In three key states – Florida, Arizona and California – foreclosure rates stabilized in June even if the country is facing severe unemployment problem. People are hopeful that the crucial juncture of real estate market is likely to be come to an end soon. The Associate Press reports this after conducting a survey over 3,100 U.S. counties.

However, the foreclosure and bankruptcy rates become steady from May according to The Associate Press’ Economic Stress Index, but economic growth of the Southeast and industrial Midwest appears hindered due to the severe unemployment problem.

Economic stress has gone up from 10 in May to 10.6 in June due to the unemployment problem. This is the score given on the range of 1 to 100 after taking into consideration each county’s bankruptcy, foreclosure and unemployment rates.

It is only in the second quarter of 2008 that there is economic growth. There, the stress score is much lower at 6.7 because of the economic growth. Usually, a county is considered as a stressed county when it crosses the score of 11. With every passing month, the percentage is shooting up from 34 percent in April to 36 percent in May, and now it has soared up to 41 percent in June 2009. The crisis has worsened compared to February and March.

According to the latest release, the national economic growth has gone down to 1 percent in the last couple of months. It is the most important sign that finally recession rate is descending on the graph.

Foreclosure rates in the key states like Florida, Arizona and California have stabilized at 3.4 percent, 4.1 percent and 3.5 percent respectively.

Jim Diffely who is a regional economist at IHS Global Insight, a consulting firm, opines, “It’s obviously good news to stop the losses”.

However, he admonished that though there is a decrease in the foreclosure rates in some of the states but the progress rate is much slower than expected.

The real estate sector is picking up the growth rate in many places for the past two weeks, according to the figures that have come out. There is increase in the sale of new homes. California is seeing real estate market boom in the past months. However – Nevada, California, Michigan and Tennessee are the states showing highest bankruptcy level and they are the front-runners in stress scores as well.

Some of the state counties are of Tennessee and Florida harbored them from economic slow down because they have high crop and energy values. Counties having manufacturing units are the worst sufferers in this recession.

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The real estate of North Jersey has been heavily hit in the first five months of 2008 by foreclosure homes. It is triple than what it was during the same period in 2007. The home sales have declined heavily and the foreclosures have raised sharply especially in the lower income towns of North Jersey. Between January and May 2008, about 2,800 residential properties in North Jersey were facing some problem related to foreclosure, which were about 1,000 a year earlier. This is posing as a big threat to the real estate industry of North Jersey. A majority of the properties that have been lost by the homeowners this year have gone back to the hands of the lenders.

The median home prices in Bergen County, as compared to the same period last year, have dropped down to 2.3 percent and the same in Passaic County have come down to 8.2 percent in the first quarter of 2008. But this fall in price is still better in comparison to the national declination where it is over 15 percent. Even the rate of foreclosures has increased this year in many posh towns like the Saddle River. The distressed sales apart from affecting the homeowners also bring down the values of real estate in the neighborhood as they are discounted for a fast sale. There have been about half number of home sales in North Jersey as compared to early 2006. The home sales have been down by over 70 percent in places such as Bogota, Prospect Park, Paterson, and Fairview.

According to some experts, there are several homeowners who have bought their property a few years back with zero down payment to keep their initial payments low is going to face an increase in their monthly payments in the near future. A large number of homeowners are putting calls to the social service agencies to help them out in their foreclosure homes. The effects of foreclosure are clearly visible on the working class in places such as Ridgefield Park, where people bought their home stretching far beyond their affordability.

There are many buyers who are holding back expecting for a further drop in the home price. People are now finding properties in those areas of which they could not afford to think of two years back. The time is really bad for the distressed homeowners as most of the lenders are disagreeing to negotiate.

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Alabama has shown a record of 3,529 homes facing the problem of foreclosures from January to June of 2008 according to RealtyTrac, a real estate company that keeps a check on foreclosures. It is actually a 10.1 percent hike from what it was during the same period in the last year. About 3,203 homes in Alabama were facing the problem of foreclosures in 2007. Although there has been an increase from the last year in foreclosure filings, but Alabama has somewhat slowed down in its foreclosure filings during the first six months of 2008. According to some attorneys this does not necessarily mean an end to mortgage crisis but is basically an increasing interest from banks and lenders who does not want any further foreclosures that would lead them to work out the problem of re-payment with the buyers.

From January to June of 2008, one of every 600 homes of Alabama has been in foreclosure. This means about 16.7 percent of 1 percent have faced the problem of foreclosures in Alabama during this period. The state of Alabama has ranked 43rd in foreclosures during the second quarter. Last year, this state owned the 38th position in the second quarter. Although the real estate condition in Alabama is better than anywhere else within the country, but there is no guarantee that it cannot face a crisis in the upcoming days.

