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A large number of homeowners in the counties of Passaic and Bergen are facing the problem of foreclosures as the number increases throughout North Jersey. It has been reported that nearly 3,883 households in Passaic County and 2,422 households in Bergen County have faced a foreclosure filing from January to August, 2008. A year back, Passaic County had a foreclosure filing of 2,594 and Bergen County had 571 filings, during the same period. They have faced all kinds of foreclosure activities right from receiving bank’s notice to passing through the phase of real estate foreclosure auction. Nearly 348 properties in the Passaic County were auctioned in 2007. This year it stood at 548 in the mid of October.

Spokesman for the Passaic County Sheriff’s Department Bill Maer said, “It’s scary. It’s affecting a lot of people,” It is envisioned that this number is going to further go up by 700 by the close of 2008. Garden State is witnessing a high degree of foreclosure. However, the condition of New Jersey real estate is not that disturbed as is the case with Nevada, Florida, and California. The urban as well as the working class towns of New Jersey have faced the biggest impact. The wealthy areas and the middle class areas are also not out of the foreclosure problem. Some of these areas include Franklin Lakes, Woodcliff Lake, Saddle River, and Tenafly.

The common scenario these days is that the houses on auction are generally purchased back by the lenders. This is because that in the last few years, the housing value has come down. This has resulted in a situation where majority of the foreclosed homes costs less than the amount that is owed on mortgage. This has at the same time made it tough to find good bargains. However, there are still several investors who visit the sheriff’s auctions on a regular basis to search a property that can be purchased and resold at a profitable rate. This makes it the business a bit risky as the buyers won’t be able to get permission for an entry into the house before the bid gets over.

Foreclosure also affects the neighborhood badly. After a property is purchased by the bank during a foreclosure auction, they again place that property into the real estate market and price them aggressively in a bid to make quick sale. This at the same time brings down the prices of homes in the neighboring areas.

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After the sweeping victory of Barack Obama in the US presidential election, people are expecting a positive change in the real estate. The problem of US home foreclosure has left a devastating mark in the real estate market. The homeowners are at a real stake. President Obama has several plans to get done with this problem of foreclosures that have put the housing industry into a major crisis situation. People who are facing the brunt of foreclosure are just looking up to him and his plans. Obama has a number of economic plans up his sleeves that would help the distressed homeowners. He together with Biden aims at providing necessary information to the borrowers. Also, they aim at providing tax relief to the mortgage holders.

Obama has got four important elements in his foreclosure fighting plan. He aims at letting the bankruptcy court judges to bring an adjustment in the payments of mortgage for those who are compelled to declare their personal bankruptcy. This will provide some space to the distressed homeowners to work out on their current debt. Obama believes that this plan of his will aid the courts in protecting the borrowers from the lenders who practice deceptive lending. Obama also have plans to introduce a program called HOME. Home stands for Homeowner Obligation Made Explicit. This will help in creating a “real” APR that will be based on fees and also the total costs associated with borrowing of home loan.

Obama even aims at an increase in the regulation of the sub prime mortgage industry. He has proposed for a Stop Fraud Act. Stern actions will be taken by the federal government against the lenders if they practice deceptive lending. They have to undergo very strict penalties if they are found fraud.

Apart from the above plan of fighting with foreclosure, Obama also is looking towards a tax benefit for the mortgage holders. As of now, a large number of homeowners qualify for a tax aid. However, they fail to benefit as they have not listed their deductions. Seeing this, Obama has planned to offer a very simplified tax credit to them that will let the distressed families get a tax relief of thousands of dollars. This will be especially beneficial for those who won’t hire an accountant for helping out with tax returns. Even it will benefit those who have been unable to get tax benefits due to a complex tax code.

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Hunterdon area of New Jersey has been found to be suffering from the problem of home foreclosures. New Jersey is the eighth rank holder nationwide in its number of foreclosure filings. It is not that only the areas with poor income are facing foreclosure. Hunterdon is a wealthy area and is suffering from the same problem in its real estate area. It has been reported that during the first three quarters of 2008, a large number of households in Hunterdon got sold in foreclosure auctions. This number is larger when compared to the whole of 2007. Repayment of mortgage is a recurring problem with the homeowners. It has been estimated that there will be an increase of 20 percent in the home sales activity this year as compared to the last year.

Though Hunterdon is not the only area facing the problem of home foreclosures, but the real estate there is still at stake. Nearly 28 homes have been foreclosed between July 1 and September 30 in Hunterdon which shows an increase of about 180 percent from the figure last year during the same frame of time. It was only 10 in 2007. Statewide, the increase was 42 percent. Mary Melfi, clerk of Hunterdon County has said that the increase in the foreclosure activity in Hunterdon is mainly due to the modification of variable-rate loans, loss of employment, and predatory sub-prime lending option.

The foreclosure auctions in Hunterdon are held by the office of the sheriff. It has been found that new properties for sale came in at an increasing rate. According to a rough estimation, about nine homes enter into foreclosure auction every week. Some are held back for a few months because during that time the lenders try to figure out something with the distressed homeowners to help them in making their repayments. If a property is auctioned, then the lender becomes the highest bidder. Nearly 83 properties were listed during the first nine months of this year and about 53 got sold. This resulted in $203,483 fees and commissions.

A year back, nearly 70 properties facing foreclosure on them were received by the office of the sheriff. Out of that 41 got sold that yielded revenue amounting to $215,786. In 2006, about 66 were listed, 26 got sold yielding revenue of $225,141. It is expected that the figure this year can smash the 2004 record that stood at $301,280.

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Bakersfield, including the whole of Kern County, ranks fourth nationally for its number of foreclosure filings during the third quarter. According to a data, the foreclosure activity across the state in the third quarter would have been as same as that of the second quarter, if the change in law had not taken place in [...]

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Los Angeles County foreclosures has gone up by 25.7 percent during the third quarter in comparison to what it was a year back during the same time. However, the number of defaulters in the real estate scene has gone down for the first time over three years. A total of 17,073 homeowners have received a [...]

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It is indeed good news that the foreclosure filings in the city of Philadelphia that increased in the third quarter is still lying below the national average. On the other hand the number of foreclosure filing in Camden, New Jersey real estate has maneuvered that number. There has been a 48 percent increase in foreclosure [...]

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King County has been found with a total foreclosure filing of 493 in the month of September. It is a 42 percent decrease from the figure of August. Apart from that, it also indicates a decrease of nearly 13 percent from the month of September, 2007. The homeowners are at loss as they are finding [...]

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The number of foreclosures in Florida kept on rising in the month of September. There were massive loss of employment and decrease in the value of real estate property. The adjustable mortgage payments made nearly 50,000 new homeowners defaulters. After Nevada, Florida ranked second in its number of foreclosure filings. One out of every 178 [...]

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The state of Michigan is reported to have a bit slowed down on its foreclosure activity in the month of September. According to a data, the number of foreclosed properties in the real estate of Michigan in September was 265,968. This indicates a 12 percent decrease from what the figure was in the month of [...]

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The Port St. Lucie Community Services Department together with Don Cooper, the City Manager is going to meet to decide upon as to how the $13.5 million fund of the Neighborhood Stabilization Program of the US Department of Housing and Urban Development will be used. The officials of the city are expecting to put an [...]

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