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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An increasing number of financial institutions and banks are currently offering listings for distressed homes with some specific stipulations. According to these stipulations, the buyers get their finances from the banks who are selling the properties and not from some lenders to add to their mortgages. This specification has indeed astounded a number of buyers, as they were concerned regarding the fact that this provision offered by the banks has actually violated the Anti-Tying Law in the U.S., that technically prevents the connection of the approval concerning a home loan in terms of purchasing of a property.

However, Joseph Vincent from the Washington Department of Financial Institutions feels that the banks have not violated the so called anti-tying law as they are trying to help the potential buyers to take loans to buy the distressed properties from them. Vincent further emphasized on the fact that the banks just tend to infringe or defy the law when they add certain extra conditions, like asking the buyers to take help from the firms dealing with property management, including the home inspectors, and the companies for remodeling of homes, as they are associated with the institution.

Vincent further explained that any financial institution or a bank expecting an applicant for home loans for a particular property so that they can get hold of a loan for property from the bank, in that case there is violation of the ‘anti-tying law’. According to him a case, that involved the Security Bank and Trust Co., it was expected that the applicant for the loan with compulsorily buy property from its available stock of properties while taking loan. The customer had nonetheless sued them as per the anti-tying law and won the case as well.

Tom Lasswell being a mortgage broker is highly surprised by this specification regarding these listings for distressed homes. According to his records there was a pre-approved buyer who was very qualified to buy a specific property owned by the bank, however the bank insisted that his buyer can own the property only if he is willing to take financial aid from the bank itself.

There were at least 871,000 foreclosed homes all over U.S., which are owned by the banks and this was a hike since the 414,000 foreclosed properties until the closing months of 2007. More than 5% among the mortgages for active residential units had already defaulted by more than two months.

According to TransUnion, the information management firm, the proportion of delinquencies for residential units throughout 2009 will surely increase thanks to the increasing number of borrowers default in terms of pay-option adjustable rate mortgages.

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Such programs allow the homeowners who have been harshly struck by the current financial crisis to keep their homes, continue paying their mortgage loans and keep providing for their families in such a way that they will not have to burden the state with additional assistance.

For many, such programs are only intended to “help recover” the real estate market, but the advantages spread far beyond outside this sphere. Naturally, the first benefits to be seen are indeed inside the real estate markets where, for instance, neighbors to the families that would otherwise be vacated and the property foreclosed and sold at a price that is lower than its commercial value can now forget about all of that.

Meaning that their homes and real estate properties will maintain and keep their value and, if they so need or decide to, they can sell the properties and make a profit out of their investment instead of trying to sell and wish for the best. A terrible thing to experience, but one that has been a part of the real estate market and something that has been causing that people stop investing their money on real things instead of taking the riskier approach and end up being victimized in ponzy scams.

So even in terms of adequate investment, the programs that the Obama administration has launched to protect homeowners who are in need and want to keep their homes as well as honor and keep their mortgage payments benefit more people than just the lending companies and the borrowers.

So, when you see that the foreclosing actins in the state of California have descended 7.64% in comparison to the numbers before the government mortgage assistance programs were launched, it is not shocking to see that the price of the property has increased 0.83% in the same comparison.

So, with these numbers, purchasing a real estate property in California is indeed a good opportunity to start an investment portfolio.

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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 Georgia and especially in Atlanta metro, the number of properties that are bank owned might be retained within the upcoming months. This has since Wells Fargo with its auxiliary body Wachovia Bank settled for a delay in the auctions of foreclosed properties in Atlanta and its neighboring regions. This decision was primarily taken due to the protests made against the lenders in Atlanta resulting from the sharp rise in the number of foreclosures in the city and the metro as well.

According to the current foreclosure records on a nationwide basis, Georgia has ranked as one of the top states that are hit by the foreclosure within the third quarter of July to September. At least one out of every 119 houses faced foreclosures. Georgia ranked seventh in this foreclosure record and there were 33,000 filings for foreclosures. This also included 11,243 REO units with at least trustee sale notices numbering to 22,000.

As compared to the last quarter and 2008 third quarter, Georgia’s rate of foreclosure is quite higher in 2009. Since, April to June there had been a 7% hike as compared to 2008s third quarter featuring almost 25%. Bank failures have also affected Georgia. Other than, being affected by foreclosures, there were, at least 20 banks in Georgia that were closed. The property market was loaded by the banks including the properties owned by the banks not only in the commercial sector but also in the residential sector.