According to attorney Bowdy Brown, the economic condition of Alabama is far better off. Therefore, it will be an easier affair for the lenders and borrowers to come to compromising loan terms which would allow the borrower to keep the home to himself. A bill has been recently signed by President Bush that would help the bothered homeowners to restore their home. However, it won’t be helping everybody in foreclosures related matters. This will help out those who have borrowed on bad loans and will be able to refinance into government-backed mortgages under favorable terms and conditions. This won’t help in replacing income.

According to RealtyTrac, nationally about 1.4 million homes have faced foreclosures in the period from January to June of 2008. This is almost a 142 percent hike from 2007. This means that there has been an increase of 573,397 homes with foreclosure filing from the last year during the same quarter. Whether the condition will improve or not depends upon a number of factors, the most important being an improvement in the slow US economy.

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The state of Wisconsin has made a record in its foreclosure filing in July. There has been a 31 percent increase from January to July of 2008 as compared to what it was in 2007 during the same period. It has been recorded that about 14,300 homes in the state of Wisconsin has faced a foreclosure filing this year. It is envisioned that there will be above 25,000 foreclosure homes in Wisconsin this year if the current degree of filing continues. The situation is quite tense as it is a great hit to the real estate industry of the state.

The highest number of foreclosures in Wisconsin has been arrested in the Milwaukee County. A total of 3,565 foreclosures have been filed through July in 2008. This is a 28 percent increase in comparison to what it was in 2007. The Dane County has reported a 54 percent increase in foreclosure this year than what it was from January to July last year. This county has received a total of 710 foreclosures filing so far. It has been found that about 88 percent of the 72 counties of Wisconsin have received more foreclosure notice from January to July this year as compared to the same period last year.

It has been said by Robert Jensen, the President of ForeclosuresWI.com that the current level of foreclosure in Wisconsin has been built for the last three years. He has even said that from the period between 2003 and 2005, the number of foreclosures in Wisconsin was at an average of 11,687. This climbed to about 16,473 in the year of 2006 and 20,995 in 2007.

There has been a 71 percent increase in Jefferson County of south central Wisconsin. It was 108 from January to July last year, which has risen to 185 during the same period in 2008. The Dodge County has reported a 36 percent increase. It was 174 in the first seven months of 2007, which has risen to 236 in 2008. The Columbia County has shown a 43 percent increase, which means a rise from 105 to 198. The Sauk, Green, and Rock County has reported a rise of 89 percent, 36 percent, and 27 percent respectively from January to July this year as against the same period last year.

It is the present mortgage crisis that is leading to such a rapid increase in foreclosures in Wisconsin. Real estate there is really at stake.

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Foreclosure homes in New York have gone up by 67 percent in July in comparison to what it was last year during the same month. This is in fact a big setback to the real estate industry of the city. This is mainly due to the slow pace of the US economy. The homeowners are in great desperation as to how to save their home from foreclosures.

It has been observed that heavily hit are the outer boroughs with Queens’s foreclosure soaring up by 81 percent last month in comparison to July’s figure last year. About 178 homes have been foreclosed in Queens. The condition in Staten Island is all the more glaring with home foreclosure registering a 215 percent increase as compared to what it was last year during the same period.

According to a real estate tracking firm, the Bronx has reported a 16 percent increase than what it was last year. About 29 home seizures in July have taken place in Bronx. There has a 63 percent surge in the foreclosures in Brooklyn in July 2008 as against the last year’s record during the same month showing a two-year high in foreclosure auctions. Manhattan also has undergone a 7.6 percent increase in foreclosures as compared to July, 2007. Besides, it has been marked that there has been a shocking 55 percent increase in foreclosure sales from June to July, 2008 in Manhattan. About 14 home seizures in July have been observed in Manhattan.

According to Bill Saniford, CEO of a real estate tracking firm,

“The numbers are pretty dramatic for New York City foreclosures. In Queens, it’s quite scary”.

He has further said that although the foreclosures are taking place mostly in the area with low income but its effect has been brining down the prices throughout the city. Last month, there have been registered a total of 5,982 foreclosures in Los Angeles and 2,677 foreclosures in Miami.

In a bid to control the situation, free legal and financial advice for the struggling homeowners is going to be launched by the state court system. There will be state-appointed mediators too who will attend the meetings between the lenders and debtors. This mediation program will be first launched in Queens and then next month will be extended to other boroughs. Although the housing statistics in New York has faced a very blow in July but the Big Apple is still far behind in home foreclosures.

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Utah has earned the 14th position in the country in its foreclosures filing rate in the second quarter of 2008. As per a new report, there has been one foreclosure filing per 226 households in the second quarter in the state. It has increased by 113 percent from what it was during the same time a year ago. Utah ranked 18th in the real estate foreclosure filing during the first quarter. Nationally, there has been an increase of 14 percent in foreclosure filings from the last quarter and a terrible increase of 121 percent from the second quarter of 2007. The situation is really worse. A foreclosure filing during the quarter has been noticed in one of every 171 US households.

