In Florida, every time a repo property goes for sale, it is considered to be an ideal investment specifically for those buyers who can actually patiently wait for a considerable period of time before they resale the house for a better profit. It ensures lucrative profits for investments in real estate in Florida as these properties are sold at quite affordable prices. The prices of the houses in Florida fell even at the end of the third quarter taking this trend to the fifth quarter at a stretch. This drove the buyers and the investors to purchase and push the sales of the total number of homes to a different level.

The average price for selling previously owned houses fell to $145,400 during the third quarter and this price was less by at least $40,200 compared to the average price in the third quarter in 2008. This drastic drop led the sales figures to 44,345 homes that were sold during this third quarter and this featured an increment by 33%.

Selling of the condominiums within the months of July to September also increased due to a massive fall in the price from $54,000 to $106,100. thanks to the really interesting prices, majority number of buyers purchased these units and so the sales figure rose to almost 14,797. Compared to the average prices of 2008 there was a 56% hike in this year’s average pricing.

These steep increases regarding the sales of the single-family units including the condominiums signify the fact that even the investors measured up great prospects in terms of profits as the residential units became available at low prices. An investor who bought a relatively decent repo property in sale at a fine location could materialize this as he had cash and they can also expect better profits.

Tim Becker, the head of the real estate studies working at the University of Florida, emphasized on the fact that as the home price fell they have led to a sharp increase in the number of sales of the homes. Moreover, the fall in the prices, have also added to the increment in the number of foreclosure filings. He further emphasized that the mortgage borrowers with a falling home value have no strong reason to stay in those houses and to carry out the adverse equity and so they intend to leave their properties and allow them to be foreclosed.

However, according to Marla Martin, the spokesperson for Florida Realtors, the average price of $145,400 during the months of July to September was technically 1.25% more than the average price of the previous quarter amounting to $143,600

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The report from a non-profit Urban Institute states that despite the presence of a powerful job market, the foreclosure numbers in the Washington seems to worsen in the months to come. According to the ‘Housing in the Nation’s Capital’, which is the annual update for 2009, “Washington’s relatively strong economy … moderates the impact of foreclosures on the region, but many households are still facing the loss of their home due to unaffordable loans and family economic insecurity.”

The report states that during June there was problem with at least one out of every 10 mortgages and among them the two most troubling counties are Prince George’s and Prince William. Across the region, the foreclosure rate was 2.7%, and Prince William’s figure was 3.7%. June’s figure was 2.9%. The subprime loans that are issued to high-risk borrowers having a poor credit condition are held responsible for the worsening of the foreclosure situation especially in the regions including the Prince William, which commenced in 2007.

According to the reports of the Urban Institute, “Subprime loans have driven this initial surge in the region’s foreclosures,” the Urban Institute found and they are still disproportionately represented in the foreclosure inventory … The foreclosure rate for subprime loans reached 12 percent by June 2009, a dramatic change compared with the 1.9 percent facing foreclosure in January 2007.”

Moreover, with the rising rate of unemployment, the chances of improvement in the conditions of the property market seem quite bleak. In the report released prior to the detection of the unemployment figure at 10.2%, it has been mentioned that, “More homeowners, will have reduced income or lose their jobs and will struggle to keep up their mortgage payments. This has sobering implications for the chances of successful loan modifications. In these cases, just changing the loan terms will not compensate for a sudden loss of income or prolonged unemployment.”

The market scenario of the houses and properties in the Prince William as projected by the report from the Urban Institute is quite similar to what had been predicted by the finance officials few weeks back. Finance director Chris Martino observed that, the foreclosure scenario in the locality could be totally driven by a reset in the rates of mortgages that were finalized at least 5 years back. This will definitely push up the rate of foreclosures in the region.

There is a comparison by the Urban Institute list among 20 other counties and in that comparison, Prince William ranked fourth at 3.7%. Prince George’s, was ahead of the former with 5.2% percent and the Manassas City, had 4.5%; while Charles County, Md., featured 3.9%.

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In Brevard County the number of foreclosures fell drastically in October, this year. On a monthly basis this decline took place third time in a row. Compared to 688 foreclosures in September in the last month there were only 603 foreclosure filings in the county. In fact, the September figure is a deterioration of a hefty 963 foreclosures in March.

Previously, the foreclosure filings featured such a fall in last November with only 568 suits. Other than this, the December filings for 2007 were as low as 569 when the actual foreclosure process took place. A usual trend throughout the state can be noticed regarding this decline in the number of foreclosures. according to Hope Now, a non-profit alliance of credit counselors, this year during the second quarter there were 87,523 foreclosure suite filings made in Florida. In the months of July and August there were 52769 foreclosures and so the number of foreclosures for the whole of third quarter amounted to 79000 foreclosures.

It’s an irony that the number of foreclosures filings fell exactly when the number of felonies in loan repayments has increased. During the months of July-August the number of mortgages all over the state numbered to 271,981 and all these were delinquent for approximately 60 days at a stretch. According to the Mortgage Bankers Association, Florida was worst hit among the states in terms of mortgage payments as the monthly delinquencies featured at 22.8%.