To improve the attempts for helping those homeowners who are troubled, the Wells Fargo with its Wachovia section also attempted to give loans to those borrowers who were finding it tough to repay their loans on a monthly basis. Free workshops were also held by two banks through their representatives including the specialists who tend to help the borrowers to select the right solutions to protect their homes and properties from the pangs of foreclosures.

The homeowners, who want to negotiate, the Wells Fargo website is always at your service. The ones who are not involved with Wells Fargo, even they can go to the U.S. Housing and Urban Development Department website for assistance.

The other solutions provided by the Wells Fargo website are the likes of Fast-Track Solution, Project Lifeline, and Hope Now Alliance. The Project Lifeline program gives special focus to the homeowners who have not paid their mortgages for at least 3 months and Fast-Track Solution tends to focus on those borrowers who have got adjustable rate mortgage including the subprime loans.

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A fall in the number of home foreclosures might signify a stable market and in Howard County the foreclosures have decreased following the spiking of the sheriff’s sales in summer. For the local property experts this was a good news as on that day the congress announced the extension of the tax credit for the buyers indulging in home buying for the first time. According to the report of the Howard County Sheriff Department at least 44 foreclosures took place in November, and in December this figure is expected to be 41 according to Sheriff Marty Talbert.

Since the reporting of 83 foreclosures for July by the sheriff’s department, the number of foreclosures have reduced by almost 50%. Talbert commented that, “It has slowed down a little bit. And I’m not sure what the real answer here is, whether we reached a holiday time period. It’s pretty hard to throw somebody out of a house right around Christmas.” On a monthly basis the mortgage foreclosures decreased this year in comparison to the last two years.

The banks according to the Clerk’s Office in Howard County, have filed with the courts for at least 662 foreclosures in this year. This gives an average of 55.2 on a monthly basis. In 2008, on an average the banks foreclosed at least 69.2 properties every month and in 2007 this figure was 71.8.

According to the assumptions of few local property experts, the fall in foreclosures may sound like a good news, especially to the home sellers including the real estate firms. The executive vice president for the Realtors Association of Central Indiana, Kathy Harbaugh feels that this decrease in the number of foreclosures is indeed a sign of stability in the property market. She further emphasized that, “I think that probably the decline in foreclosures is that we’ve gotten, finally, past that period of high foreclosure. It is starting to stabilize the housing market to something we’re more used to.”

Jeannie Kuhn, being a sales associate for Re/Max Real Estate One in Kokomo, observed that the chances are that the property values will increase following the numerous foreclosures led to a decrease in most of the areas. Kuhn observed, “For one, there’s the mind set that this should be the price‚ [for all homes] when people are buying at a foreclosure price. If we can swing this in another direction, we’ll be in better shape.”

The conditions of the local housing market improved after the Congress enactment of the tax credit for the ‘first-time home buyers’. This tax credit was worth $8,000.

According to Harbaugh and Kuhn the property market may experience another jerk thanks to the Congress enactment of extension regarding the tax credit. Harbaugh observed that, “When you have an active market, everybody wins. With the sellers, more buyers in the market could result in a better pricing in the homes. It’s too early to tell. We don’t know how many [the tax credit] will draw in.”

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In the last quarter, at least 561 houses faced auctioning and at the same time, there were at least, 500 such houses that got default notices within the 3rd quarter this year. This elevated the number of defaults in loan repayments to approximately 1,688 houses. This featured a 12% increase compared to the last year’s records. However, the total number of defaults in the Monterey County was quite high with 4,490.

The mortgage lenders with maximum number of default loans during the months of July to September featured an approx number of 7,583 default loans. There were 5,146 loan defaults with Washington Mutual and Wells Fargo had 4,425 loans. Wachovia, featured a default rate of 12%, and due to this, the default postings for loans numbered to a great amount like 4,237.

These lenders continued rising in sales of foreclosed houses in California. As per the observation of the foreclosure analysts majority people defaulted with their loan repayments in California during the mid and end of 2006. These loans were, primarily made by financial companies including the lenders, who serviced the other loans.

As per the studies of the foreclosure analysts the majority delinquent accounts in California belong to the services like Cal-Western Reconveyance, ReconTrust Company including the Quality Loan Service Corp. most homeowners received a default notice when they had already crossed 5 months of their payments.

