Speaking of such a colossal increase in Santa Clara County, he pointed out that “there was very little foreclosure activity in Santa Clara in 2007 compared to other places that got an earlier start.”

This was reckoned to be the highest percentage increase in any big county within the state. Monterey County echoed a similar condition, with foreclosed properties increasing by 262 percent. The counties of Southern California were the worst affected last year.

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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 month of August was $299,000. It shows a decline of nearly 48 percent from what it was last year during the same month. The median sales price in July was $307,000. The decline in price of homes has made a large number of first-time buyers to buy homes that would have been otherwise impossible for them to buy.

The sales activity in the month of August in Monterey County was 74.6 percent higher than the figure last year during the same period. This included a total of 398 sales which had both new and old condos and single-family homes. The total sales activity in the county last year August was 228. Today, the Monterey County has become a very affordable place to buy a property, which people could not think of a few years back. Foreclosures are increasing and price of homes are falling at the same time in the county.

Real estate expert Sandy Haney has said, “Historically, we are always one of the least-affordable areas. We’re not on that list anymore. We’ve moved someplace that I didn’t think we’d ever go.” A large number of investors are also coming up to take the advantage of this situation. They are buying the properties at much cheaper rates. There is a stiff competition among the buyers in this foreclosure market. They have started to bid on multiple properties at a time. The percentage of households which could have afforded to buy only an entry-level property in Monterey County has increased to 40 by the close of the second half. It was 17 in the second half last year.

Once it used to take about a month or even more than that to have a prospective tenant for a rental home. However, these rentals are having their filings much faster due to the fact that more number of applicants is contending for a single rental property. As Cryder puts it, “The rental business is huge these days. We can’t keep anything.” Though foreclosure is a big hit to the housing market, but it is proving highly beneficial for the first time buyers.

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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 throughout Washington and 27 percent growth nationwide. About one foreclosure filing per 805 homes has been arrested in the real estate of the Snohomish County. It shows an increase of one filing per 856 homes in July.

Nearly 303,800 homes have been sent a foreclosure related notice in the month of August. According to real estate expert Daren Blomquist:

“There were some areas that were insulated a little bit before that are now catching up”

Real estate professor of Wharton School of Business Albert Saiz has said that in the coming six months, the real estate market will go through a critical phase. The sluggish economy together with greater degree of unemployment aggravates the problem of foreclosed homes.

Jason Bloom, who is the chairman of Elliott Bay Mortgage and president of the Washington Association of Mortgage Professionals, said that the Snohomish County is still in a far better state as compared to majority of other real estate markets in the country. The rate of foreclosure in Nevada is one filing per 91 homes. The markets of Florida, California, and Arizona are also not lagging behind. These states show a record of the maximum number of foreclosed homes. The value of real estate have not come down dramatically in Washington and Puget Sound area as found in the states located in upper Midwest and southwest.

The median home price in the Snohomish County stood at $339,950 last month. This is a 9.35 percent deceleration from what it was a year back. There are also some areas where the value of homes has dropped down by over 50 percent. Homeowners are unable to avoid a foreclosure situation due to the drop in their value of homes and high prices of energy. They are unable to find prospective buyers to sell their home. It has been estimated that about 2.8 million homes in US is going to face foreclosure by next year end.

Bloom has said that until the value of homes drop further, Washington will not be hit by foreclosed homes in a big way. He has spoken to the national banks that are looking forward to help homeowners facing trouble.

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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 clearing on the backlogs rather than pay the state revenue. Apart from foreclosure, this money is obtained from fees of civil and criminal lawsuits, probate, divorces, and a part of traffic fines. Green has said:

“If we can do it and there is no other way, then I have no choice but to withhold funds to get these cases adjudicated”

The office of the county clerk keeps the amount for meeting its various requirements and sends the rest as surplus dollars to the state. It has been found that the tally from this county is as large as $18.3 million over the past 3 years. Out of this, about $6 million comes from foreclosure fees. The surplus money that the state takes is divided among its 69 counties to aid them in running their courts. Even there are some counties that get a higher share as they are small and therefore are unable to cover up their expenses.