The working out of a solution between the lenders and the borrowers is one of the reasons why the number of foreclosures has gone down. Shari Olefson being a Fort Lauderdale real estate attorney and author of ‘Foreclosure Nation’ observed that, “I would say the banks are putting more effort into workouts up front. I think borrowers are starting to get more realistic, too.” According to Olefson more homeowners have come to realize that their loan amount wouldn’t be reduced and loan modification is not a very feasible option. Olefson observed that, “If you can’t afford the payments, no matter how much you love your house, it is not your dream home. It is somebody else’s dream home.”

According to the Hope Now data the number of deals being worked out is increasing as during the second quarter of this year at least 42,567 repayment schemes have been worked out by the lenders and borrowers in Florida alone to help the delinquent homeowners to catch up with their payments.

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With only a few months of such programs being implemented, many Ohio residents have been able to submit and adhere to these programs allowing them to keep their homes, pay their mortgages without falling into back payments and even providing for their families as they have been doing so before the crisis.

Since the mortgage assistance programs have been implemented, there has been a constant reduction of the foreclosing actions that lenders usually take against borrowers who are unable to keep their mortgage loan payments; regardless of the reason. The numbers do not lie, an almost unbelievable 15.23% has been dropped from the moment that the assistance programs began to apply.

While detractors continue to say that these programs are a bad idea because they imply that the borrowers will be paying their mortgage loans for a longer time; it is indeed a situation where everyone wins. The lenders will be able to get their money back without having to spend additional resources both human as well as financial in the foreclosing process.

Homeowners will be able to keep their payments and still provide a good life for their families and the government will have to spend less resources in caring and providing shelter for families and people who have lost their homes among many other things. Finally, the neighbours of the houses that would have fallen into foreclosure will not see their properties loose their commercial value and can remain as an important investment.

So, with the reduction of the foreclosure percentage, the property values have increased a 2.33%, this means that since the lenders have not been forced to foreclose any properties, they have not been forced to sell them again at a price that is below the actual commercial price of the property. So when the other real estate owners decide to cash on their investments, they can do so at a fair price.

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Any expensive house that you want to own may not remain so pricey after a few months. These are the high-end foreclosures and the fillings for these foreclosures have a possibility of increasing in number. In Lee County, all these are pulling down the prices in the property market and according to Jeff Tumbarello, the Southwest Florida Real Estate Investment Association director, “The cream is coming.”

In the month of October, approximately 1,628 foreclosures were filed, this is down by 40% since the record of October 2008, which were 2,665. However, in the recent months, foreclosures though lesser, are showing signs of loss of houses by the middle class. Tumbarello explained that at least one third of houses going in for foreclosures within the last six months were mainly pool homes.

According to a real estate agent with Re/Max Realty Group based in Fort Myers, Brett Ellis, these are mostly high-end foreclosures. The homes those are moderately expensive are already within a demand and supply balance. However, the costlier houses comprise of the market demand and supply more with above $100,000 in Lehigh Acres and $200,000 in Fort Myers.

Kerry Collier, being a real estate investor and broker, commented that she and her business partners purchased a home in Estero. This home was foreclosed and closed at $285,000, which was quite close to their asking price. She further emphasized that, “If you look at the MLS (multiple listing service), there’s a lot out there,” New construction in Lee County is maintaining a pace with the usual pattern of foreclosures according to Brad Hunter, Metrostudy’s market research operations in Southwest Florida director.

According to a Metrostudy report in third quarter, subdivisions for detached single-family homes rose to 194 from 91 during the previous quarter. Simultaneously, the range of vacant inventory increased from 703 homes to 728. According to Hunter, over the past few year the builders prioritized on reducing the inventories. But now the scenario is different the builder has to build a house just to sell a house.

However, the houses that have been built recently will surely face a great amount of competition from those houses that have come back into the foreclosure market. According to Hunter, initially there were only subprime mortgages meant for the reasonably priced houses but presently the prime loan mortgages have also surfaced.

Hunter emphasized that, “There’s still another wave of foreclosures coming and that will bring another round of price declines. Those homes will be a greater competitive threat to the homebuilders than the first wave.”

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As such, they have seen and understood the problems that many homeowners are facing with the current financial crisis; salary cutbacks as well as complete lay outs are some of the events that are keeping most homeowners awake at night.

Such problems are also reflected in the interaction inside the families; the parents start quarreling for situations of expenses, the family as an entity requires the provision of basic necessities such as health, food and school (if there are children). But when there has been a significant salary reduction or a complete laid off situation, there is a cutback on the amount that the family has to provide for all its expenses, the mortgage payment included.

Therefore, the Obama administration launched a program that would provide homeowners in problems with an assistance rope that would allow them to keep their homes and still provide for their families. Naturally, there are criteria to be met and in Arizona, where the foreclosure problems have raised just a 0.46% in regards to the numbers that were present at the beginning of the crisis; this could mean one of two things.

