The rate of foreclosure has gone up in McLennan County. The number of foreclosure postings has been high in December and throughout the year. A total number of 1,110 foreclosure postings have been recorded till date. This shows a 13 percent increase from the figure last year that was 909. The total number of foreclosures that have got posted in the month of December is 85. This is about a 12 percent increase from what it was a year back during the same period. This real estate crisis has proved beneficial for a few investors who can find great deals in these types of properties.

Properties are available at a 12 to 15 percent less price as a result of foreclosure. A local nonprofit agency has received an amount of $49,680 as federal grant for helping out the distressed homeowners. A real estate professional Roy Nash said, “Getting this support for our foreclosure counseling means that we can continue to help more local homeowners find solutions to stay in their homes,” The value of homes in McLennan County remain springy in comparison to the other parts of the country.

Chad Klawetter, another real estate expert, said, “Oftentimes, non profit counselors can make more headway in working out payment plans than homeowners, unfortunately. So even if you haven’t missed a payment, give us a call if you are expecting problems. The further you get behind, the more difficult it becomes,” According to some data source, 24,666 properties were posted for foreclosure in a nine-county region of Central Texas this year. These counties include Bell County, Travis County, and McLennan County. Last year, the total foreclosure postings stood at 19,811.

The foreclosure postings in McLennan County, this year, show a double-digit increase as compared to the figure a year back. Attorney Paul Hubbard said, “Lenders appear to frequently bid the amount of the debt, and often that’s more than the property is worth,” According to Arvizu and his son Pete III, who runs a business on carpets and wants to purchase a property to later rent it or sell it, said, “We’ve been going to the foreclosure sales at least seven months, and we’ve definitely seen an increase in foreclosures,” He has purchased three properties from sales auction, out of which one has been sold and he is on with the work of fixing the other two. The falling values of homes together with strict lending standards are being called by many as the worst recession period in the US.

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The rate of foreclosure has been continuously rising in the real estate area of Oregon. As a result of this, the value of homes has come down heavily. 2008 is about to end, but the residents of Oregon are still in a state of despair due to the increasing rate of foreclosure. In the month of November, a total of about 2,965 foreclosure related activities were taken against the mortgage holders of Oregon. This indicates an increase of nearly 142 percent as compared to last year. This is also a 4.3 percent increase over what the figure was in the month of October.

It has been found that nationally there are nearly 28.3 percent more number of foreclosures in November as compared to what it was a year back. However, one of the good news for the nation is that, the rate of foreclosure has declined by about 7.3 percent in comparison to the figure of October. One out of every 488 homes in the US was in some state of foreclosure in the month of November. In Oregon, the condition is slightly better where one out of every 535 homes was in a state of foreclosure in the same month.

The county of Deschutes had the highest foreclosure rate in Oregon. A total of 397 foreclosure activities have taken place here. One out of every 183 homes is in a state of foreclosure in Deschutes County. The counties that have a comparatively low rate of foreclosure are found to be in the rural areas situated in the southern region. One out of every 347 households is in a foreclosure status in Multnomah County. This for Clackamas County stands at one out of every 406 households. Clark County has one out of every 427 households in a foreclosure status. Lastly, for Washington County, it is one out of every 475 households.

According to some data on real estate price of Oregon, there has been a 9.05 percent decrease in the local home prices in the month of October. It is better than the nationwide decline, which is 10.4 percent and also better than the decline in Seattle, which is 9.4 percent. The data released in October shows a steady annualized depreciation rate for the nine consecutive months. It is between 10 and 11 percent. The states which witnessed the highest price change are California, Nevada, Arizona, West Virginia, and South Dakota.

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Peninsula is witnessing a big increase in its rate of foreclosures. A large number of people in the real estate area are falling behind in their mortgage payments. According to a foreclosure tracking firm, the number of foreclosure filings has shown a marked increase this November to what it was a year back during the same period. These foreclosure activities include bank repossessions, default notices, and auction sale notices. The seven cities of Hampton Roads have shown a total number of 1,014 foreclosure-related notices in the month of November. This is down by 20 percent from the month of October. The number of these notices is almost two and a half times higher than what it was a year back.