Green saw a 1,769 percent hike in the number of foreclosures over the past 2 years. Over the past three years, the number of foreclosures cases has increased from 1,606 in 2005-2006 to about 22,243 in 2007-2008. Linda Doggett who is the director of county courts department said, “We have been the largest donor county in terms of how much money we give the state,” Out of the total number of 32,983 foreclosure homes that have been filed over the past three years, only 35 percent or so have been litigated.

It cannot be said what exactly the repercussions will be if Greens goes for holding back the money. According to the spokeswoman for the state Department of Revenue Renee Watter, the surplus fees of the county are due by the end of December to the state. Other than the real estate, the problem of foreclosure homes is also having bad effects on other county services. It has led to deterioration in property. Besides, there lingers a fear of uncertainty among the people.

Green has also gone to the Lee County Board of Commissioners to explain the problem before them. He said:

“I wanted the board to be aware this is not a court problem. This is a county problem. People need to see we’re not sitting on our thumbs. It’s like pushing a boulder up a hill with your nose. It hurts. It’s tiring.”

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A sharp rise is noticeable in the Brown County foreclosure homes. It has been observed that from January 1 to July 31 of 2008, a total of 255 homes in the Brown County have faced foreclosure filings. The economy of this place is really at stake which is having a bad effect on the real estate of the county. The number of foreclosure homes filed this year shows a 30 percent hike from what it was in the last year during the same period. Moreover, this year’s rise is a 60 percent jump from what it was two years ago. The situation in the Brown County is really getting worse.

The rate of home foreclosures in the Brown County topped in the months of February, June, and July this year. Over 40 homes in a month have faced a foreclosure filing. The homeowners are undergoing a difficult situation today. The Brown County supervisor Adam Warpinski is very concerned about this tough condition. Envisioning that the number of foreclosures is going to rise, Warpinski is willing to help the builders, lenders, and borrowers to avoid home foreclosures.

Warpinski has said, “During the Depression, the New Deal, the government helped reinforce banking with the FDIC and insuring bank deposits, and I think Brown County might be able to play a small role in making people feel more comfortable about their local community,” He is looking forward to see the Brown County come out of this situation.

Warpinski is also thinking about a community education program in order to impart lesson on how to make a better choice while buying homes. This will surely be a great boost to the real estate industry of the region and would also help people in avoiding foreclosures in the long run. Since the Brown County officials are not empowered to pass any legislation on saving the people from foreclosures, Warpinski is thinking of doing something for the people of this county. He is thinking of newer ideas of how to keep the people away from bank foreclosures. He is hoping for a great community effort and an encouragement from the county to bring back a stable condition in the Brown County real estate.

A meeting will be held on foreclosures on Monday amongst Warpinski and members of the Planning, Development, and Transportation Committee of the Brown County. He is eagerly looking forward to something that can be done to help the distressed homeowners.

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The problem of foreclosure homes in the Valley, apart from real estate, is standing as a big threat to the pets especially the cats. The people who are facing the foreclosure problem are leaving their cats behind. There are many who have been calling up at the animal shelters seeking for a shelter to their pets. With the increasing number of foreclosure homes in the Valley, the number of abandoned pets is also rising. Karen Layne of the Las Vegas Valley Humane Society has expressed this situation to be scary as she is seeing that many people are leaving their cats and dogs behind and begging for taking them.

The worst is the situation for those animals whose owners have either left them locked inside the house. Some have even left their dogs behind with no water. The distressed homeowners facing the problem of foreclosure have abandoned these animals and the latter are starving to death almost. To an animal lover like Karen Layne the abandonment of pet is an unthinkable act. It has been reported that about a total of 21,000 cats and kittens in the Valley were abandoned in 2007 as they were not adopted. Layne has said that the homeowners need to be a bit responsible. It is totally inhuman to leave the pets behind. They must do something about it instead of just walking away.