Either the homeowners are not eligible for the programs or the lending institutions are not aware that such programs are actually beneficial for everyone involved. Nonetheless, the price of the properties has also increased a dramatic 7.93% against the increase of the times before the help programs were implemented.

The reason is simple, there are not enough criteria matching homeowners that can actually be eligible and adhere to the assistance programs or they are not yet eligible for these, but since the implementation of the assistance programs for mortgage borrowers, the increase of the property value clearly states that the program is working in Arizona.

It is a matter of time before Arizona can see its foreclosure numbers plummet like the numbers in the rest of the US. Though most importantly, it will be a new beginning and a very much needed assistance and opportunity for homeowners and entire families that are seeking in the most desperate way not to loose their homes.

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Almost all borrowers taking loans under this option since 2004 to 2007 waned to pay lesser interest while the unpaid amount gets added to the balance. This resulted to a shocking situation for most borrowers. Loan balances, for these borrowers keeps on rising at such a time when the values of homes are falling according to Keith Gumbinger, who is the vice president at the mortgage research firm HSH Associates. He observed that, “They’ve got bigger problems than just the interest rates.”

Analysts closely studied the trends of another class of borrowers with Alt-A loans. According to them, these type of loans initially catering to the financially strong borrowers with a firm credit condition and they would not have their income or assets documented. These loans were primarily popular with the self-employed people. The Alt-A loans gradually got highlighted as “liar loans” as numerous lenders and borrowers provided inaccurate asset data. Presently with rising joblessness, it is not clear that most borrowers can manage to pay for their existing mortgages.

Though these Alt-A loans and adjustable loans usually are “not evil,” according to Gumbinger. These loans were originally aimed at the financially strong borrowers. For quite some time these loans delivered positive results and according to Gumbinger, “But there are certain audiences for which these loans are not and never will be a prescription for success.”

Due to the lesser payment figure, these loans seemed attractive to most borrowers for some time. The higher interest on these fixed-rate loans replicates the additional risk that is posed by such loans for most lenders. Most lenders jeopardize the aspect of sponsoring a mortgage for borrowers for long terms incase there is a rise or fall in the rates.

Borrowers with adjustable loans stand a chance of increasing rates leading to a new risk. However, the lenders lure the borrowers to take this chance as they offer lower prices at the time of introduction. In current months the gap between the interest rate has lessened radically. That’s why the purchaser advocates support the fixed-rate loans as more feasible for the borrowers.

On a fixed-rate loan for 30-years, the average rate of interest was 4.94% according to Freddie Mac survey. The average rate for 5 year fixed rate loans with adjustments each following year was 4.42 percent.

The consumers tend to apply for the adjustable loans that reached a peak point at 36% at the helm of property boom during the early 2005 as per the records of the Mortgage Bankers Association.

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With the strengthening of the grip of foreclosures on the neighborhoods of Chicago, it is becoming clearer that most people will lose out on their homes. More homes in the community are falling pray to foreclosures and it takes more time to be sold after the lenders reclaim it.

At least 33% of the foreclosures of single-families being conducted during the last three years remained unsold even by the end of 2008. This left the residents in an unsafe condition. Foreclosures tend to sell at an average of 30%. This amount is lesser than the mortgage amount that is due and the lender has to bear a greater loss.

According to a fresh report about the condition of single-family homes in Chicago, features that this issue is specifically heightened in the Afro-American neighborhoods. Approximately 2,099 single-family homes, within the initial three months of 2009 were bank-owned. Almost 50% of these houses are above 80% Afro-American in nature. Some properties that are vacant for above 18 months added to the troubles.

The vice president of the Chicago think tank, Geoff Smith feels that the entire scenario is quite troublesome. He observes that, “You’ve got a lot of homeowners on the verge of leaving their homes and then look forward five years. If those homeowners have to leave because of foreclosure, what’s the likelihood of those properties getting absorbed back into the market?” These adverse trends are represented by the Chicago Lawn, which is a working-class community.

The community organization of 6200 block of South Rockwell at a shorter distance from the Greater Southwest Development Corp., contributed to area improvement as it is one of the most troubled blocks. Almost 50% of the properties falling in the category of both single-family and multi-family still have boarders while other properties are empty and bank-owned.

A multi-family building across 61st Street is in a disastrous conditions with scattered debris and weedy conditions. Roddis Scott, one of the residents staying some blocks away feels that, “There’s a lot of things going on down there.” He finds it unsafe to stay anywhere around the unsecured and vacant buildings.

In Chicago Lawn the average number of days for selling was 274 days during 2007 as compared to 180 days during 2005. They are specifically sold to investors and not to homeowners. Foreclosure proceedings took place against at least 1,800 properties and more between January 2008 and June 2009. The number of vacant properties has continued to rise consistently. Till date only 12% borrowers al over the nation are eligible for loan modifications trial. According to Freddie Mac, the failure in payment of single-family mortgages reached 3.13% in August mainly due to problems with adjustable rate mortgages regarding interest-only and pay-options.

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At least 31% of the sales took place due to foreclosures in August. In some western states, however, this figure just superseded the usual trends. The sales of homes falling in the category of distressed property in the regions of California and Arizona accounted for more than 50% of the sales in August. There were 4 or 5 distressed properties in Nevada.

