Florida ranks second in its number of foreclosed homes, the first position being held by California. The foreclosures in these two states are so acute because the homeowners in a bid to buy and sell homes fast, over-inflated their property five years back. They inflated the values of their property through rapid sales with the hope that the value of their real estate property is going to increase in the future. Among the Sun Coast cities, Bradenton was arrested with 372 foreclosures in May, which is also the highest. This was followed by Port Charlotte with 348 foreclosures and North Port with 328 foreclosures.

According to Arthur Broslat, a real estate land and investment property specialist said,

“In North Port, for example, there was a lot of speculative activity, people buying and holding homes with no intention of living in them. They were going to flip them and become immensely wealthy.”

The problem of foreclosed homes has not only hit the people of Florida and California but also about three-quarters of a billion real estate properties in US in the second quarter. Under this condition, many companies started promoting that they will construct a house with a little or no down payment. About 500 houses were built in North Port. About 300 homes were abandoned unfinished in North Port.

Nationwide, 48 out of 50 states and 95 out of the 100 biggest metro areas have come across a year-over-year hike in foreclosures in the second half of the year. The hardest hit metro area was the Cape Coral-Fort Myers with one foreclosure filing per 64 households, seven times the national average. The increasing rate of foreclosures has been bringing down the values of home. This has left many jobless. The bank repossessions in Florida went to nearly eightfold in the month of July. The number of foreclosure filing in the Sunshine State has gone up by 14 percent and 139 percent respectively from June and July last year.

In the second half, the median price for a US based family home has come down to 7.6 percent. Colorado that ranked first in 2006 in its foreclosure rate has played a vital role in helping the distressed homeowners. It has given ample time to the homeowners to prevent foreclosures. It ranks fifth today with a 15 percent decrease in its foreclosure activity, which is quite a good sign for this state of US.

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Swimming pools left unattended when homeowners vacate a property due to foreclosure are posing health hazards for the neighborhood. Many pools are becoming breeding grounds for mosquitoes as the water stagnates and collects algae. Crows and other birds are also drawn to the pools which then become their watering holes. It is not uncommon to even find dead birds floating in rotting water.

This situation increases the risk of disease originating from these abandoned pools. One such disease which residents fear is the West Nile disease. The virus is carried and spread by both mosquitoes and birds.

Help is at hand however from the Department of Environmental Health. The department’s vector control technicians are assigned the responsibility of cleaning up stagnant pools left in foreclosed homes. Technicians first visit the home to investigate a complaint made by the residents of the neighborhood. They then take action based on their findings.

John Ballard, a technician of the Santa Clara County, points out that when homeowners face foreclosure the all encompassing thought in their minds is where they will live next. Draining the pool so that it does not stagnate is likely to be way down in their list of priorities. Furthermore, even if they do drain the pool before leaving there is every chance that rain water will collect and fill it up again.

Scott Barron, Santa Clara’s code enforcement officer, says that the deep end of a dry pool can pose a safety hazard for children wandering around in the empty property. Thus, officials are unsure whether an empty pool or a green and dirty one is more hazardous. Keeping the pool filled but clean perhaps is the best option.

Dirty pools are no the prerogative of foreclosed properties alone. Cases of owners neglecting the pool because they do not use the home much or forgetting about it because it needs repairs also happen.

Foreclosures however increase the workload of technicians assigned to clean up the pools. They also pose more difficulties because the bank which has repossessed the property may have cut off water and electricity to minimise losses and this makes it difficult to drain out the pool.

In order to clean the pools they are first sprayed with a chemical solution that helps suffocate the mosquito larvae. Then gambush fish are introduced into the water. These fish eat up the remaining larvae as well as gnats, algae and other vegetation.

Officials like Ballard and Scott prefer working through real estate agents as they too have a stake in keeping the property clean. After all, a clean property is easier to sell.

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A congressional report states that a total of $100 billion is forecast to be lost by families and neighborhoods all along the US on real estates and property values while the state administration will lose out on about $917 million on property tax revenue incurred by the year 2009.

The Joint Economic Committee states that around 2 million homes withstanding subprime mortgages shall incur foreclosure by next year end. Senator Charles Schumer (D-N.Y.), head of the committee, has sketched up proposals to neutralize the problem which he has been trying to let the administration acknowledge for weeks.