This also indicates the fact that the servicing companies are going steady as they do not want to overload the property market in California as excessive foreclosures might just push down the prices of the homes sharply. The sales from the foreclosure auctions in September fell throughout the state by at least 37%.

The number of default notices in totality that the homeowners of Santa Cruz had to receive in 2009 highly increased by 12% and this led to increasing the number of houses to 1,688 as compared to 1,511 houses during the foreclosures last year. At the same time, the number of sales in the auctions of foreclosed houses literally fell by 25% in Santa Cruz within this quarter. The sales of traditional homes increased by 1,750 houses from 1,726 houses.

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The third quarter of this year featured a 23% higher rate of foreclosure according to a current report while at the same time last year, the number of foreclosures peaked at record levels. In fact, last year during the second quarter the numbers were even higher locally. The RealyTrac report featured that foreclosure filings including default notices, bank repossessions and scheduled auctions were with 937,840 properties nationwide during the third quarter.

This was a 5% increment since the last quarter and from the last year’s third quarter, this was almost a 23% hike. This indicates that at least one out of every 136 houses in the U.S., got filings for foreclosures within this quarter. This is reported to be the highest among the quarterly foreclosures since 2005s first quarter.

In Lake County within the same time span there were at least one out of every 53 houses that faced a foreclosure notice. This led it to the position of No. 19 in terms of foreclosures among the 58 counties. During the third quarter of this year there were at least 666 properties in the Lake County that went through the process of foreclosure filings.

This was a 20% fall in the foreclosure filings during the second quarter, which had 835 foreclosure filings according to RealtyTrac. The report, the results of third quarter in Lake County seemed to be better than the results of the second quarter. There was a 41% increase compared to last year’s third quarter, which had 470 foreclosure filings.

Nationwide filings, according to RealtyTrac were 343,638 properties within September. There was a 4% fall since last month’s record and from last year’s September there was a 29% increment. The number of foreclosure filings for the month of September that still constituted the third highest total on a monthly basis.

The highest foreclosures occurred in Nevada during the third quarter. In Nevada, within 47,925 properties at least 23 houses received filings for foreclosures. Approximately 250,054 properties were filed in California for foreclosures. This made California accountable for at least 27% of the total foreclosures.

According to the report, the foreclosures in California went through a drastic fall by almost 2% from the last quarter as there was a 10% fall in the number of default notices. The foreclosures that are scheduled hiked by 4% from the last quarter and the number of bank repossessed properties rose by 12%.

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In the Madison County there have been more than 1,000 foreclosure till date this year. To avoid being homeless, more homeowners are presently asking for help about foreclosures. At a Foreclosure Intervention Workshop, people were seeking help to deal with foreclosures. This workshop was organized by Community Hope Center located in the Cottage Hills. Lindy Tarrant, is a counselor working with Beyond Housing, which is a nonprofit agency. She convinced the participants to be positive and to keep on trying. According to Tarrant, “Know the facts and know what to do. Don’t try to dig out on your own when there are resources out there that can help you.”

Talking to the Loss Mitigation Department of the lender is very important. Tarrant observed that, “One of the biggest mistakes people make is that they agree with the person in collections because they’re afraid. They often try to scare you that something will happen eminently if you don’t make a promise to pay, but this is not how foreclosure and eviction happens – even though they might try to make you believe it does.” She also emphasized that the Loss Mitigation Department can give options to the mortgage holders. However, the collections department is not entitled to do this. Completion of foreclosures primarily takes one year to 15 months in Illinois starting from the date when the payment is missed for the first time.

The lawful process of foreclosure is actually the judicial auctioning of a house to reclaim the debt that is payable to the lender by the borrower. Till date 1,049 foreclosure cases had been filed in the Madison County. Tarrant further feels that, “Just because you have received a notice of default and you don’t have the money in full, it doesn’t necessarily mean that you will lose your home. But you must be realistic about what you can pay. Do not commit to an unrealistic budget because you must stick to whatever agreement you make with your lender.”

Tarrant gave out certain steps for following retention options:

• Plan for Repayment – This involves increment of the monthly payments until the borrower can reach the limit of the current loan.

• Forbearance – This is an official and written agreement that ensures the reduction or suspension of the repayments that have to be made for a particular time. After this you can resume the payments of the mortgages and can have some extra to help you catch up.

• Loan modification – This is a permanent modification made in the terms and negotiations of the loans between the lenders and the borrowers.

• HOPE for Homeowners – This is the Making Home Affordable Program by President Obama.