In Arizona, there has been a fall in the range of bank-owned homes as the smart bargainers acquired more properties. Approximately 15% to 18% of houses in Phoenix property market have become properties owned by the banks according to Scott. San Francisco usually didn’t have a usual trend of foreclosures as Oakland including the other Bay area belts. However, the pace of home sales has gone down in San Francisco. Compared to the records of August 2008, this year there was a fall in the sales figures by 2%. On the other hand, the average price fell by 13% making it $430,000.

Despite all this, the category of single-family homes that are not sold to any one, has maintained a low profile to at least a month supply of 2.6. This is the lowest parameter within 2 years as per the observations of the San Francisco Association of Realtors. At the Century 21 Hartford in San Francisco sales didn’t drop as there was a rise of 10% during August according to the comments of Romeo Aurelio, the sales manager. The period between October and November was considered to be the worst and according to Aurelio “so things have definitely rebounded since then.” The conditions of September were similar to August. Most of the sales took place for homes priced below $400,000 as financing has always been a problem regarding those properties which are more expensive.

Aurelio also observed that, “People who should be qualifying just aren’t able to get loans right now. “And it’s really making it tough to sell these properties between $800,000 and $1.2 million.” Numerous buyers searching for a better foreclosed property with better price for bargaining are finding it tough to compete with those investors who are interested in paying more cash in order to out do the fresh buyers. The real estate investors such as Ramon Navarro in the Denver property markets are also buying homes, which are not under the category of distressed property. The sales in Denver almost jumped to 20% compared to last year August records and the average price rose to 4.6% making it at least $209,000.

Navarro, a health insurance consultant feels that, “There’s still some investments to be made out here. How much longer it’s going to continue, I don’t know.” He bought a house for $335,000 while it was priced at $350,000.

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A state law aiming to cut down on the rate of foreclosures is supposed to come into effect. However, the National Consumer Law Center’s report states that this law might not help much as it is not so strong.

This law in Oregon is among the 25 programs implemented in 14 states during 2008 as the rates of foreclosure increased greatly. According to this law, before foreclosing the lenders have to interact with homeowners who have committed any kind of felony. This is to attempt to negotiate on the terms of a monthly payment to be made by the homeowners. No judge is needed to conduct the proceedings of this law. The lender doesn’t need to assess incomes, and assets to determine the qualification of the borrower for loan modification.

According to the staff attorney of the National Consumer Law Center, Geoff Walsh, “It’s really the servicers that have all the discretion and home¬owners have little or no power.” He further emphasized that, “Servicers want to retain the ultimate discretion — all the time — about whether a loan modification is granted. They fight tooth and nail against any requirement that makes them come out with an objective system for showing what they’re doing.” According to the lenders, few of the necessities might be more beneficial.

At least 358,471 houses during August faced some stages of foreclosure. Moreover, a record number of 9.2% homeowners were felonious regarding payment of loans. There were 222 foreclosure filings in Lane County during August. There are attempts for increasing the loan modification rates by the states.

Amanda Masters, directing the New York City anti-foreclosure program observes, “The federal programs offer a carrot, and it’s really up to the state systems to be that stick that makes the parties actually sit down and look at the different programs and see what might work.”

Jim Markee, the lobbyist for the Oregon Mortgage Lenders Association feels that, “It’s costly and not always helpful. Every situation is different. We just felt to mandate it — as the proposals did — was just not appropriate.” Among the 25 programs, at least 16 need a mediator to assess the negotiation process.

Walsh feels that the process of loan modification is much better rather than going by the bills and laws. Originally the Oregon law needed the lenders interact with the state though a report. Paul Cosgrove, the lobbyist for the Oregon Financial Services Association observed that, “We argued that was an unnecessary step and a costly step for us to implement.”

However, Walsh does not consider it to be a negative aspect to demand information from the lenders. A homeowner can also hire a lawyer if they suspect their lender.

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This year the Fairfield County experienced a record amount of foreclosures and this is something that the residents find unusual. Many of the residents in the Fairfield County believed that the economic conditions of the county has caused this situation of foreclosures and rendered numerous people homeless. However they feel that they have experienced some signs of betterment.

The Fairfield County featured approximately 690 foreclosures since January. 1 down to August. 31 during 2009. This figure exceeded the records of 2005. The Foreclosure officials are aware of the increasing number of foreclosures and are quite sure that the number filings would not increase as fast as they used to increase few years back.

Benjamin Horne, the managing attorney with Southeastern Ohio Legal Services feels that, “Basically, what’s happening is there was a giant upswing between 2004 and 2008, and it may have sort of leveled out in 2009, but it’s leveled off at this high rate. There was this dramatic increase in foreclosure filings across the state over the last three years, and the foreclosures are still being filed at these record rates, and we are at record rates here in Fairfield County.”

The Fairfield County Clerk in the Courts Office provided the statistics of the foreclosures taking place in the Fairfield County features a major increase in the fillings of foreclosures since 2003 and 2004. The records of 2004 featuring 611 fillings shows a 25% increase from the 2003 records showing 489 fillings.