According to the report, Long Islanders will be the most affected, as the state of New York stands to lose $9.4 billion in property values and an additional amount of $ 102 million shall be depleted through property tax revenue decline over foreclosures.

As Schumer puts it, the Long Island neighborhood shall be infected by the damage caused by the pulsating boost in the foreclosures, extending far beyond simple homeowners and borrowers. He maintains that the Nassau and Suffolk area has to be protected and further damage to these neighborhoods has to be restrained as they pay some of the highest property taxes in the state. He talked about his plan to regulate the spiraling industry to control the damage.

A loss of $71 billion nationwide and about $5.1 billion in the state of New York is to be incurred by ones facing foreclosure. A decline of $32 billion and that of $4.3 billion in the neighborhood housing and property values is to be incurred nationwide and in the New York state respectively as well.

Among the measures that Schumer advocates to neutralize the vandalism of foreclosures are encouragement such as encouraging foreclosure-prevention guidance; protecting borrowers from the foreclosure element by advising change to the bankruptcy code as well as coaxing the lenders to refinance the elements who are struggling to repay to prevent mammoth numbers of foreclosures.

Jay Brinkmann, Mortgage Bankers Association’s financial economist however differs on his view of the report. He states that the amount of decline stated in the home values is not 20 percent and the number of homeowners facing foreclosure will be around 1 million to 1.2 million, instead of the 2 million suggested by the report. He also states that the decline of property values will be restricted to and around areas with a surplus number of subprime loans.

A cluster of foreclosures in a respective area will definitely reduce property taxes and home values, admits Brinkmann. “But it will not be as high as they have assumed”, he quips.

But the problem pertaining to the negative economic impact on the families and people losing their homes is an aspect that the report has overlooked, feels Pat McPherron, an economist in Moody’s economy.com. This, he suggests, will be the real big problem for the administration to manage and solve with efficiency over a limited period of time, along with the high number of foreclosures.

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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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Real estate has its fan following in the political segment too. Currently there was much hype about the links of Democrat John Edward, Presidential contender with links with foreclosure-filing firms. He is a topic of discussion among foreclosure critics. His associations with the sub-prime lending arms of Fortress Investment Group have provoked critics to raise their agony against him.

In May, the Federal Election Commission released their report notifying Mr. Edwards’s vocation in Fortress. Mr. Edward joined Fortress in the second half of 2005 as an employee. At that time, the firm’s own unit “Green Tree Servicing LLC” had already filed a foreclosure suit against Katrina victims. During his course of service in the firm, Fortress got hold of Nationstar Mortgage LLC. In 2006, he left the firm after receiving his due remuneration. While departing, he invested one-half of his earned amount in Fortress funds. Now, Fortress counts Mr. Edward among the top class of their political contributors. They have also deposited huge amount of money into his political campaign.

Well, this is not the first time when Mr. Edward is engaged in this discussion for his links with foreclosure filing companies .Before this, soon after Katrina hit in May, Green Tree’s letter reached an old lady asking her to either pay the mortgage amount, or else see her house getting foreclosed. This letter was sent when most of the mortgage firms in the business where opting for an alternative of a house payment holiday for the sufferers of the storm.

Mr. Edward, unhappy with what was happening, for obvious reasons, said that he was unaware about the foreclosure suits filed by Green Tree. He said he was talking to the people at Fortress, and that the matter would get sorted out soon. He also added that he had no idea about the links of Fortress with sub-prime mortgage units. He joined the private equity firm with an intention of learning finance. His profile was to supply information about the economic behavior of the U.S. and the foreign nations. He said that the diverse nature of the firm made it very difficult for him to understand their operations.

Apart from Mr. Edward, Republican Mitt Romney is also in the list of people having their links with sub-prime mortgage companies. Mitt Romney’s association with Bain Capital, a private equity firm, is also a hot topic nowadays. Bain Capital has filed many foreclosure suits and thereof forced people to leave their houses.

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The storm of foreclosure is flooding the entire country. Still, there are some places where the rate of foreclosures has declined even though the countrywide rate is increasing. A fresh report by RealtyTrac names some areas where the rate of foreclosures has fallen compared to that in the last year.