As per a report of RealtyTrac that is based in Irvine of California, St. George of Utah has seen a leap of 56 percent from the first quarter to the second quarter of 2008 and 446 percent of real estate foreclosure filing year-over-year. The metro area of St. George has also been reported with the highest number of foreclosures with one filing per 87 households. It has been said by David Seiler who is a real-estate broker that the buyers are having a wide range to choose from due to foreclosures that has brought down the prices of homes. Seiler even expects that the value of homes will continue to decline.

The Salt Lake City has ranked 52nd among the 100 largest metro areas of the nation in its real estate foreclosure filing rate. There, one per 217 households has a foreclosed home filing. This means that there has been a 17.16 percent hike in comparison to the previous quarter and also an 89.29 percent increase from the second quarter of 2007. The greater degree of home foreclosures has made everyone worried. The poor and tight loan programs of various banks have led many borrowers think over the matter whether to find out a solution with the bank to prevent foreclosures or just walking away with it.

The decline in the price of home has made Seiler affirm, “If it doesn’t start to pick up in August, then we’re going to start to see people start to lower their prices. They don’t want to go into fall and winter and not sell, if they don’t have to.”

We are left with the option of just waiting and watching what future has in store.

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Detroit has been reported with a decline in its real estate foreclosures in the second quarter of 2008. It stands at 10,829 which is a 3.5 percent decline as compared to the first quarter of 2008. This is indeed good news. However, as per the founder of Default Research named Serdar Bankaci, there can be again an increase in the real estate foreclosures within the next twelve months. He said that this will be solely because of the fact that the US auto industry has put it on the track of managing it with the national fuel price crisis.

In his own words:

“It is positive news anytime foreclosure homes decline in a region. However, something to be aware of is that market indicators show housing inventories rose in the past month along with a decline in median home sale prices.” He further said, “With this area’s heavy emphasis on the auto industry, we may be seeing foreclosures increase in the future.”

The hardest cities of the Oakland County in June 2008 are Waterford, Southfield, Farmington Hills, Oak Park, and Pontiac. The number of real estate foreclosures recorded for Waterford is 38, Southfield 75, Farmington Hills 43, Oak Park 32, and Pontiac 58. Thus the most affected city of the Oakland County is Southfield and the least affected one is Oak Park.

The hardest cities of the Macomb County in June 2008 are Macomb, Warren, Eastpointe, Sterling Heights, and Clinton Township. The number of real estate foreclosures recorded for Macomb is 40, Warren 100, EastPointe 50, Sterling Heights 65, and Clinton Township 45. Thus the most affected city of the Macomb County is Warren and the least affected one is Macomb.

The Wayne County foreclosures highlight the cities of Detroit, Dearborn Heights, Dearborn, Redford, and Taylor as per June 2008 statistics. It has been seen that the number of real estate foreclosures in Detroit is 1224, Dearborn Heights 85, Dearborn 99, Redford 121, and Taylor 91. Thus the most affected city of the Wayne County is Detroit although there has a 3.5 percent decline and the least affected one is Dearborn Heights.

The situation can only become better with the picking up of a faster pace by the sluggish US economy. Under this ongoing tough economic condition, it is very unlikely to expect for the betterment of the condition. We can only just hope to see a better future.

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There has been a marked 121 percent increase in the nationwide real estate foreclosures from the second quarter of the last year. It has almost doubled. The tight lending standard, soft housing sales, dropping US economy together with declining home value has been instrumental in making the situation worse for homeowners. Many have failed to refinance into an affordable loan and many are unable to get prospective buyers. It has been reported by Irvine, Calif.-based RealtyTrac Inc. that about 739,714 homes throughout the nation received one foreclosure notice during the quarter. Or it can be put this way that one in every 171 US households received a foreclosure notice.

The foreclosure rates have been the highest in Florida, California, Nevada, and Alaska during the quarter. Among them, Nevada accounts for one foreclosure filing for every 43 households. North Dakota and Alaska has faced a continual increase in real estate foreclosures. Besides, Florida and California cities have reported 16 of the 20 worst metro foreclosure rates. The situation in Stockton, California, is that the foreclosure rate is nearly seven times as compared to the national average. It has reported about one foreclosure filing per 25 households. The chief economist at Moody’s Economy.com named Mark Zandi figures that about 2.8 million households in US by the next year end will be either facing foreclosures, or sell their home at a price lower than the value of mortgage, or place it into the lender’s hands.

According to RealtyTrac, which keeps a track of auction sale notices, default notices, and bank repossessions, over 222,000 properties in the second quarter across the nation were taken over by banks. This made for 30 percent of total foreclosures that means a hike of 24 percent from the last quarter. A housing rescue bill has been prepared by the Senate to keep away 400,000 homeowners from real estate foreclosures. It has also been designed to provide support to Fannie Mae and Freddie Mac, the two troubled mortgage finance companies.