The chief deputy for the Fairfield County Clerk of Courts, Kelly Turben, handling the issue of foreclosure fillings feels that the decrease in fillings might be the result of people asking for help. Kelly Turben further emphasizes that, “We don’t really get that many foreclosure filings from across the counter. And we don’t really talk to that many attorneys about it. We just kind of take what we’re given and process it.”

With the ones facing foreclosures Turben helps by sending them directly to the Save the Dream Campaign, which is a foreclosures prevention program. Horne feels that the problem that is resulting to the increasing foreclosures is that most people have not received any alterations in loans through loan modification program.

Horne commented that, “The reason more people aren’t being helped is debatable. But, often times it’s not in the servicer’s financial best interest to modify a loan because they’re actually collecting more money serving delinquent loans.”

He observed that the residents should inform the ‘Save the Dream’ hot line which is their first step towards the prevention of foreclosure of their homes. He commented that, “When you get foreclosed upon, your name ends up in this public record, and the sharks start to circle. If you’re ever asked to pay money to someone other than your lender or your servicer to save a home, that’s a big red flag. But, if you call Save the Dream, you’re not going to get scammed. You’re going to get real help.”

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The increasing mortgage delinquencies of 2010 has added to the worries of the real estate experts as they wait for additional home buyer and investor incentives including industry regulations from the government to control the unmanageable foreclosure scenario. John Young, the president of Rancho Cucamonga-based Young Homes, observed regarding the modifications that are needed during home building, mortgage banking, appraisal, and real estate investment, that its very much required.

Chris Thornberg, the owner of San Rafael-based Beacon Economics feels that, “All it’s going to do is make them happier. It’s probably not going to do anything.” He observes this regarding the alterations that the big shot trade associations of the real estate industry are pushing for.

Every industry strove to maintain their grounds to make more profits. According to the appraisers the freshly found Home Valuation Code of Conduct requiring the appraisers to gain jobs from the firms acting as middle men rather than working directly for the lenders of Fannie Mae and Freddie Mac, tended to drive out the appraisers abiding by the ethics from the market. This also led to the devaluation of the properties indicative of distressed sales.

According to numerous property agents and home builders, the additional round of home buyer tax credits in California should amount to at least $10,000. It should be applicable for the ones buying a new home. Moreover, the federal government must also expand the existing credit limit to $8,000 for the buyers planning to buy new homes or those homes which were previously inhabited.

Though the federal credit is supposed to end in November, however if there is an extension then it should be available for the buyers who are not buying for the first time. This temporary uplifting of the limits on loans from $625,500 and $729,750, according to the mortgage bankers must be made constant. The Congress should also cease to enact the freezing of foreclosures.

According to Bruce Norris, at least 203k loan by the Federal Housing Administration must be forwarded to the investors for use.

Homeowners still occupying their homes should be allowed to use the loans from the government for up-gradations. However if the non-occupant investors were allowed to have the loans then the number of foreclosures can be reduced.

Norris, the owner of The Norris Group which is a Riverside real-estate investment firm feels that, “We need to get investors to be considered a help that’s going to fix this problem.”

Rick Sharga, the senior vice president of RealtyTrac, and real estate data company based in Irvine, feels that all over the Nation, the foreclosure activities including mortgage defaults, foreclosures and auctions has increased for constant 43 months and this trend doesn’t seem to slow down till 2011. He further emphasized that, “Loan modification programs will not solve either of these problems.”

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Almost 13% homeowners in America affected by mortgages are unable to repay their loans. Moreover, unemployment had added to the recessionary situation and has aggravated the foreclosure procedures. Compared to the subprime loans with modifiable rates, the usual mortgages with fixed rates have added to the crisis of mortgages. More than 4% borrowers were affected by foreclosures in June.

In fact, the layoffs continue to come back according to the observations of Lockheed Martin Corp. The number of people suffering from unemployment increased remarkably to 576,000 according to the Labor Department. The economists expect the number of foreclosures to increase as most companies tend to adhere to the aspect of cost cutting.

According to Brian Bethune, the chief of the U.S. financial economist at IHS Global Insight, “Their confidence has been shattered. They are going to be very conservative. They don’t want to be blind sided by a false dawn economy.”

Most American families are in a miserable condition since they have lost their lucratively paying jobs and even if they have a source of earning, that amount is literally half of what they used to get previously.

While the banks are unloading the various properties going through foreclosure procedure at high discounts, more and more buyers of homes are getting attracted to the property market. The National Association of Realtors is supposed to release the data for home sales for the month of July. Though certain indications state that there is a possibility of stabilization of the prices, few economists feel that this will give some amount of respite.

Michelle Meyer working with Barclays Capital as an economist commented that, “We don’t think we’ve seen a bottom yet in home prices because of the foreclosure problem.”

In fact, California is the region which is worst hit by the troubled scenario of foreclosures. The other areas equally badly affected are Nevada, Arizona and Florida and together these areas tend to account for approx 44% of the fresh foreclosures that the country is facing. Almost 12% of the loans of Florida landed in foreclosures and Nevada led the way with foreclosure figure of approx 9%.