As per the yearly average statement of RealtyTrac, foreclosures rates have declined by two digits in more than a dozen areas in almost ninety prime locations. This is because there are some markets which were not touched by the calamity of foreclosures. Locations like Greenville, Little Rock, McAllen, Charleston have had a very low number of default notices, bank buys and auctions in the first half of this year as compared to that of last year.

In Salt Lake City the foreclosures rate were down by 40 percent, and 37 percent in Albuquerque compared to the figures from 2006. Sadly, the general trend of increase in foreclosure rates remains the same in other parts of the country.

11 out of the top 21 foreclosures filings are from Ohio and California cities.

In Stockton, the number has gone up by 257 percent compared to those in the last year during the same period. There were 8170 foreclosures filings on 4,240 properties. This is three times higher than the first six months of 2006.

Foreclosures filings include all the foreclosures notices i.e. default notices, bank repossessions, and auction notices which are filed during a given phase of time. If at least one foreclosure notice has been filed against a property, they are then termed as “properties with filings”.

Among the country’s largest metro areas, Motown has the second highest foreclosures rate. The ratio is one foreclosure filing for every 29 to 30 houses. Wayne County, in Detroit had 28704 foreclosure filings on 20232 properties, which are around 27 percent more than last year. This is almost twice the figure.

The third highest foreclosures rate is Sin City among the top metro areas. Here the ratio is one foreclosure filing for every 30 houses. In Clark County, Las Vegas there were 22927 foreclosure filings on 13026 properties. This number is double the figure from last year during the same period, and is around 71 percent more than last year.

Cities like Miami, FL; Sacramento, CA; Riverside-San Bernardino, Bakersfield, Memphis, TN and Cleveland, OH, Chicago, Los Angeles are also in the top ten listing of foreclosures filings.

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Florida – once the hot spot of housing sector is now under the storm of foreclosures. Signs of resale can be noticed on most of the houses of Cape Coral, a beautiful place on the gulf coast of Florida. The once flourishing real estate market of Cape Coral now appears to be at its closing stages.

People have to leave their three bedroom and two bathroom luxurious apartments for a condensed asking price. The asking price of these houses is priced to match the amount owed by the homeowner. Sub-prime loans and the current credit crisis are among the few but major reasons for the current condition of the people of Cape Carol.

Increase in property taxes and also the augmenting rate of insurance, after the hurricane in 2005; have affected the lifestyle of the people here. This is also a reason why people are leaving Florida, to secure themselves from losing all their money. People leaving their houses also added to the piled stock of empty houses apart from foreclosure mortgages.

For the natives of Florida, the great depression has already come. More than 41 percent of single family owners, at a single point of time, have listed their housing at prices lower than $249,000 – the median market value, while just 17 families have priced their houses above the market value.

Builders are gradually removing their housing stock at discounted rates. But investors who are buying them will come to know the actual price of the deal only while maintaining the property. The real estate market in Cape Coral town has dried up. So builders want to shed off their liability of the piled stocks as early as possible.

Big houses are being sold off at the ground level prices. For them even a delay of one day could bring more losses. And for some, it is the transaction they were waiting for their entire life. Its like investors are getting prosperous on the ladder of someone else’s misfortune.

Builders who go by the short sell method are happier than those who don’t. This way, they at least get the bulk of their amount if not the entire amount. It also helps them in shedding off their inventory.

There are also people who buy houses from banks and lenders in Cape Carol and then sell it off at higher prices. For them, it has become a regular business. Builders ultimately find themselves a potential buyer. For the buyer it is like buying a dream home at much lower rates all thanks to the large number of foreclosures in the state.

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A real picture of foreclosure mortgage can be seen in Stockton. There are at least five homes for sale from which about two to three houses have been reclaimed by the lender. Specifically, Clark Fork Circle’s northern side is the area where the mortgage tension is at its peak level.

Stockton was once considered as a favorite destination for real estate. But now, as per the estimates of RealtyTrac, it is rated as the place with the highest foreclosure rate compared to any city in the country. Earlier, having a house in Stockton was more easy and affordable than to have one in South Bay. However, the scenario has changed a lot in the last two years. Thousands of people are now facing mortgage issues.

People from other regions located themselves in Stockton searching for reasonable homes. As a result, the area became well populated, and expanded a lot. The location of Stockton was also another contributing factor. It is about 90 to 91 miles east of the silicon city i.e. San Francisco.