The chairman of the House Financial Services Committee named Rep. Barney Frank, D-Mass. has ordered to have a thorough regulation of the loan servicing companies if they do not make modifications to keep away foreclosures. It has been reported by the Congress that a large number of homeowners have complained about not getting help from their lenders to keep away foreclosures. According to James Barber of the American Bankers Association, they try their level best to avoid real estate foreclosures.

One can only hope for better news in the future!

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RealtyTrac the prominent online marketplace for all kinds of foreclosure properties, recently published its Q2 2008 U.S. Foreclosure Market Report. According to this, during the 2nd quarter of the year, 739,714 U.S. properties were reported to have foreclosure filings. This is about a 121% rise from the second quarter last year, and almost 14 % increase since the previous quarter of 2008. As per as the report out of every 171 U.S. household, one received a foreclosure filing in this year’s second quarter. RealtyTrac reports the most comprehensive and biggest national database of bank-owned and foreclosure properties, with more than 1.5 million properties from about 2,200 counties throughout the nation. It is also provides foreclosure data to The Wall Street Journal’s Real Estate Journal, Yahoo! Real Estate, and MSN Real Estate.

The CEO of RealtyTrac, Mr. James J. Saccacio stated that, “Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity.” In the second quarter, 95 of the 100 biggest metro areas and 48 in 50 states in the US experienced great rise in foreclosure activity. Saccacio also said that, “Bank repossessions, or REOs, accounted for 30 percent of total foreclosure activity in the second quarter, up from 24 percent of the total in the first quarter.”

Out of every 43 households in Nevada, one received a foreclosure filing in the second quarter. This makes it the highest foreclosure rate in the states and about four times than the national average. According to reports, the quarter saw foreclosure filings on 24,657 properties of Nevada, up by 26 % from the last quarter and up by 147 % since the first quarter of last year. As many as 202,599 California properties have foreclosure filings in the second quarter, which is the maximum total throughout the states and the second highest foreclosure rate in the nation. The state with the third highest foreclosure rate in the US is Arizona, with one out of 70 homes getting a foreclosure filing. Foreclosure filings in Arizonian properties were up by about 36 % since the previous quarter and nearly 4 times since in the second quarter last year.

The other states, which showed a high rate of foreclosure properties, are Florida, Colorado, Ohio, Michigan, Georgia, Illinois, and Massachusetts. Some of the top 20 US metro areas with increased real estate foreclosure activity are Las Vegas, Miami, Phoenix, Detroit, and San Diego.

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At a conference on community stabilization in the wake of the housing crisis in Los Angeles, the President of the San Francisco Federal Reserve Bank, Janet Yellen, has expressed her concern about the raising rate of foreclosure. She is very much worried about its negative effects on not only real estate owners but also on the society. According to Yellen, it would be alarming to the U.S. economy, too. She has said that record high commodity and crude oil prices along with credit policies and crisis in the real estate market are the responsible factors for this situation.

She has evolved her view towards the monetary policymakers to vigilant the situation closely in an order to meet a low and sustainable inflation rate and to maximize economic growth and sustainable employment. She has included that it’s “an urgent problem” for which both the private and public sectors should take initiatives and control further cases of unnecessary foreclosure.

She has focused on the rising rate of foreclosure in her district also. To Yellen, the people facing this situation as a result of sudden and substantial rise in foreclosure, in Arizona, California and Nevada are of more concern compared to those facing it for a long while. She is afraid of the ‘devastating’ impact of foreclosure; even on the surrounding communities along with the real estate property owners.

For borrowers, foreclosures add more hardships to their lives. They are subjected to loss of their home equity and impaired credit, says Yellen. She adds that it may reduce their chances to live in a ‘stable and decent’ housing environment, and disrupt them from participating in the labor market.

However, for the surrounding communities, this rising number of foreclosed properties initiates the process of the “self-reinforcing cycle of decline” as the Fed Bank President calls it. According to her, this rising rate affects the local real estate market in a way that can lead to add more foreclosed properties to the list.

Yellen has said that the condition is worse for people living in the lower income groups. More and more people belonging to these communities are prone to lose their homes and equity. As a result of this, the ongoing process of neighborhood revitalization would also be affected. The effect of foreclosure hurts the low income communities the most. She has added it needs strong, sound and direct responses at local as well as federal levels to challenge the situation and control the sky-high rate of foreclosure.

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Good news from Butler County! Number of real estate properties sent to sheriff’s sales in June has been reduced by 70% in comparison to last year’s number. According to Butler County Sheriff’s Office spokesman Sgt. Monty Meyer, the number of foreclosure is 106 homes in June 2008 while the number of sold real estate properties was 152 homes in the same period last year.