Layne has also said that the cats have comparatively lesser chance for being adopted as compared to the dogs. Even there is also a very less chance of them being returned to the owner. One out of every five dogs has a 50 percent chance of being adopted out of the pet shelter. Thus it is a real tough situation for the cats and kittens of the Valley. Something is needed to be done for them as Layne feels. This real estate problem is disrupting their lives too.

According to a report, the number of foreclosure homes has been rising tremendously in Nevada and it leads the nation in July in its number of foreclosure filings. This means that there is likely to be an increase in the number of abandoned pets. The Las Vegas Valley Humane Society hopes that that people would at least leave their pets with them so that these animals can see a better future. Layne blames the falling economy, the price of energy, and the rising number of foreclosures in the Valley.

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The rate of foreclosures in the state of Ohio is flattening as per the reports of a firm that keeps a check on the US real estate foreclosures. It has also been stated by a lawyer, who has been playing a great role in providing help to the homeowners of Ohio to prevent foreclosures, that within a year or so the number of foreclosure homes is further going to come down in Ohio. This state had the sixth highest foreclosure rate in US during the second quarter. As per the report of the Irvine, California based RealtyTrac Inc firm, one out of every 134 households were sent a foreclosure notice.

The real estate foreclosures filing nationally has almost doubled from what it was a year ago. In fact, this situation is going to worsen as viewed by RealtyTrac spokesman Daren Blomquist. But the condition in Ohio seems to get better as opposite to the worsening situation in Nevada and California. There has been a 147 percent increase in the foreclosure filing in Nevada in the second quarter than what it was last year. On the other hand, the real estate foreclosure filing rate in California has nearly tripled in comparison to the last year’s second quarter records.

It has been reported by RealtyTrac that about 37,689 properties in Ohio got into foreclosure process on 25th July, 2008. This is 21 percent more than the records of the previous three months and 27 percent more than the same period in 2007. An attorney of the Equal Justice Foundation, Paul Bellamy said that there is still an ongoing shock due to the boiling down in the sub-prime mortgages. This situation started in Ohio and also in the Midwest before it affected the rest of the nation. Ohio has been facing it for the past 10 years.

Bellamy expects that if the economy of the place remains stable, then the real estate foreclosures will decline by the end of this decade in Ohio. The US Senate has passed a bill that will help about 400,000 homeowners to get out of the foreclosure situation. This bill mentions of provisions that will help in refinancing into an affordable loan program. With the signing of the bill by President Bush, the worried homeowners are expected to see a better future.

George Voinovich, Ohio Senator, has said in praise of the bill:

“This bipartisan compromise is a solid step in the right direction and includes the types of immediate relief and assistance struggling homeowners have been waiting for”

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Donald E. Ashe, the Hampden County Register of Deeds, has said that the mortgage foreclosure is going to break a long 10 year record very soon. He feels that the speed that the problem of foreclosures has taken now is surely going to break the earlier record in a very short span of time. This will stand as a big problem to the real estate sector. As per the records, the number of foreclosure filings in 1997 was 818, but that in 2008 has already touched 500 from January till May and is soon going to surpass it.

In 2006, the number of foreclosures that were filed in Hampden County was 396. It rose to 734 in the very next year. The Franklin County Register of Deeds reports that about 36 foreclosure deeds were filed in Franklin County from January to May in 2007 and that has come to 46 this year and that too within the same period of time. On the other hand, as per the reports of the Hampshire County Registry of Deeds, the number of foreclosure deeds that were filed in 2007 from January to May was 26, which rose to 52 in 2008 (January to May). The total number of foreclosure deeds that were filed in the Franklin County and the Hampshire County in the last year is respectively 73 and 132.

A law has been introduced in Massachusetts that has been instrumental in bringing down the rate of home foreclosures, though for a temporary period of time. As per this law, a period of 90 days is given to the defaulting homeowner before the matter could be taken to court. It is expected to bring down the foreclosures to some extent and is in fact a boost to the real estate.