The negligences of loan repayments for the borrowers having either prime or mortgages with fixed rates spread to almost 50 states compared to what the figure was in the first quarter of this year. In fact, the major hikes occurred in Utah, Wisconsin, Illinois, and West Virginia.

Despite Barack Obama’s attempts, his ‘Making Home Affordable’ plan proceeded with a rather disappointing condition and even in the month of July hardly 10 among the probable borrowers had enrolled for the program.

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While many expect to see the spiking and the decreasing of foreclosures, however this would indicate a certain stability of the property market scenario. Jon Ford, the Albert Lea Housing and Redevelopment Authority Executive Director explained that the recent foreclosures are steady enough and this is resulting to the coming of approx 10 homes in the market every month and this itself signifies a betterment in the market conditions.

Ford further observed that, “It doesn’t appear to be getting any worse in that sense. It doesn’t appear to be getting any better, either. It’s kind of where it’s been the last three years or so.” According to Ford, there were approx 300 foreclosures starting from 2006 to 2008 at Freeborn County.

Ford finds this comparatively a better scenario as the figures seem to be higher than the usual figure and moreover, according to him the yearly figure for 2009 seems to come down to approx 100. Ford feels that it is tough to estimate the foreclosure figures as it takes at least 6 months for each foreclosure procedure to take place.

Ford observed that, “Although I don’t think we’re losing as much ground as we were before, I think we’re kind of in a trade off period right now.” Ford notices that the market conditions might deteriorate and to some extent, this is because of the frequency of foreclosures.

Until August 21 there were at least 76 foreclosures in 2009 via the Sheriff’s Office at Freeborn County. Compared to 72 foreclosures in 2006 and 103 foreclosures in 2007 and lastly 101 foreclosures in 2008, this year’s number maintained an average parameter as per the observations of Kelley Davenport, the civil process and ice contract administrator. By the end of September at least 42 foreclosures were supposed to take place. According to Sheriff Mark Harig of Freeborn County, “With 42 more on the calendar, I think we’ll be far ahead of what we were last year.”

However, 75 foreclosures had been canceled but somehow this number does not add to make it 151 homes. Harig observed that, “We see a lot of other civil process we serve besides foreclosures. It’s just a sign of the economy. They say it’s starting to turn around, so hopefully we’ll start seeing that slowdown some.” According to Davenport, there is at least 40,000 to 60,000 amount remains to be paid against each foreclosure and some of the foreclosures even topping to 130,00 due. Davenport also feels that, “I think it’s definitely made a move into a different economic class.”

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Almost 6 of the western suburbs are coming together to combat foreclosures and operate to solve the issues related to local and regional housing. The regions fighting against foreclosure are Bellwood, Berwyn, Broadview, Forest Park, Maywood and Oak Park. These suburbs form the ‘West Suburban Housing Collaborative’. This group firstly hired consultation from Illinois Facilities Fund and the Chicago Community Trust granted them $75,000.

The following objective of this Housing Collaborative is to seep into a fund from Cook County also known as Neighborhood Stabilization Program funding. IFF being a non-profit community emerged into an organization commented Jacques Sandberg who is the director of housing. Jacques Sandberg assumed his role to be, “strategically directing limited resources.” However according to him the WSHC is “the kind of collaborative effort that is central to the effective use of those resources.”

Sandberg further emphasized that how much so ever amount of $23 million funds are used it will still be only “a drop in the bucket.” According to him, “It will make a tiny dent in the problem, which makes it all more important that we’re strategic in allocating the funds.”

Sandberg feels that, accurately how the association uses the amount of funds it gains from the county is still to be decided.

The members of the Housing Collaborative believe that it is better to operate as an association rather than working all alone and as single towns. The mayor of Maywood, Henderson Yarbrough commented that, “I’m a strong believer in regional government. Only through collaboration and the assistance of our partners … will we succeed.”

David Pope, the president of the Oak Park Village got the prime credit for coming up with the vital plan of Housing Collaborative. He further noted that, “We are more similar than we are different. We all face the same challenges. What happens in any of our communities impacts all the others.”

The number of foreclosures rose greatly in the Oak Park. In 2007 the number was 206 and it elevated to 223 in 2008. In Berwyn there was a major increase as the foreclosures rose from 371 in 2007 to 640 in 2008. Bob Dwon the community development director of Berwyn noted, “We have a higher Hispanic population that usually has entry-level occupations that usually are hit first by unemployment.”

There were 121 foreclosures in Forest Park in 2007 while in 2008 the number reduced to 69. Maywood recorded approx 366 foreclosures in 2007, in comparison to 307 foreclosures in 2008. According to Tammie Grossman, the programs manager of the Oak Park’s housing, at least 3 out of the 6 suburban regions have enrolled for ‘federal housing funds’.