The number is really hopeful with reference to the whole state. A report by RealtyTrac has shown that Ohio is in the sixth position among the states of the nation with the highest foreclosure filings. The state has experienced a rise of 11% in sheriff’s sales activity in June. 1 in every 382 households has got a foreclosure notice in June this year. Decreased sales number in Butler County would be a signal of good things to come in the local real estate market. This change in the number of foreclosed properties has actually reversed the situation.

John Sawyer of Sawyer Realtor in Middleton has said that in the market, there are “too many houses and not enough buyers”. This situation may help the local real estate market to bounce back. Not only foreclosed properties, but in general, there are many homes available in the market. This fact is putting sales off by 10% to 15%.

The price of foreclosed house is much lesser than a house with an owner, but still, people are not interested in those houses. As foreclosed houses are almost abandoned and not in great condition to live, real buyers don’t opt for them.

The National Association of Realtors is expecting that the foreclosure market may start its process of stabilization by the end of this year. According to The National Association of Realtors, or NAR, figures “show that the foreclosure market is right on target”. Lora Reece, the president of the Greater Hamilton of Realtors is happy with this projection of the NAR. She has said “it’s so nice to hear some positive things about our industry”.

Stephen Wilson, chairman and CEO of LCNB Corp. during a development forum in Lebanon has said that the mortgage lenders are not interested in being part of loose lending practices anymore. That may help to restrict irresponsible borrowers to borrow more than their capacity. A fall in foreclosure sales may be a result of this restriction.

In July 2007, 121 real estate properties were sent to sheriff’s sales and sold. But for July this year, 80 cases have been sent to sheriff’s auctions, according to Mayer.

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The monthly report of leading real estate data site, PropertyShark.com has shown the residential foreclosure situation in Long Island (Suffolk County, Nassau County), for the month of June 2008. The report has revealed some important facts;

1. In Long Island, numbers of foreclosed homes have reached 693 homes in Q2 2008, which is 40% higher than that of the last year.
2. Nassau County is far behind compared to Suffolk County. In Q2 2008, Nassau County has shown a rise by 14% over last year, while another has experienced a shocking 102% rise over that of 2007.
3. In Long Island, the rate of foreclosed property per household has reached 0.069% in Q2 2008.
4. The foreclosure rate per household is the highest in the town of Hempstead. 1 in every 833 households was subject to an auction in Q2 2008, which is almost double over the same period in 2007.

Ashleigh Rose Clark, the Data Acquisition Manager of PropertyShark.com is shocked to see the rate of foreclosed real estate property in Long Island which is actually higher than the level in Queens.

Nassau County Foreclosure Statistics

In Q2 2008, the county has touched a one year high of 392 homes. It is a rise of 95% over Q1 and by 14% over Q2 2007. In the Town of Hempstead, the number is 291 homes, which is almost 74% of the total number of foreclosed homes in the county. It is in the number one position among all the towns. The town of Oyster Bay (52) and the town of North Hempstead (34) are in second and third position accordingly in respect of the total number of foreclosed properties. Mostly, it is the single family homes that are under threat of foreclosure auction.

Suffolk County Foreclosure Statistics

In this county, 301 cases of new auctions have been scheduled in Q2 2008, and the number is 9% lower than the first quarter’s 155 homes. However, this figure is a hike of over 102% than Q2 2007. In Q2 last year, the number was just 198 homes.

Brookhaven is in the number one position among all the towns of the county as the number of foreclosed properties in this town is 152 homes, although this is lower by 9% from Q1 this year. Islip and Huntington are in 2nd and 3rd position respectively. In Islip, the number of auctions scheduled is 56 auctions and in Huntington, it is 32 auctions.

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The number of foreclosure homes are on the way to increasing substantially more in 2008 as compared to 2007 in Boone, Ogle and Winnebago counties. The officials recorded the number to be 631 homes until June this year and this is supposed to cross 938, the total of 2007 easily. Among these three counties, the situation is the worst in Boone County. Boone County Circuit Clerk’s Office reported that till June this year, 257 cases of foreclosure have already been filed, while the number was 394 throughout last year. The total number of housing units in this county was only 15,414 according to the 2000 census. According to Debbie Carlson of Coldwell Banker Premier’s Belvidere office, rapid growth in the real estate market in the last 10 years is responsible for this foreclosure crisis.

Carlson added that many commuters had moved to this county during the time of Interstate 90, and that increased the real estate values. That fact also has made a big difference between the markets of Boone County and Winnebago County. In 2007, an average value of a home was $ 208,465 in Boone, while in Winnebago the price was about $133,295. In Winnebago County, number of houses heading towards foreclosure is about 302 until June this year.

The rising rate of foreclosure is not only affecting the borrowers but also the local governments. Along with these mortgage holders, the governments also have to bear some financial responsibilities, even more than that of borrowers. Government’s responsibilities include police and sheriff costs, unpaid utilities, trash removal, and inspections. Moreover, those foreclosed houses become dens of anti-socials and criminals. They keep on removing costly construction materials; be it aluminum siding, copper wiring, doors or windows.