There is an office in Springfield named Neighborhood Assistance Corp. of America that assists the defaulters in getting back their home through a restructuring of loan program and at a low rate of interest. Christopher B. Lee who is the director of Neighborhood Assistance Corp. of America said that one of the worst affected cities is Springfield that has got a huge working class people. The economy is suffering a lot due to large scale unemployment and increase in the price of gas. Proper steps have to be taken in order to check the house foreclosures to secure a better future for the real estate.

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According to the Mortgage Bankers Association in USA, about one million homes are in the state of foreclosure. A huge number of people have become homeless due to non repayment of home loans. The first quarter report published by the Mortgage Bankers Association has showed that the foreclosure process of millions of homes have been occurred in various states of USA in 2007.

Banks began to take back the property that was bought with borrowed money since the money was not being paid back as formally agreed earlier. The prices of homes sold in the first quarter have also declined in record numbers. Some of the states in USA which include California, Nevada, Florida and Michigan have exhibited the greatest decline in prices of homes.

According to the Mortgage Bankers Association (MBA), mortgage application volume also declined which has resulted into decline of home prices. People living in most of the states in USA have become homeless and the problem lies in the crisis of the economy. The trend of falling prices of homes also affects the banks and other financial organizations. They have to face a huge amount of loss and the situation is becoming worse day by day.

The rate of foreclosure of homes is higher in states like California and Florida while the Michigan and Ohio are the two states which have faced fewer rates of homes going to foreclosure. Americans have exhibited record rate of decline in home values as well as in the stock market. Considerable amount of damage caused in the stock market and in the economy of the nation. The overall disaster in the US market has damaged the economy, therefore affecting the banks and other financial organizations.

The prices of homes have fallen in 43 states including California and Nevada which faced huge losses with home prices. Due to such conditions, homes have become less valuable assets for the people of America as the nominal decline in home prices affected the economy nationwide.

Hence people are seeking help and call the foreclosure Help Line to take advice on how to save their houses. Various preventive steps have been taken to help the struggling homeowners. In order to offer prevention, mortgage servicers, the borrowers and the companies that manage the loans have taken steps together to fix up the rates of loans.

However to overcome this situation borrowers are coming up with various re-payment plans to the lenders, which might be going to improve the scenario in near future if implemented properly.

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Just recently, it was stated clearly by Attorney General Greg Abbott that there seems to be a severe crisis brewing in the real estate segment in Texas as the foreclosure figures have hit an all time high. It was also pointed out by Attorney Greg Abbott that the foreclosures crisis is serious. He did not hesitate to pinpoint some of the responsibility towards certain lenders who exploited the turmoil in the real estate segment.

There are a lot of problems with several, helpless homeowners who became easily persuaded by the smooth talking lenders or others who extended loans and still charged them with predatory rates that were nothing less than exorbitant. With such issues cropping up to further heighten the foreclosures crisis, Abbott stated that it is now quite important to bring on some form of legal action against several of such sub prime mortgage lenders. It is now clear this is why Abbott encouraged several of these homeowners to protect their interests by initiating direct conversation regarding their payment problems or discuss the same issues with an agency that has the approval of a Housing and Urban Development authority.

Several cities such as Dallas, Fort Worth, and San Antonio are bound to really suffer because of these foreclosure rates that are increasing at a rapid pace. But there is no doubt that Austin is faring without too much trouble.

In fact, there can be possibility of a sliver of hope because the foreclosures rate has shown signs of decline in Travis County. Believe it or not, the figures are down by a figure of 15 percent, in comparison with its figures for the previous year.

There is no doubt that when regions are taken for review on a one by one basis, Austin shows more promise in terms of its market throughout the state. This is a fact that has been pointed by several real-estate consultants.

However, there are a lot of reasons as to why Austin is doing better than the rest of the state. Interestingly, there has been no decline in the quality of living or the standard of living in Austin. Surprisingly, the cost of living is much lower than any one would usually expect. But, whether or not this trend would last is something that no body can really discuss.

Some real estate professionals predict that the foreclosure rates are bound to heighten soon but again this cannot be verified as of now.