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The homes in Charleston-area were foreclosed at a major fast pace by the lenders during the second quarter of this year. This continued as long as the top most court of the state gave out the decision that brought down the number of foreclosures to some extent. This resulted to a considerable lessening in the number of foreclosures all over South Carolina. Although, this fall in the number of foreclosures does not signify any economic betterment.

As per the observations of Lil Ann Gray, one of the staff attorneys in State Department of Consumer Affairs, “There’s no magic bullet, but consumers now have options, and the attitude in the industry is slowly changing. The attitude in the industry was, ‘We’ll just foreclose if you can’t come to terms or work with us …’ They are now encouraged to do foreclosure-avoidance techniques if possible.”

The system demands that the lenders should attempt to help the harassed borrowers and homeowners to be able to be eligible for lesser monthly expenses throughout the plan of the Obama government’s ‘Making Home Affordable’. Due to this $75 billion program, the ones entitled to pay mortgages tend to get the incentive amounts in order to reduce the money to be paid for mortgage.

The foreclosure data all over the country shows that the number of foreclosures increased by approx 4.5% in the month of June on the other hand the percentage of home foreclosures dropped to 32 in the Charleston area for the month of June. The foreclosures in the Charleston-area reached to almost 1,242, which is almost an 11% fall from the previous quarter.

Numerous homes did not qualify for the court’s order as they mostly had second homes or leased properties. Some borrowers did not reply to the call of the lenders. According to Debbie Kidd, the foreclosure counselor working for the nonprofit Family Services Inc. based in North Charleston observed that this new rule by the court gave some extra time to the changes in the loans to be worked out with the lenders.

This process at times almost 4 months just to elicit any response. She further emphasized, “They’re not losing their home, but sometimes that wait is just unbearable. This is someone who was making $200,000 to $250,000 a year, never needed help from anyone, had all the toys and a big house. And someone in that household has lost a good job … and getting another job like that is tough right now.”

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As per the reports of the Weld Public Trustees Office, approx 55 homes underwent foreclosures currently. The public trustee in Weld’s, Susie Velasquez, observes that the office has a record of average of 30 sales on a weekly basis.

On the whole, the range of foreclosures remained a bit low only for the first half of the year in comparison to the past year’s record. Since, January to June 2009 there has been 712 foreclosures as per the records of Velasquez. This number is just three less in comparison to the records of 2008 during the same time period.

Matt Revitte, from Pro Realty in downtown Greeley, marketing properties meant for foreclosures, observed that, “What people need to understand is that foreclosure today happened because of something that happened six months or year ago. With unemployment hovering around 8.5 percent here in Greeley, until we get substantially more jobs in the area, we’re still in a pretty tough climate.”

Consequently, the fillings for foreclosures are also increasing. The initial 6 months of this year witnessed at least 1,664 filings for foreclosure as compared to 1,594 foreclosure filings in the previous year during the initial 6 months. After taking loans, if the borrowers exceed the repayment date and get a notice from the bank then the borrowers get approx 110 days to repay their loans to prevent the banks from foreclosing their properties according to a law in Colorado operative since 2008. Colorado has been leading the way regarding foreclosures.

The present number of foreclosures is very important as after six months of freeze due to Fannie Mae and Freddie Mach moratoriums, the foreclosures are going to take place freshly. Weld’s sales are a testimony to that as per Velasquez’s observation.

As per Velasquez’s observation, “If today is any indication, because we had a high number that went to sale. When we talked about this in the office we figured it… impacted today’s sale. It seems like it goes up and down, and we don’t know what to expect. Now, we have the deferment bill, and don’t know how that’s going to impact, so I think we’re in limbo like everyone else now.” While Revitte commented that, “Everyone is wondering when this moratorium will finally let out and as many people as I have talked to, I get that many opinions.”

The House Bill 1276 or the suspension bill is due to operate from 1st August.

Due to this law the foreclosures can be delayed by 90 days so that the borrowers can pay back the debt to the banks.

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The reports of the government features that the foreclosure numbers all over the nation came down subsequently due to the effect of moratoriums by the lenders.

Contrarily, the certain sketchy reports revealed that the foreclosures were increasing by the second quarter of this year.

Approx 1.8 million homeowners in the first quarter failed to pay their loans within 60 to 90 days. As per the Economy.com reports this was a 15% rise compared to the previous quarter. The loan defaults according to a research firm rose to 844,000 within the initial 3 months. California led the way in terms of mortgage defaults. The notices massively hit 135,431 homeowners in California.

The number of foreclosures in communities like Stockton, Calif is expected to rise with a hike in prices of homes by 60%. The number of foreclosed houses increased greatly as the fresh buyers harped on bargaining. The effect though, might not be too much as home values had been increased already.

According to many jobless people the alarming rate of increasing foreclosures can be disastrous for them when they will be left with almost no money to pay their debts. Despite the Obama government’s attempts, only 240,000 borrowers have been brought within the folds of the Home Affordable Modification Program. Due to this they have been relived to some extent as their debt payment has been laid at a gross income of 31%.

According to the Treasury Secretary Timothy F. Geithner’s chief advisor, Seth Wheeler, this program aimed at reducing the number of borrowers from loosing accommodation. The treasury also is trying to promote the banks to let the borrowers sell their properties through short sales. Through this method, the lender can reduce the chances of foreclosures as they accept lower amount than the mortgage balance.