However, Carlson is happy to see a change among the neighbors of those foreclosed real estate properties. They are trying to keep their eyes out on those abandoned houses. It helps many people stop pilfering them.

Rising number of foreclosures may have an impact on those having a house in the market but it not so terrible. According to Keith Kelly of Dickerson & Nieman Realtors Inc, selling houses for over 21 years, if it is urgent for somebody to sell his house then it’s alright, but if he just wants to test his home-value, then this may not be the right time.

Real buyers are not interested in foreclosed houses as they can get houses with owners in a much better condition. However, the investors opt for these abandoned properties as they do not plan to live in them.

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There has been a reported national record set for foreclosures. The area of Washington DC has one of the fastest rising foreclosure clusters that have been noted in the whole nation. A recent report sent by the Metropolitan Washington Council of Government and Freddie Mac, has confirmed these facts and findings. Foreclosures have been noted to be on an all-time locally.

At least, until the resets are finished being done, this heightening would keep growing, as stated by John McClain. McClain is the deputy director of the Center for Regional Analysis in the Georgia Mason University. His analysis shows that the house rates would continue dropping, and in this way, foreclosure could rapidly see a slow fall only by early 2009, or even later.

The mortgage industry continues showing endeavors to top up efforts in reaching homeowners by placing them in an affordable and comfortable price range for their monthly payments. The team of members at the Hope Now agency have decided to get in touch with those homeowners who would have problems, 120 days before the loan gets reset for them. Hope Now, being a non-profit organization, was formed by an allied group of mortgagees whose efforts would be tested in the summer.

Faith Schwartz, the head of Hope Now, has stated that there has been a lot of work on call that needs to be done to meet the strains of this plan.

January 2007 witnessed the monitoring of 718,000 subprime mortgage loans by them that got reset throughout the entire year, and now they are even looking for new trends to solve the problems they encounter. Less than a single percent of the homeowners have been involved with or fallen under foreclosure when they had paid their mortgages in time. There have been many still selling off their homes or are starting to look for ways of refinancing them, other than taking an escape route. Schwartz has said that they have been trying to measure the effectiveness of the guide’s philosophy. According to him, it could be assessed more accurately if the people that were affected by possible default could be attempted to be called when they was supposed to. The industry trying to measure the effectiveness of the guidance is trying to control the foreclosure problem.

The figures suggest that the problem among the subset of borrowers have the industry quickly reacting to it. The heightening of the adjustable mortgage rates has been temporarily tempered by the Federal Reserve’s interest rate cuts over the past one year.

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California had the highest number of properties facing foreclosures with 64,683 foreclosed homes and the number being on rise as well. The rate of increase had occurred by 112% from April 2007. However, the number of properties facing foreclosure, have a declining rate which has been less than 1% in fact! The state had also posted records that its foreclosure rates have been the second highest in the country. There are at least one foreclosed household out of every 204 currently while at least one out of every 66 household gets a notice.

The metro areas of California have reported to have had a foreclosure rising by the rate of 6 houses out of every 10 have been involved with foreclosure related crisis. The state of Arizona experienced the third highest foreclosure rate on toe, having one out of every 224 households experiencing it. A whopping number of 11,620 homes have been reported to have experienced at least one filing. This is a rise of 181% compared to what it was last year. While compared to last month, this has been a reported 26% high.

Quite akin to LA and inland areas of California, certain areas in Arizona, received a sharp and cutting run-up in speculation-driven home rates. New homes have come up during the housing boom too. Florida on the other hand has reported to have had 35,264 homes with a minimum of one foreclosure filling during the last month. This is again a jump for the state and it is about a 17% hike as compared to March but a massive rise of 146% as compared to last year. This change into a foreclosure rate of one out of every 242 households had made it the fourth highest nation having received foreclosures.

In Florida in fact, the foreclosures are rather alarmingly back onto going higher. Within the span of a month, the numbers are violently on an up-swing. But, certain good news include that the Sunshine State has been lately passed on by Arizona with their new rates of billowing foreclosures placing them well ahead of Florida. So, a fresh report states an overall lower rate of foreclosures in Florida.

The states to have made into the top ten foreclosure places in the US currently are Maryland, Colorado, Georgia, Ohio, Michigan and Massachusetts. Nationally foreclosures have just gone up by 4% in the total rating as compared to last month and 65% since April 2007. This has had its effect over 243,000 real estate properties. This has also been the highest number of recorded foreclosure rating since January 2005.

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As more and more foreclosures increase due to homeowners falling behind their mortgage deals, there leaves little to be written or left on account of mortgage payments. The number of filings is slow to be delivered, and the driving number of homes on foreclosure is rising by 65% more, compared to the same time last year. Home values continue their downward spiral on a larger scale than before.