• Refinancing – It is an option that is made available to those borrowers and homeowners who usually pay their mortgages right on time and are not sufferers of have not suffered any professional hazards.

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The Hope Now report shows that Florida’s records as compared to the first quarter’s 23,463 have increased. In the months of July and August, there were, another 31,683 that were finalized. This transcends this rate to approximately 47,000 for the whole quarter. However, there is a slow down in the modifications involving reductions in interest or principal or even an extension in the longevity of the loan. In the second quarter, there were 23,285 such modifications. Compared to the first quarter’s 28,670 the fresh figures were quite less.

In the months of July and August, there were merely 9,118 mortgages, that went through modification. Going by that rate within the full quarter, very less than 14,000 will go for modification. An increasing number of short sales are not the prime reason for the fall in the number of foreclosure filings. Short sales took place as lenders sold the properties for fewer amounts than what they were to be paid. In the month of June, the number of short sales reached 163 as per the Brevard Multiple Listing Service. They have continued to fall since then on a monthly basis and in the month of October the number of short sales reached 124 in number.

Partly the overloading of the lenders with the increasing number of foreclosures might be responsible for this fall in the number of filings. As the filings have slowed down, the number of cases leading to foreclosures have however, not reduced in the process. The third quarter saw the state going through at least 19,000 foreclosures and in the second quarter, there were around 18,000 foreclosures. In Olefson’s words, “We are going to see more foreclosures. There is no doubt about it.” However, for most of the homeowners who have to face foreclosures, it might not mean displacement on an immediate basis. They may not have to leave as soon as the process of foreclosure is over.

According to a ‘Deed for Lease’ program by Fannie Mae, the struggling homeowners will now be able to pay their rent and at the same time stay in their houses for approximately a year’s time and so they do not have to surrender their properties to the lenders on defaulting with repayments. Jay Ryan, the Vice President of Fannie Mae observed that, “This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities.”

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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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According to Bob Bossar, and Steve Boyles, former being the real estate agent for W.W. Reed and Son, and the later being the manager of Century 21, the property market is in a better condition, in Kent compared to other places. In the previous few months, the sales figures have improved greatly. Bossar observed that in the Kent county property market the months of July and August were, major turning points, as fresh faculty members and staff joined in.

Bossar feels that, things are becoming more reasonable presently from buyers and sellers’ side as well. Buyers are more specific about the properties nowadays as they can bargain more. Bossar also emphasized that one of the couples he dealt with visited almost 40 homes before settling for one home. He further stressed that given the present conditions the sellers are also aware of the fact that they might not earn as much as they expect.

Boyles selling homes within a range of 20-mile radius observed the same thing. Boyles came across more updated buyers and sellers within the last few months. This increased the average price of selling and the rates of interest were lowered at the same time. In fact, in terms of improvements, Kent is not the only location and according to the last month’s report of, the Commerce Department, the home sales in July were at least 10% higher compared to the month of June.

However, the property market is still in a negative condition. Despite a rising trend of sales during July, the figures featured 13.4% fall compared to the last year’s figure. As per the Mortgage Bankers Association, almost 10% of homeowners in Ohio had fallen behind with their mortgages as of June 30. Approximately, 4.5% mortgages had reached the stage of foreclosing. In terms of delinquencies Ohio became the 8th worst hit state and regarding foreclosures it became the 7th worst affected state.

Though the sales figures at ‘Century 21’ consequently was stable, on an average there is one sale taking place each day and according to Boyles, foreclosed properties account for half the total sales. According to him, the transaction circumstances were better last year.

The associate dean of graduate and professional programs with Weatherhead School of Management at the Case Western Reserve University, Robin Dubin observed that, “It got bad in Ohio before it got bad in the rest of the country.” Dubin feels that this crisis situation has arisen due to fraudulent activities in the market and the weakness in the local economy.

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John T. Adams, the developer Crabapple Mercantile Exchange in Milton and Ellard Village in Alpharetta, the twin suburban retail centers in Atlanta‚ paid deep attention to the minute facts like wooden overhangs, historic-looking brick facades and wrought-iron fences. Recently, however both the projects went into repossession by Flagstar of Troy, Mich, his bank.

However, the conditions of the economy including a major recession have affected the retailers like anyone‚ and so the aspect of retail foreclosures is now a part of the economy of Atlanta.

Retail experts infer that the banks are starting the process of foreclosure on such retail projects because they do not see much hope of their stability with their present owners. While residential properties were engulfed by foreclosure in 2008, most experts according to The Atlanta Journal-Constitution had seen the situation of repossession of retail projects by the banks.