Even now, an average house for a family can be bought for $355,000. The main reason for increasing foreclosures in this area is sub-prime lending. Many current deals were supported by sub-prime loans. Lenders provided complete loans with minimal down payments to the homeowner, but the sudden increment in the interest rate later on affected many of these deals.

Many nonprofit organizations are currently working on this issue. They are asking lenders to freeze these foreclosures. They are also extending credit to low salaried families. Senior citizens and immigrants are affected most by the lenders actions.

Not only Stockton, but also other cities of California like Modesto and Merced are among the top cities for foreclosure filings. All of them were predominantly made up of agricultural land earlier. RealtyTrac findings rank California at number three in foreclosure mortgages. The other top places are occupied by Nevada and Colorado. DataQuick, another real estate tracking company, confirmed that the foreclosure crisis was hitting the state the worst in the last two decades. There have been 54,100 cases of delinquent loans in the state between May and August of this year.

Short sales, as the relief, are extended to homeowners by some of the brokers in Stockton. Short sales means the homeowner can pay back a bulk of the amount to the lender, if not the entire amount. But how many homeowners this will save is a big question since there are thousands of people affected by the foreclosure crisis countrywide.

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With regards to real estate data released recently, officials say that there are chances of undercounting or over counting in mortgages and foreclosures in US mortgage data. For instance, officials believe that in Colorado the numbers have been over counted.

Monthly and quarterly Reports of RealtyTrac on the number of mortgage foreclosures helps in analyzing the issues in the mortgage market. Officials say that RealtyTrac data is disguising the actual condition of housing foreclosures in various states.

Defending themselves, company officials said that they gather data on foreclosure sales, mortgage default notices and lender repossessions. Such information is collected from major counties representing 96 percent of the population of the U.S, and 74 percent of the family units. In case the data collected represents more than 95 percent of the overall population they use it to project the numbers. Still, if something is under reported, officials say, it must be because of an intrinsic difficulty in collecting information from individual counties. In addition, the old and complicated make up of some of the counties makes it very difficult to hunt for data. RealtyTrac is ready to rework the data for any of the counties whose data is not correct. At the same time they also say that their data presents a significant portion of the foreclosure filing numbers.

Colorado, which topped the foreclosure chart presented by RealtyTrac, is actually not at the top. This was concluded when the Colorado administration itself collected data and found that it was much less than what was projected by RealtyTrac.

28,436 foreclosures last year were reported by the state’s data whereas RealtyTrac’s data reported almost double the figures at 54748 foreclosures. In the quarterly report of this year, Colorado’s official figure was 9253 whereas RealtyTrac’s was 16434, second in the list. The survey was done by Colorado’s housing division. The data was collected from the public trustee’s offices of the county which points out the number of families severely delinquent on loans.

Whereas the foreclosure numbers of Minnesota is remarkably undercounted. The current report on the county sheriff mortgage foreclosure sales indicates 11207 last year. This figure is almost double the figure, given by RealtyTrac, which was 5994 homes.

The housing fund president of Greater Minnesota, who conducted the study, found the need to present facts that were lacking in the report presented by RealtyTrac, and therefore he submitted the request to redo the survey once again. According to him, there are various small cities and town that RealtyTrac overlooked. The number of foreclosure filings in these areas is tremendous. What RealtyTrac represented were estimates, and not the complete facts, and so their county was placed 34^th, far behind where it actually should have been.

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People from all across the country are affected by foreclosure. Starting from the homeowner who is about to lose his home, to the guy interested in investing in a foreclosed house, it seems foreclosure is a major topic of discussion in real estate, and the only person who looks like he’s having a good time is an agent.

Agents consciously take up the foreclosures project to gain revenues. Bargaining power is less in foreclosed properties. Presently, not many discounts are available as these homes are priced competitively by banks. Also, agents don’t love to make deals with clients who underestimate the monetary value of a property.

Still there are people who get lucky and manage to find themselves a good bargain, though the drawback of such deals are that there is always some repair work that needs to be done such as fixing of the garbage disposal behind the house, or mending the fence and so on. Though, for a good bargain, people don’t mind doing repairs.