RealtyTrac has not been able to provide the adequate statistics required to note the changes in the greater rate of foreclosures. Whereby home prices have fallen, the number of second-hand houses too has been sold to mainland buyers. The rates in places like Hawaii have been quite higher than Oahu currently, coming as a surprise. Over 243,353 homes have received a nationwide fill-up. During this time last year, there had been just 147,708 homes receiving notices of being foreclosed. So, looks like the rising rates last year did not help much to pack in a corrective measure seal. About 65% higher than last year, foreclosure rates still tend to reach for the skies.

States such as Nevada, Arizona, California and Florida are among the hardest struck under a full blown foreclosure crisis. The upper class metropolitan areas in California and Florida have had nine out of the ten major areas devastated with the highest foreclosure hits. Florida’s rate of foreclosure filings has been particularly alarming in April. The Tampa Bay area has been voted to be the worst among all the metros. A high number of filings (about 35,264) had been recorded with the state of Florida with a 17% rise since March and 146% rise compared to April last year.

Tampa, St. Petersburg and Clearwater have already seen a 9% increase in their filings in April. Florida got edged out by Arizona for its strange and overwhelming rise in foreclosure filings. Nevada and California became the primary and secondary states to have experienced this distinction. The California based real estate statistics firm, RealtyTrac, has kept a count of all these foreclosure filings for statistical and economical analysis. There have also been notices of bank repossessions, auctions, etc. not accounted for here in these figures.

On a widespread nationwide scale, one out of all 519 households received a notice last month. These filings were reportedly on 243,353 properties with a 4% rise as compared to the previous month of March. There has been approximately 65% rise in foreclosure filings in April 2008 as compared to April 2007.

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In an unexpected development last Tuesday, property statistics company Realty Trac reported that foreclosure filings for the month of March 2008 have actually gone up by 57% compared to the same period last year.

Painting an exceedingly grim picture for the near future, this report showed that more and more people are not being able to keep up with their mortgage payments despite continued measures by the government to stem this flow of foreclosures that are haunting the country today. The report shows that there has been a foreclosure filing for one home in every 538 homes in the country.

The hardest hit states were California, Nevada and Florida, and over 234,000 houses were up for foreclosure last month in March. Due to mortgage loans being reset to even higher interest rates on adjustable-rate loans, making monthly payments on the same mortgage has gone up, causing foreclosures to increase even more. According to Rick Sharga of RealtyTrac, this trend is expected to continue, with the rate of foreclosures set to climb further due to ARM resets set to continue till late this spring. Loss in property values and unemployment are also expected to add to this problem.

Mark Zandi, chief economist at Moody’s Economy.com states that “We could argue this is the worst housing downturn ever. Negative equity and unemployment are the driving factors. Things are getting worse, not better.”

A good case in point would be Wayne Willsey of Crestview, Fla. Wayne works at the local power company, and is looking at a possible foreclosure. This is largely due to a reset on his ARM loan which has increased his monthly mortgage payment from an affordable $2,100 to a whopping $4,000! Wayne adds “I keep praying; it’s really hurt the family bad. I’m 55, and it’s hard to start all over again.”

Dean Baker, co-director of the Center for Economic and Policy Research adds that “This isn’t a sub-prime problem. The underlying issue is housing prices are falling. It’s going to get worse. Sub-prime (foreclosures) may have peaked and will start to trail off. In terms of the rest of the market, we’re just beginning.”

A massive problem has also been the falling real estate prices. There are many homeowners who are finding that it doesn’t make any sense to continue making payments for a home that is worth a lot less than what they paid for it. In a few cases, it has been seen that it is a lot easier just to walk out on your mortgage than continuing to pay a higher price at very high interest rates.

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In the third quarter, the foreclosure rates did not deviate from its spiraling trend in the topmost 100 larges metro areas in the country. This is what has been correctly reported by RealtyTrac. As you are probably aware, RealtyTrac is a Web site that provides all the postings and necessary details about the number of foreclosure filings in real estate.

According to its data, the places such as Stockton in California witnessed one of the highest rates in foreclosures in the real estate segment with a filing for every 31 homes. From the second quarter, the rise of 32 percent shows an increase by over five times if you compare with the previous year during its third quarter.

In fact, the figure pertaining to foreclosures rose by 92 percent during the second quarter of this year in Detroit. At the same time, the foreclosure pace rose by 39 percent in California, in the region Riverside-San Bernardino.

Although the gist that triggers on in the segment of real estate focuses mainly on the commercial viability of “location” rather than any other factor, millions of Americans are turning prey to the spiraling foreclosure rates that took a worse turn during the third quarter.

States such as Ohio, California, and Florida comprised at least 17 out of the top 25 areas in the metro region foreclosure figures. This is based on the report that was provided by RealtyTrac.