But there is no doubt that even if foreclosures are down compared to the previous year, you cant sit back to relax simply because the figures show that foreclosures rose by over 112 percent since 2001. So it’s best not to predict anything right now, wait and watch would be the best bet.

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Mary Marra, executive director of Bread & Roses Housing, a nonprofit developer of affordable housing said ‘‘I thought nothing could be as bad as the’ 90s”. Her reason in saying that was mainly the foreclosure crash that had taken place in the 90’s after which Lawrence became known as New England’s “arson capital”. The local economy has only just began to recover from this foreclosure crash but right now DeJesus, Portorreal, and Chalas, Boston communities, are three faces of the foreclosure crisis sweeping the north side of Lawrence, a crisis that is uprooting families and bringing back memories of the 90’s.

DeJesus has been struggling to move his family into an apartment because of the mortgage payments that is haunting him for the last two years.

Portorreal is another case study where his neighbors had to vacate because of mortgage payments and Chalas at the same time is cutting down the hours of employees as foreclosures are dragging down the housing markets that support his business.

Lawrence’s north side is one of many communities, often poor and minority, that were flooded in the late stages of the boom with subprime mortgages, typically high cost adjustable rate loans for borrowers with credit problems. Now what is happening is that the poorest section is suffering from the predatory lending that was accompanied during the recent housing boom.

Most people succumbed to the lure of easy money, and bought homes beyond their modest incomes. Now, which ever street you might pick you will definitely find a house or two where homeowners are in foreclosure or they are desperately trying to sell off before it becomes too late.

Even at the At Ebenezer Christian Church, church members approach Pastor Victor Jarvis and ask him to pray for them so that they can sell off the house as they are losing it.

For generations, Lawrence’s immigrant workers climbed the socioeconomic ladder by moving up these hills through which Lawrence’s north side stretches. The Tower is to the west and Prospect is to the east. It descends from either side to the Spicket River and it becomes poorer and more crowded as it loses elevation.

The impact is felt beyond worried homeowners and their families. Many of these properties are two- and three-family homes with tenants who often must move once the owner loses the building to foreclosure. That is the pathetic state the neighborhood is in.

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Agnes Mouser of Texas is a 65-year-old widow, who got a $10,000 tax due bill after foreclosure on her loan to settle credit-card debt.

First foreclosure, and then the series of monetary problems associated with it, are increasing day by day all over the country. For instance, the burden of tax comes as a complimentary package along with foreclosure. It is very likely for the owner of a foreclosed property to fall into a tax trap without realizing it. Only good negotiation skills or bankruptcy can save the owner from this tax trap.

The system works something like this. First, the unpaid tax amount keeps on multiplying on mortgage payments you default on. Secondly, if the owner opts for selling the house at a lesser value than the actual debt amount owed, and the lender excuses this difference, then the owner becomes liable to pay the outstanding tax on the difference amount that he or she owes.

The Internal Revenue Service’s (I.R.S) policy considers excused debt of all types as an income for the owner. This excused income falls under the tax bracket even if the owner has no tangible property or asset to show for it. Only in cases of bankruptcy does the I.R.S. cancel the debt. In such cases, the onus to prove their insolvency lies solely on the owner.

During the boom in the real estate market, some of the lenders and brokers deliberately encouraged people to take more loan amounts than they could afford. Therefore, if the lawyer of the house owner proves that the process of the loan agreement was faulty, then I.R.S does not treat the forgiven amount as an income. Many people have been able to reduce their tax burden in such cases.

The “Center for Responsible Lending” in Durham, N.C. projects about 21 percent failure in home loans extended during 2005 and 2006. All of these loans will probably turn out into foreclosure. These loans were nothing but sub-prime loans given to people with weak credit profile. The value of many of the houses on which loans were taken is generally lower than the owed amount since the down payments were very low.

The owners can also negotiate lower payments with the I.R.S. However, the outcome is not favorable for everyone since the I.R.S. ultimately decides the tax amount to be paid.