Foreclosure proceedings begin only after the owner has not paid the mortgage payments for three consecutive months. In the meantime, the owner can look for possible viable options to save the house. One possible option for escaping foreclosure is a “Forbearance Agreement”. This agreement provisionally lessens the mortgage payment. In this, after the foreclosure filing, the owner has 90 days in hand to make the default payment. If he does not do so, the bank files notice-of-trustee sale. Still, if the payment is not done within the next 21 days, a sale date is scheduled.

The bidding amount generally includes the owed amount along with fees and penalties. In case of a ‘no sale’, the property is owned by the bank and the lender is free to either sell it or seek an auction house. Agents typically want to work with lenders and not with banks, as the former tend to act faster when taking decisions, as compared to the latter who responds relatively slower.

Though not all agents are able to handle foreclosure dealings, at the end it’s the money that matters. People always invest in someone else’s adversity. Though foreclosure gives the negative approach to the society and is growing at an alarming rate, there are people who are earning their bread and butter from it, and doing a good job at that.

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With the deepening of the mortgage crisis, which ultimately forced middle class families to opt for foreclosures, the stock market also got pretty shaken up. This issue was immediately sized upon by the Democratic presidential contenders. It became a perfect issue for them to accuse the republicans of letting unregulated companies of oppressing hardworking families.

Senator Hillary Clinton of New York said in New Hampshire Yesterday that she would ban the fees that penalize the early payments. Additionally she also offered to create a fund of around $1 billion to help the struggling homeowners who are trying to prevent foreclosures. Banning of a longer list of notorious lending practices, including balloon loans, in which rate of interest grows drastically over time was called for by John Edwards, the Former senator of North Carolina.

Senator Barack Obama of Illinois led to the introduction of a bill which would impose new penalties on mortgage professionals who are guilty of fraud and propose to counsel homeowners who want to avoid foreclosure. Chairman of the Senate Banking Committee, Senator Chris Dodd of Connecticut is putting in his own efforts so as to combat the prevalent problem of foreclosure in the real estate scenario. The more the crisis is prevalent in the economy, the further democrats put forward that Republican economic policies have scorned the families of middle and lower income class as per some campaign watchers.

Yesterday, Alan I. Abramowitz, a political scientist in the Emory University, said that it is a wonderful opportunity for the Democrats to disapprove of the collapse of the Bush administration. While delivering her speech at Ernest P. Barka Elementary School, Clinton put forth that the next president must “restore a sense of fairness to our economy.” She further said that “What the president calls the ownership-society; it’s the yo-yo economy,”. What she essentially meant is that some go up and some move downwards, while someone is pulling the strings. In fact this issue appealed to some of the residents who had heard Clinton lay out her plan to deal with the problems which begun in the subprime mortgage market affecting borrowers with blotchy credit records.

In fact some of the residents of Manchester feel that foreclosure is just one aspect of the economic squeeze that they face. Some had to shift to other city just because of the high property taxes. Hence they find themselves incapable of affording anything in the real estate market.

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Real property agents dealing in foreclosures, in San Diego County, are having a good time even though the housing boom has ended.

The increasing number of foreclosures, day by day, has form a sort of separate market in real estate. There are potential buyers in towns who are ready to invest in such properties. Still, lenders are finding it very difficult to make an immediate arrangement for the foreclosed homes and therefore the stocks of foreclosure property are piling up. In such cases they seek auction companies for assistance.

The implication of foreclosure on some is really devastating. It is an big hurdle for the homeowner, and this cannot be denied looking at the implications of the rapid increase in the rate of foreclosures being filed. Though the foreclosures form a fraction of the property market, its trend is upsetting. It is seen that property prices of other houses, in an area where foreclosure homes are located, generally fall below the market value. There are also apprehensions of sabotage.

In San Diego County, 2897 foreclosures are documented in the first year half of 2007. Compared to that, during the same time last year, the figure was 446- a straight increase of 552 percent.

There are about 23,999 houses recorded for resale presently. They are either in the last stage of sale or are foreclosed. Agents dealing with such real property, called as REOs i.e. real estate owned homes, are considered to be the busiest agents in town.

Some Agents deliberately shift to the distressed part of the industry to earn profits. They believe that their action is guided by having the most practical approach. Potential investors always investigate about a bargaining possibility in any deal, though real estate experts are not sure whether the discounts are available. A possible reason for this is that foreclosure filings are still unavailable in sufficient amounts to provide profound discounts.