Some of the other cities that comprise the segment in the top 10 highest foreclosure figures include Miami, Cleveland, Fort Lauderdale, Las Vegas, Oakland, Bakersfield and so on. In fact, it is almost frightening that California cities comprised the seven topmost categories pertaining to the top 25 foreclosure figures in metro.

The RealtyTrac report clearly indicated that various parts of the country had surprisingly managed not to fall prey to this widespread trend of foreclosures hitting the real estate market. This also includes areas such as Virginia and North Carolina and South Carolina.

One of the best known mortgage giants, known as Countrywide Financial recently stated that $22 billion worth of home loans had been sanctioned by this company during the previous month, indicating a clear 48 percent decline in comparison to the figures for the previous year. This lender happens to be one of the best known names as supplier of sub prime loans to risky borrowers.

Inevitably, the real estate crisis has forced both the Congress and the White House to forge better alternatives that would propel ways to hold back the spiraling trend of foreclosures in the real estate segment.

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Making its mark among the top states in the country for foreclosure, Florida foreclosures have shot up more than 50 percent as compared to the last quarter.

According to a report released by RealtyTrac, for every ninety-five homes, there has been a foreclosure recorded in the state, making Florida the state with the third highest foreclosure filings close on the heels of Nevada and California. This third quarter has shown a figure of 86,400 foreclosures for nearly 61,000 properties. This is more than twice the foreclosure figures as reported during the same period last year in 2006, said officials from RealtyTrac.

James J. Saccacio, chief executive of this Florida based foreclosure marketing firm, stated in a press release that the two months where foreclosure filings were at their peak were August and September, and this is ever since RealtyTrac began documenting real estate figures in the first quarter of 2005,

Foreclosures take place when a borrower is unable to meet his or her monthly mortgage payments and default, causing the lender to repossess the home, and put it up for foreclosure. Sub-prime or predatory lending has been attributed as being one of the major causes of foreclosures in the country. Many states have reported astoundingly high rates of foreclosures in this year.

“Although not all areas are being hit as hard as others, the rise in foreclosures is quite widespread, with 45 out of the 50 states documenting year-over-year increases in the third quarter,” said James J. Saccacio. “Given the number of loans due to reset through the middle of 2008 and the continuing weakness in home sales, we would expect foreclosure activity to remain high and even increase over the next year in many markets” he added.

The highest foreclosures were in Nevada in the third quarter, which had 16,817 foreclosure filings for 12,982 properties, which made it a foreclosure filing for every 61 homes. Overall, California was at the top, with more than 148,000 foreclosure filings for 94,772 properties, but came in second because these figures represent a foreclosure filing for every 88 homes.

Michigan, Ohio, Colorado, Arizona, Georgia, Indiana and Texas rounded off the top ten states in the country. Vermont held the record for the best foreclosure rate, and had only 25 filings, which turned out to be just one foreclosure filing for every 12,294 homes. Second was South Dakota, which had a filing for every 4,639 households, even as North Dakota came in with a foreclosure filing for every 4,288 homes.

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Though foreclosures have taken a month off, and declined slightly in September, things are not looking too rosy for the coming year which is going to see further resets of interest rates, and a whole new bunch of candidates ripe for the picking next year.

This scorching rate of foreclosures has been smoked by a tirade of ARM resets that take place after two or three years, which tend to cause a sharp increase in the monthly payments after a first low “teaser” interest rate expires, according to the loan tenure. According to data released by Credit Suisse, these resets are expected to fall in the next few months.

So, should we start feeling happy? Well, not really. A newer batch of loans are scheduled to begin resetting in the coming year, threatening to bring about a new set of candidates facing monthly payment increases, which could easily overwhelm their household budgets, causing many more foreclosures, and further delaying the recovery of the housing sector.

This Wednesday, a real estate trade group said that sales of homes are likely to fall much more sharply than anticipated later in the year. In a forecast which was revised downwards for the eight consecutive time, the National Association of Realtors said that they expected sales of existing homes to fall by around 11% this year as compared to last year. This is the worst year in a decade for sales of new homes.

As the real estate sector faces its steepest fall in 16 years, existing real estate prices are anticipated to decline by 1.3 percent more by the end of the year to a median value of $210,200.

Many local conditions are masked by these national statistics. In a few markets, the speed of sales and prices has managed to hold up quite well. A few areas which had the highest price run-ups in the real estate sector boom are getting affected the most. On Wednesday a California Realtors group predicted that sales and prices of homes are going to fall further in the coming year, because the inventory of the unsold and foreclosed houses will rise as buyers will continue to wait in hope for higher prices. Sales are likely to decline by 9% to 334,500 units statewide; and the median price for a home is expected to fall 4% to $553,000.

Private forecasters have been quoted as saying that a drop in prices can be even steeper. Senior economist at the Center for Continuing Study of the California Economy, Stephen Levy feels that prices may drop 10% to 15% overall, with a possibility of sharper declines in a few markets.

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