Pinal County along with others is also facing the problem of foreclosures. The real estate there is undergoing a big crisis. Out of the total number of homes that were resold in this county during the third quarter, about half were due to the problem of foreclosure. The number of resale in the Pinal County during the months of July to September was 3,355. Out of these, nearly 1,515 were sold due to a foreclosure problem. This shows a 45 percent rate of foreclosure. Apart from that it has also been found that in the second quarter, this percentage stood at 40 percent. Over 845 homes were in foreclosure in the months of April to June. The homeowners could not make their monthly mortgage payments that put them into great despair.

Real estate experts have furnished several reasons behind this growing rate of foreclosure in the Pinal County. One of them is loss of employment. Another major reason is that the price of energy has gone up. Jay Butler, who is the director of Realty Studies at Morrison School of Management and Agribusiness, said that these two factors are primarily responsible for foreclosure in this county. The median home price started to decline heavily in the county giving a big blow to the real estate of the region.

It has been found that the foreclosures are going 42 percent of the resale market in the Maricopa County. This figure stood at only 14 percent a year back during the same period. From $157,000 in the second quarter, the median price of home has come down to $136,170 in the third quarter in the Maricopa County. In Apache Junction, the median price of home in the second quarter was $163,090. This has come down to $150,600 in the third quarter. The median price of home in the second quarter in Queen Creek was $136,050. This has declined to $125,000 in the third quarter.

Foreclosure has really put the real estate everywhere at great stake. Everybody is just hoping that with the introduction of Obama’s foreclosure fighting plans, things are going to change soon. Something has to be done sooner to make the distressed homeowners come out of this big problem. The election of new president has produced a ray of hope among the people all over the United States. People are simply looking up to Obama and his various strategies in fighting this problem.

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Southwest Valley has been heavily hit by foreclosure homes. The total number of foreclosures in the first half of 2008 in Goodyear, Avondale, Tolleson, Litchfield Park, and Buckeye were 2,195. This is an increase of 413 from what it was last year during the same time. It has been found that the increase in this real estate problem in the Southwest Valley has been due to heavy increase in the foreclosures in Litchfield Park and Tolleson. It has increased the number of foreclosures in the Southwest Valley by 563 percent and 665 percent respectively. It has been seen that apart from the poor income areas, those areas with higher income have also fallen into foreclosure trap.

Other than high loans, an additional $40 per month on HOA fees has also led to foreclosure on many homes. The Southwest Valley has been highly affected as many new homes were constructed between 2002 and 2005 whose homeowners got trapped into subprime loans in a bid to buy larger homes for themselves. About 60 to 70 percent homes in Goodyear are owned by banks. Though sales have gone up but the prices have fallen down greatly. The average foreclosure rate in Avondale and Buckeye is greater than the Maricopa County.

The first time buyers are taking the advantage of this situation and buying their real estate property at a price that they could have never thought. According to real estate agent Greg Marthaler, the primary reason behind the increasing foreclosure rate in the Southwest Valley is the quick profitable mentality of the investors who purchased homes. Foreclosures affect the whole community badly as has been seen in Avondale where with every single foreclosure, the HOA fees goes up for other residents too. As president of the Los Arbolitos Homeowners’ Association in Avondale Kent Miller said, “When one home forecloses, everyone has to pay.”

Tolleson was found to be a prospective market for the real estate investors. But as the market declined, many fell into the foreclosure problem, which in turn decreased the market value of the homes, a price much lower than what it cost when purchased. It is assumed that that the areas in the Southwest Valley that are farthest from Interstate 10 might take a bit longer duration to come out of the problem due to the increase in the price of energy and gas. It is envisioned that the five year adjustable rate mortgages as a result of reset in 2010 might lead to even worse a foreclosure scenario.

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A family in Grand Rapids, Michigan is facing foreclosure again due to their secret dealing. It is Jason and Tricia Wise who at the time of losing their home suddenly received a mail from a company named Canal Street Financial that wrote about saving their home on Grand Rapids’ northwest side. They called this to be a foreclosure rescue scheme. But instead of doing what they actually said, they simply got a mortgage from the Wise and took all their equity on home. Also, they did not make the payments and instead waited for the home to be foreclosed.

Jason and Tricia Wise signed a deed with a company called Wells Financial that was owned by an employee of Canal Street Financial which was in turn deeded to the owner of Canal Street Financial named Norman Long. Under a separate identity of NTW Investments, Norman Long sold this house back to Jason on the basis of a contract that included a monthly payment of $719 from them till the total amount was paid off; the time at which they are supposed to get the deed to the house. Norman got a new mortgage and sold off the old one and took the difference right into his pocket. Besides, he was also enjoying the monthly payments on the land contract.

As Norman never made the payments on his mortgage, the lender foreclosed, which put Jason and Tricia Wise in deep soup as they had to make a much bigger payment than before to get their home saved. Teresa Long, wife of Norman reported that her husband expended the whole money for his own pleasure activities. It has been discovered by the Target 8 Investigators that about 24 properties that were being managed by Norman were already foreclosed. It was early in 2005 that the Target 8 Investigators tracked Canal Street Financial on another foreclosure rescue issue. In 2006, the Canal Street Financial operated from an industrial building on North Monroe, Grand Rapids.

Norman Long’s home has been foreclosed and he has been expelled from his office on 28th Street from where he last operated. Teresa Long is afraid of being a target of an IRS investigation. She does not have money by which she can afford a lawyer for herself. The Target 8 Investigators are in search of Norman and, the Grand Rapids police detective as well as a US Postal Inspector is trying to charge him with a criminal offense. Jason and Tricia Wise are trying hard to get back their home.

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The Real estate condition in the country is really alarming, especially when it is judged from the angle of “hangover of unsold homes”. The situation is expected to worsen if the economy gives way further. The mortgage meltdown and rise in the number of foreclosures will be the immediate results. This is the current overall situation of the country as a whole. However, the local real estate market is expected to be different and more localized. It would not be same across the country. Even in this market, the rate of single-family homes in most of the metro areas has increased than last year.

At the time of the housing boom, different cities took off at different times. Las Vegas (Nevada) and San Diego (California) were the beginners. Similarly, during this down-stream, cities may act the same way as they did earlier. Considering and following some key factors could help you predict the situation of your city, whether it is near recovery or not.

Tracking the job market condition you can get an idea of the local economic situation. If there are more job vacancies, then you could expect a turnaround in the real estate market and vice versa.

Due to the high rate of foreclosures, there are too many homes in the market. However the number of buyers is getting fewer. If the situation becomes reverse, then a turnaround is expected in the near future. For common people, it is not possible to track housing records. Only people attached to the housing market can do it. To get an idea, ask them some questions like:

1. monthly inventory of houses in your locality
2. total number of houses subject to foreclosure and thus for sale
3. average tenure of a home staying on the market

If monthly inventory is more or less six months, and average tenure is slightly more than 90 days, then a recovery is expected soon.

However, since the local real estate market is unpredictable, you may want to judge it on monthly basis. To get an idea, consider a year to year record of development in sales. Track the number of houses sold this month vs. the same month last year.

Another important criterion is housing stocks levels. Check whether it is returning to the same level as it was during the real estate boom or not. Don’t forget to track the foreclosure figures too.

Discussing and considering the above may help you predict a housing rebound in your city. However, there are lot more factors to keep in mind.

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