Adams projects, for example were leased by 50% or above and in fact, at one time one of them was leased by 89% as well. However, with the cooling of the economy his problems also rose Adams situation is symbolic to the rest of the retail development industry: as lesser consumers paid from their wallets and the, retailers pushed the developers for rent concessions.

Rents are based, partly on development costs and partly on the market conditions. The developers during the economic boom saw the steady increase of the rents and numerous retailers expanded.

For instance, the, expected retail rents in metro Atlanta helmed at $16 per sq ft during the third quarter of 2008. While in 2009 third quarter, they had peaked to $15.17. This level had not been reached since 2006 end.

The developers can at the most reduce the rents so much when the payers cannot meet the payments of mortgage. If the tenants do not get enough concessions then they might just leave and then there will be very less income.

According to Alan Wexler of Databank Atlanta, which is a real estate research firm, “It’s a trickle right now because the lenders really don’t want to take these things back.” He explained that these projects “have no value” for most banks.

Many of the retail properties purchased and developed in the last three years have lost their value just like the houses of the underwater homeowners, which cannot be sold to cover the mortgage amount.

Wexler observed that, “Now I’m beginning to see a trickle of foreclosures because these are the ones that really have no hope. The lenders just throw up their hands and take them back. Next we’ll start seeing them getting sold for pennies on the dollar.”

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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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The rising trend of foreclosures this summer has set a record in the Chattanooga area. However, RealtyTrac Inc., analyzed that their rate of notices for local default including repossessions accounted for only one-half of the national figures during the 3rd quarter of this year. At least, one out of every 235 properties in Chattanooga metro went through foreclosure since July till September according to the estimation of the RealtyTrac.

There were at least one among every 119 homes in Georgia that faced loan defaults or repossessions from the banks within the July-September duration. The Peach State stood 7th in the ranking for the number of homes being foreclosed. This year’s foreclosures in the Chattanooga were 12% more than last year’s figure and it numbered to 971 foreclosures. However, the rate of foreclosures in Chattanooga remained less than half compared to the other metros in the RealtyTrac list. Among the top 10 scorers like California, Nevada and Florida in terms of foreclosures Chattanooga was no where with a minimal 1/5th foreclosure rate.

According to Nickie Schwartzkopf who is a broker a Realtor and also the president of Chattanooga Association of Realtors, “We never had that big upswing in prices that many other areas did in the past, and that turned out to be a blessing for us in Chattanooga. Home buyers here didn’t get as many of the loans that were questionable.”

With the rising rate of unemployed people in the metro of Chattanooga the foreclosures figure will rise according to Schwartzkopf. She further stressed that, “We have not bottomed out yet. Over the past year, some of the lenders held back on some of the foreclosures and allowed people to try to restructure their loans. But now it’s coming to the point for a lot of people that it is going to involve more foreclosures.” approximately 400 homes will be foreclosed. According to Ms. McLean, a mortgage lender, “We’re still in an unprecedented time, but I hope we’ve hit — or soon will hit — the bottom.”

According to Randy Durham, who is a broker for Keller Williams Realty and president-elect of the Chattanooga Association of Realtors, “as high as I’ve ever seen it. That does tend to hurt the average home seller because of the competition with these foreclosed homes on the market.” In the previous month there were at least 7% of the homes among the Realtors’ Multiple Listing Service, that faced foreclosures and at least 1.7% faced short sales and the some homes were sold below their original price just to avoid foreclosures.

Chief Executive of RealtyTrac James Saccacio commented that, “While toxic subprime mortgages drove much of that first wave of foreclosures, high unemployment and exotic Alt-A Option Adjustable Rate Mortgages are spreading the foreclosure flood to more metro areas in 2009.”

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These programs will provide them with the help that they desperately need so they can keep being able to pay for their mortgage loans and keep their homes.

One of the biggest and most notorious things that these mortgage assistance programs have had in the past and recent months is that they have allowed people to prevail and keep their homes by reducing their mortgage payments though it is true that the period that constitutes and creates the mortgage loan will also expand. Overall, the Obama administration has allowed the US citizens to defend their homes and reach an understanding when it comes to what it is that they can and will expect in a situation such as the one that the country is going through with the current financial crisis.

So it is understandable that the foreclosure actions that the state of Florida is currently having after a few months of such assistance programs being installed has lowered 6.86% to the numbers that the state had been showing prior to the institution and implementation of such programs.