Treasury Secretary Timothy F. Geithner’s chief advisor, Seth Wheeler, further stressed that, “We’re very unlikely to implement another moratorium.” At the same time, he also emphasized that the Treasury will surely keep a watch on the number of houses being put through the process of foreclosure and thrown into the property market. The Treasury will also suggest means of avoiding this massive downpour of properties owned by the lenders.

Very less number of people would think of the impact that increasing foreclosures can have and how the job market including the financial conditions can manipulate this situation. Mostly the homeowners and borrowers having the mortgages of adjustable-rate are highly stressed out by this. Despite the lesser number of defaults this year the number of foreclosures for loans on prime mortgages increased greatly.

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Foreclosures in Queens has continued to increase according to Rafael Cestero who is the commissioner of the Department of Housing Preservation and Development. Approx 100 families are loosing homes in Queens and all due to foreclosures. Almost 13,000 homes all over the city were expected to be prone to foreclosures as per the reports since ‘March 2007 to March 2008’.

According to the President of Queens Borough, Helen Marshall, “mortgage lenders and realtors, trying to plug into the American Dream.” Marshall literally accuses the lenders of victimizing the homeowners who are specifically unaware of the economic condition and the loaning terms. To make matters worse, most homeowners do not ask for help after receiving any notice, as they are mostly scared, puzzled, and embarrassed.

To deal with this situation $2.8 million has been separately allocated by Mike Bloomberg who is the Mayor of the city. This fund will be used to set up the ‘Center for NYC Neighborhoods’ since December 2007. Ever since this center came into operation, it helped at least 1,900 people since July 2008 to March 2009. Though, most of the residents of New York didn’t use this specific facility as they were unaware of the resources.

Bloomberg strongly hopes to alter this situation due to the excess fund of $2 million for city funds and $1.5 million council funds to be used for the services by the center. The Mayor observed at the current press conference at the Legal Aid Society of Queens in Kew Gardens, that with the media campaign on its way educating homeowners about calling at 311 will be possible. He further emphasized that, “Foreclosure is bad for homeowners, bad for lenders and bad for neighbors.”

Bloomberg also invited Michael Nutter, the Mayor of Philadelphia to discuss about the current effort of the city to avoid the occurrence of foreclosures. In fact, Nutter set up the Association of Community Organizations for Reform Now (ACORN) in Philadelphia to act as a ‘Philadelphia Foreclosure Diversion Program’.

This program mostly gave free advice to the numerous owners of homes. According to Nutter, this program made positive efforts to grab the attention of the various residents. He further commented that, “At first, we literally were going door to door to get the folks the help they needed.

The numbers speak for themselves.” This indicates that the program in Philadelphia produced positive results. Till date 3,380 people prone to foreclosures have participated in the PFDF. Almost 12, 00 cases have been registered and 1500 are still undergoing the process of settlement. Bloomberg mostly believes that the lenders and the borrowers should be made to resolve this issue directly else they wouldn’t reach to any conclusion.

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The tough situation of foreclosures have affected the Anderson County as well and making the economic condition any better in Anderson County does not seem to be a possibility. The Anderson County has approximately witnessed 1,600 foreclosures as per the records of the RealtyTrac.

In relation to the worst foreclosure hit regions, Anderson County has ranked at the 7th position according to the South Carolina State Housing Finance and Development Authority. Studies were done in terms of the number of foreclosures, number of abandoned property, and the figure of high-end loans. The foreclosure scenario has been marked as atrocious by Rusty Burns who is the acting administrator of the County.

He further stressed that, “I’m sure it has everything to do with the economy. You have a lot of hardworking honest citizens that have been affected by the national economic situation. Not only is it a foreclosure, but the psychological effects on the people and their families is devastating.”

According to Burns, the Council of the County abstained from increasing the taxes for 2009 in order to heal the burden of loan repayments from people to some extent. The Anderson city and two of the non-profit institutions in the County received $2.17 million from the development authority. This amount was intended to help the city purchase foreclosed properties. The U.S. Department of Housing and Urban Development (HUD) regulations was also involved in forwarding this amount to the city.

The city’s economic and community development director, Erica Craft, commented that, “There tends to be more [foreclosure] units in lower-income areas. That is one of the reasons HUD charged us with identifying units in greatest need.”

The GrandSouth Bank, president and chief executive Ron Earnest observes that it is the economic conditions, which have added to the difficulties of the homeowners in the Anderson County. Moreover, the credit markets have become more constricted but on the contrary, the GrandSouth Bank has not come up with any alterations regarding high priced loans. According to him, the mortgage rates have specifically risen during the previous weeks.

Elaine Worzala, the Center for Real Estate Development for Clemson University, director, observed that the crisis of foreclosure has been aggravated by unemployment condition. She even commented that in Upstate South Carolina, market for luxury homes would be affected by the foreclosure crisis.

A neighborhood-stabilizing program is started in the city by the community development department.

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