Actually, the truth is that the legalese of the tax paper is very difficult for a non-professional to understand. Therefore, it is always advisable to consult a tax advisor in this kind of situation, or it can end up causing some one a lot of grief.

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There are about 4210 families staying in the country-club community area, and the ratio of foreclosure is approximately 1 for every 41 households since the last seven months. Real estate agents are acquiring foreclosure properties from everywhere i.e. Victor Valley, Mountain resort communities and so on. The number is increasing irrespective of the value of the house.

The crisis in the sub-prime market is making lenders cautious about making any such deals again in the future. Now lenders are finding very difficult to trust anyone with such heavy debt amounts. Besides, it can cause great psychological trauma to the house owners. Those who cannot afford to pay the money vacate the house, and this leads to a deep pervading sense of loss and helplessness. It has a great devastating effect on the neighborhood as well. People don’t like to leave in an ambience which is surrounded by empty houses with a big “resale” sign in front of them. Plus the effect on the cleanliness of the area is an added pressure. Real estate agents are paying Homeowner’s Association (HOA) in Spring Valley Lake to keep the surroundings of the empty houses clean so that it does not have a negative effect on the property values.

The board of directors of the HOA has put the responsibility of cleaning the neighborhood either on the banks or on the real estate agents. And therefore, they are paying for the staff’s wages to the HOA. The amount budgeted for this by HOA is around $15,100. This also includes fees paid to court for allowing them to enter the premises of these homes. $40100 is budgeted for any losses incurred due to unpaid wages. These efforts have been taken up by the HOA to demonstrate to the residing people their concerns about the impact on property values.

There are many cases in the Spring Valley where the owners have bought the house thinking that they can pay the mortgage from their annual income, but unfortunately, the reality turns out to be something else and their properties are foreclosed.

Property agents believe that the situation in the market will continue like this for two to three years more in the Spring valley Lake area. The piled up stock of real estate inventory has become so high that property dealers will take almost three years to square it off. This is possible only if they do not include any more foreclosed homes in the list, which continues to grow with each passing month.

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Apart from sub-prime lenders who trouble homeowners by filing foreclosure suits against them, frauds or con actors are also giving homeowners hard times.

The cases of people fooled by con actors are more common in Arizona. As mentioned in the report of Better Business Bureaus released recently, there are about 1.69 million homeowners in Arizona who are on the verge of losing their dream homes in the next two years. Disheartened by this fact, home owners trust anyone who shows them some light of hope. Con actors give them assurance that they will save their property by re-negotiating the terms with the lender.

Various corrupt companies who call themselves “Mortgage Foreclosure Rescue Companies” just look for a possibility to cheat anxious people just to fill their own pockets. They approach the owners via telephones, emails, mail, or even personally, claiming that they will re-work the entire loan scheme and protect their house from foreclosure. They also take money from dejected owners promising to refund it back later. Eventually, these companies disappear with the money by doing very little or nothing at all to help the poor homeowners. Desperate house owners have even paid these con artists as much as $14,000 in some cases.

The Better Business Bureaus in Arizona have received numerous complaints about such foreclosure rescue companies from people who have been conned by them. In the past three years, there have been 112 such cases filed. Out of these, 35 cases have taken place in the last eleven months alone.

To give this matter a more serious approach, The Better Business Bureaus, with an intention to help distressed homeowners give a few suggestions:

· Be cautious of any person approaching your door with a handwritten note of help or something similar in your mailbox.

· Even if you feel like taking their help, first talk to your lender or the mortgage firm regarding re-organization of your loan scheme or any options of refinancing.

· In case you are signing any documents, then always take help from your family, your lawyer or your financial agent to access the paperwork. Never give away the ownership of the property under pressure or anxiety.

· People can locate and approach their nearest Better Business Bureau by logging on to their site http://www.arizonabbb.org/. This site provides information about the reliability of foreclosure rescue companies. People can even call them at 60226-41721. They can also confirm with the Attorney general at http://www.azag.gov/.

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