Such decrease on the foreclosure activities that are being carried out all over the state has also been reflected in the price of the real estate property; these prices are going up since the foreclosures are going down.  While for many this is puzzling, it actually is not considering that foreclosed properties by law have to be sold again at a lower price than the average market price.  Therefore, for real estate owners that are near the foreclosed homes this was a nuisance because their own properties’ values depreciated.

The increase of the value of the properties even to the small current 0.35% is a good and bright news for these homeowners and the promise of a brighter future where their properties will become the type of investment that they were looking for.

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According to the program of Making Home Affordable, the lenders get the taxpayer funds so that they cut down on the mortgage repayments to be made by the borrowers. This can be easily done by reducing the rate of interest against their loans. Some others might extend the period for repayment of the loans. The Treasury Department’s report featured that hardly 11% numbering to 95,000 borrowers in Bank of America are felonious and they are the only ones who qualified for the program of modification of the loans. Comparatively, in J.P. Morgan Chase this figure was 27% or 117,000 borrowers and in Citigroup the percentage is 33% amounting to 68,000 borrowers. Moreover, the figures for Morgan Stanley owned Saxon Mortgage Services is 41% approximately amounting to 32,000 borrowers.

Ken Scheller, the senior vice president in the home retention segment at Bank of America observed that, “We’re sure working hard. We don’t want to be down there.” He further emphasized on the fact that the bank apparently altered 215,000 mortgages. These modifications were done out of the realm of federal program. This also included some of the settlements worked out with the attorneys general in relation to the subprime loans that the Countrywide Financial had issued. Countrywide Financial was taken over by the Bank of America in 2008.

According to the industry officials, among the 62 lenders contributing in the federal program were also ramping up. According to the Wells Fargo records, the volume of calls tripled as soon as this program was announced in the month of February. This forced the company to hire at least 5,800 employees more just to manage the requests from borrowers applying for loan modifications. Citigroup was no exception, as they had to increase the number of from 450 employees to 4000 and above to handle their loss-mitigation segment early last year. According to the observations of Mark A. Calabria, an Cato Institute, financial regulation expert, “This was a much bigger wave than the lending industry was expecting.”

The Bank of America seems to face more problems primarily as, its cases of mortgage and faulty borrowers increased greatly as it gained Countrywide according to the observations of the analysts. The loan portfolio of Countrywide featured risky mortgages coupled with faulty borrowers. The crisis of foreclosures has aggravated even after the Treasury officials tried to control the financial institutions through numerous programs in the month of July. Due to the increasing rates of unemployment, increasing number of borrowers is falling behind with their repayments as observed by the economists. At least 4.4 million among the borrowers are homeless since the crisis commenced from 2007 and the Moody’s Economy.com observes that approximately another 2 million are going to lose their homes in 2009.

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The number of households caught up in the foreclosure crisis rose more than 5 percent from summer to fall as a federal effort to assist struggling borrowers was overwhelmed by a flood of defaults among people who lost their jobs.

The foreclosure crisis affected nearly 938,000 properties in the July-September quarter, compared with about 890,000 in the prior three months, according to a report released Thursday by

RealtyTrac Inc. That puts foreclosure-related filings on a pace to hit about 3.5 million this year, up from more than 2.3 million last year.

Unemployment is the main reason homeowners are falling into trouble. While the economy is likely out of recession, the unemployment rate — now at a 26-year high of 9.8 percent — isn’t expected to peak until the middle of next year.

Mortgage companies sometimes allow unemployed homeowners to defer three to six months of payments while they are looking for a job. But there’s little else they can do.

“The sheer scale of the problem is preventing the loan modification programs from having the kind of impact we’d all like” said Rick Sharga, RealtyTrac’s senior vice president for marketing.

Last week, the Obama administration hailed a milestone in its mortgage relief effort, reporting that 500,000 homeowners have received help since the program was launched in March. But new defaults are still exceed the number of borrowers getting help.

Mortgage companies have slowed down the pace of foreclosures as they evaluate whether borrowers qualify for the administration’s program. Analysts, however, forecast that many of those homeowners won’t qualify, and foresee a new wave of foreclosed properties hitting the market next year. That’s likely to further depress home prices.

Some homeowners are in such a massive financial hole that it’s hard to design a modification that will actually provide lower payments. And some have avoided paying their monthly bill for a long time.

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