As mentioned by the DataQuick Information Services, who are recording trends in real property since 1988, foreclosure sales increased by 9.8 percent of all the other sales between April and June this year. A year ago it was just 1.8 percent. Well, this figure is still less than what it was during the mid 1990’s.

Foreclosure is a hot market and a much discussed topic in real estate. It’s a new trend grabbing the attention of everyone whether it is an owner, an agent or an investor.

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Gradually the number of Harris County homes victimized by foreclosures seems to be reducing, according to the data provided by Foreclosure Information & Listing Service. Though foreclosures in Harris County came down six percent from the same month of the previous year, the numbers do not essentially signify that foreclosures are essentially declining. By June 2006, foreclosures in Harris County have again begun to rise in number and after that it has risen to about 1000 per month. It was noted that the general rise in foreclosure rate has been due hike in the national rate of foreclosures.

Though foreclosures can take place due to a wide range of reasons like divorce, rising bills or maybe even due to loss of jobs, but recently the problem has been seen amo9ngst those homeowners who had so sub-prime loans. Sub-prime loans are directed towards those home buyers who have bad credit ratings. In fact many of these sub- prime loans are also adjustable- rate mortgages that are now rearranging at elevated rates.

In recent years, borrowers have access to wide range of products: interest-only loans, low or no down-payment loans, adjustable-rate mortgages, low documentation loans and 100 percent financing. Due to rise in the rate of foreclosures, lenders have to cut down on giving such loans. Additionally, stricter guidelines are implemented by regulators. However, in no way does this indicate that foreclosures are about to decline soon.

Harris County had around 9357 foreclosures in the year 2006, as per the listing services. It is said that with the rise in the interest rates and a decline in the real estate market leaves many delinquent borrowers with very little options other than foreclosures. In fact Ralph Murdock of The Woodlands-based listing service noticed that the number of homes posted for the foreclosure sale in August summed up to 2,700 which is the highest total in one-month since September 1998. On the first Tuesday of every month, posted homes are sold at auctions and once they are sold off, they are taken as foreclosed by the listing services.

Foreclosures are said to have little effect on the housing market according top studies. In fact investors and bargain hunters have been grabbing these foreclosed homes so fast that the homes do not require to be discounted. Foreclosure is a phenomenon which is becoming regular in today’s scenario where due to multiple reasons; many homeowners have to give in to foreclosure.

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RealtyTrac.com is an online research and marketing company for foreclosure properties. Located in Irvine, California it has recently released a report on the number of foreclosures taking place in the country. The study shows a dramatic increase in the number of foreclosures being filed all over the country in the past one year. Where the site had once predicted that that there would be 1.4 to 1.5 million foreclosures in 2007, it is now saying that the figures have already crossed 1.8 million and are likely to touch 2 million by the end of the year.

The study points out that there has been an increase of 87% in the number of foreclosure notices being filed since June 2006. These notices relate to the three main stages of the foreclosure procedure. They consist of default notices, trustee sales notices and notices announcing the repossession of the property by the lender.

Rick Sharga, vice president of RealtyTrac, attributes this huge rise to the fact that there have been a substantial number of foreclosures in the sub-prime market. Sub prime loans are classified as loans to those who do not have good credit rating and who are otherwise not suitable candidates for property loans. Many such loans involve 100% financing and lenders are not very particular about following stringent lending practices. Two years ago these sub prime loans were very popular. However a large number of borrowers have defaulted in the intervening period causing the foreclosure numbers to go rocketing.

There have been 164,644 foreclosure notices filed throughout the country in the last year. The highest rate of foreclosures in comparison to its population is in Nevada closely followed by California. In metropolitan areas showing high foreclosure activities, California accounts for six of the top ten. Others include Merced, Riverside-San Bernardino, Modesto and Stockton.

Sharga points out that the rising numbers of foreclosures will have an adverse affect on the real estate market as a whole. To ensure that they do not lose heavily, banks are likely to sell foreclosure properties at short sales where the real estate is sold at a loss or through real estate foreclosure auctions where the price of the property is just enough to cover the outstanding debts. If there are enough such sales in an area, the rates of other real estate in the region will also fall. This can happen even though all default notices do not end in foreclosures.

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