Although there have been an increase in home sales in the western region of US, but the Philadelphia area has been reported with a down market in real estate home sales. There has been a decline of 22.6 percent in July in the eight counties of Philadelphia in comparison to the figure last year during the same period. It has been reported that the average home price have declined from $240,000 to $234,000. The ongoing foreclosure has proved heavily bad for Philadelphia area real estate. The month-to-month home sales were 9 percent down in the Philadelphia metropolitan area, which nationally showed an increase of 3.1 percent in July from the figure of June.

The median home prices of the real estate nationally fell by 7.1 percent from July last year to $212,400 from $228,600. According to economist Brian Bethune,

“While the bounce in July existing sales is a welcome improvement, the housing market still suffers from high inventories,”

It has been found that nearly 21,000 houses in the 6 counties of Southern California were sold in July. About 9,156 houses or 43.6 percent of these houses sold were a property facing foreclosure. There have been over 64 percent transactions in the foreclosure sales in the Orange County, one of those 6 counties. The median sale price for the 6 counties of Southern California declined to 31.1 percent year-over-year in the month of July.

Like California and Arizona, Pennsylvania did not face the absurd home-value inflation. It has been fortunate enough to escape it. As put forward by economist Rick Sharga, Pennsylvania,

“which saw home prices increase at somewhat more reasonable levels, didn’t have as high an incidence of consumers buying too much house with risky loans,”

Only those places have faced such a heavy home-value inflation that is tied up in the ongoing foreclosure cycle. The rate of foreclosure in Philadelphia for June stands at 1.1 percent. According to economist Joel L. Naroff, “This has been the story of the region for the last two decades,”

The most problematic areas in the real estate market currently are those that were overvalued during the housing market boom of 2006. The buyers here are suffering from risky loans. The median home price of July, which is $234,000, is lower by $1,000 than the figure of July, 2006. Naroff has said,

“more and more, it appears that the existing-home market [nationally] has bottomed, even if the large number of homes on the market means prices may continue to fall,”

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The problem of foreclosure homes has created a good real estate housing market. John Klahn who is a network engineer at an area hospital of Denver has bought 9 homes over the last one and a half years at less than $100,000 each. The slump in the prices of home has proved beneficial for some like Klahn who expects to buy a dozen soon. He has rented the homes for as much as $450 more than the insurance, taxes, and mortgage, and expects to sell them at a huge profit after the housing market becomes stable. About 355 homes in the seven-county metro area have sold for less than $100,000 in 2005. In 2008, about 2,015 homes were sold at the same price with nearly 90 percent being a foreclosed home. Last year, the number of foreclosure homes in seven-county metro area was as large as 27,024. This is almost a 41 percent hike from 2006.

The seven-county metro area has been reported with a 9 percent hike in home foreclosures in the first half of 2008 as compared to the same time of 2007. There have been a total number of 14,659 foreclosed homes in the first quarter this year. It has become an easy matter to find out renters for properties with the vacancy rate of for-rent single-family homes and condos coming down to 2.7 percent. The vacancy rate for apartments is 6.2 percent. According to a broker named Charles Roberts, the homes that are available below $100,000 are mostly found in the areas like Green Valley Ranch, north and south Aurora, southwest Denver, Montbello, and Commerce City. The homes that sold at $140,000 two years ago can be now bought for $55,000. It is indeed good news for some real estate investors. There has been a decline in the prices by 40 to 50 percent almost.

Lon Welsh, managing broker of a real estate company has said that about five years ago it was unthinkable to buy a home at less than $100,000, more so for the first time buyers of property. As the value of homes for sale has gone down due to foreclosures, therefore only those who really want to sell it are putting their home into the market for sale. The financing is getting hard to get irrespective of the fact whether the buyer is an owner-occupant or an investor. Klahn has said that it is very difficult to get conventional financing at this moment.

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There has been a great, stunning explosion in foreclosure homes and a dearth of positive prospects in real estate segment. In a recent real estate research survey, this translated into a tightening in mortgage lending which further brought down the real estate prices in several places. The decline in home prices around the nation doesn’t seem to show any indications of a stable market recovery anytime soon. After five years of rapidly rising home prices, the market stalled last year. The result was that prices remained steady or falling as sales slowed and then dipped down. Since then, lenders have made it more difficult for some people to get mortgages by tightening standards. This led to an increase in foreclosures because a lot of people who borrowed at adjustable rates ended up facing higher payments which they were unable to pay off. These problems pertaining to poor credit repayment histories brought up higher incidents of foreclosures.

The Warren Group in Boston stated that the median single-family home prices last month fell 4.9 percent, to $314,000, from August 2006. This happens to be the 16th consecutive month in which real estate prices have dipped to an all-time low. The number of sales in the period fell by 1.5 percent. Detroit led the metropolitan areas with the biggest price declines. There was an 11 percent drop from June of last year. Other areas with falling prices included Tampa, Florida, San Diego and Washington, D.C., which all recorded drops of at least 7 percent. Yet, the understanding is that August is traditionally a lean month for real estate deals.

But the Massachusetts Association of Realtors reported a starkly different view of the housing market, based on a smaller number of transactions than those recorded by Warren Group. Strangely, they experienced an increase in home prices. The realtors group said that the home prices increased by 1.4 percent, to a median of $357,000, from August 2006, while the number of sales rose a robust 6.6 percent.

The realtor group’s report is based mostly on sales brokered by real estate agents, while the larger pool of housing transactions tracked by Warren Group. This includes sales made directly by homeowners and lenders’ repossessions from borrowers and sales of foreclosed homes.

Everywhere the story is the same. There are more foreclosures because the market seems very weak. Still, a few homeowners continue to move on with a silver lining of hope.

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The number of foreclosures in Colorado throughout in April and May 2007 was 10,018. A straight increase by 6.1 percent from the last reported data of the first three months of 2007.Till now, foreclosure filing rates have increased by twenty six percent this year, as per a recent report released by The Colorado Division of Housing. Projections made by state officers represent that the foreclosure count will go up to 36,100 this year. Last year the count was 28434.

A foreclosure sale is the sale of a property at a public auction. A foreclosure sale occurs after 46 to 60 days of initial filing of foreclosure. At this time, the homeowner loses the authority to pay back their default payments and loan amount.

Kathi Williams, director of Colorado Housing Division says that it is very unlikely, looking at the trend, that the count of foreclosure will go down this year. She adds that there are loads of house inventories in the market and probably many more adjustable-rate mortgages will re-adjust in terms of values. According to her, people those who wants to sell their house to make the payments are unable to do so as the market is already flooded with stocks of empty houses, and this is what is accounting for the drastic increase in the foreclosure counts in the city.

As per the data released, Adams and Denver saw the highest number of foreclosure filings this year. Filings in Adams County increased to 1735 from 1457. The increase is by 6.1 percent and in Denver County; the increase is by 9.9 percent, to 2152 from 1941.The data is of the first six months of this year. However, in many other counties, growth was lower for foreclosure filings. In Arapahoe County, foreclosure filings went down by 5.9 percent. However, foreclosure sales increased by 14 percent in the county during the first and second quarters of this year. The same trend followed in Pueblo County with some difference in figures. Filings was lower by 6 percent whereas foreclosure sales increased by 18 percent in the county.

Foreclosures were at their highest pace in Front Range compared to Larimer County and Pueblo County. Foreclosure activity in Boulder County was lower than in any of the counties of Denver metro. The Colorado Division of Housing does not trust RealtyTrac data as a reference, and therefore, they have themselves begun to collect data from county public trustees every quarter. Information regarding foreclosure houses is available on their website.

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