According to some news source, total number 131 foreclosure filings have taken place in November. This indicates a 1,356 percent increase over the figure of November 2007, which saw nine foreclosure filings. Fifteen out of the total foreclosures in November were default notices. Besides, 33 properties were taken over by the bank and 83 properties were sent a trustee sale notice. The rate of foreclosure has gone up by 250 percent in Hampton this November as compared to the figure of 2007 during the same month.

In November, there were 84 foreclosure filings in Hampton. Out of this, 40 were sent a trustee sale notice, 22 were sent default notices, and 22 of them were taken over by the bank. Despite the fact that Peninsula has witnessed a huge increase in bank owned foreclosures, but less than 2 percent houses were foreclosed in August in comparison to the 2.5 percent national average. A number of places in Hampton Roads and Peninsula underwent a foreclosure problem over the last year.

The number of foreclosure filings in Suffolk went up by 288 percent, from 16 to 62, between November 2007 and November 2008. There has been a 57 percent increase in Isle of Wight from seven in November 2007 to 11 in November 2008. James City County saw an increase of about 383 percent, from six to 29. Michael Riddle of the Federal Reserve Bank of Richmond, during a presentation at Hampton University, a month back said that it is the subprime loans that are playing a major part in this increasing number of foreclosure. Economist James Koch of Old Dominion University said that the worst scenario is yet to knock the door of real estate.

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Thurston County has been found to have an increasing rate of foreclosure problem. It has witnessed nearly 50 percent increase in its rate of foreclosure in 2008 from what it was in 2007. The reason behind it has been attributed to the slump economy of the county. The number of foreclosure sales filed by the office of the auditor in this county has increased to 1,010, which was 662 a year back. The rate of foreclosure has been increasing in Thurston County over several years. Subprime loans are one of the major reasons behind this increasing rate of foreclosure. These loans are riskier and borrowers are facing a major problem today for this real estate crisis situation.

The homeowners are unable to refinance as the price of homes have declined. The median home price in Thurston County has, however, not declined aggressively. They were about 5 percent lower in November this year as compared to what it was a year back during the same month. A real estate agent of Yelm named Steves has said that he has been witnessing a progress in his business over the last few months by 40 to 50 percent. This, according to him, has been fueled by foreclosure. These include both bank owned properties and properties on short sale.

An Olympia homeowner has said that although his lender has begun the process of foreclosure on his property, but he will be getting hold of a real estate attorney for getting rid of this problem. Coultas, a salesman involved in selling various real estate accessories like doors, insulation, etc, has said that the real estate market has cooled off as a result of which his income has come down but his bills have not. He further said, "When times are good, you live at the maximum limit and beyond," He does not think that the local market has reached rock bottom and is also not expecting to be so till the mid of next year.

A home builder in Major Pierce County has reported that nearly 45 undeveloped properties in Horizon Pointe are in foreclosure. These properties are located in Breeze Drive, Fresco Drive, and Flute Street. The properties show an assessed price of $3.16 million. However, a loan restructuring program has been thought of which is going to help in the process of development. It is expected by the real estate experts that the housing crisis is going to improve by the next year’s summer.

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It has been recently found that the rate of foreclosures in the United States is one of the highest in the real estate area of Indiana. The end of third quarter in September shows that the rate of foreclosure in this state is the fifth highest. The percentage of loans in foreclosure in Indiana stands at 3.59 percent. The four toppers happen to be Nevada with 5.58 percent, Ohio with 3.93, California with 3.90, and Arizona with 3.86. However, the reasons behind the foreclosure loan in Indiana are different from that of the other four states. According to economist Sam Khater, there have been issues with foreclosure in Indiana for quite sometime. He said, "But the United States is quickly catching up,"

Khater has further said that the decline in the value of homes along with a heavy loss of employment have badly affected Indiana. In Khater’s own words, "Indiana lost 1.1 percent of its employment base in the last year. That’s not a good combination." The reason behind the number of foreclosures in the northwestern part of Indiana can be attributed to the auto industry. According to real estate professional Peter Novak Jr., "Traditionally we’ve been a manufacturing state. We’ve always had that tie to the steel and auto markets. Our local mills are laying off and auto is a component of that." The depreciation in the price of home and loss of employment has had a big impact on the foreclosure rate of northwest Indiana.

However, the real estate market have not hit rock bottom price. The national delinquency rate, according to real estate expert Alan Thorup, has risen. He said that nearly 9.31 percent of foreclosure loans in the state of Hoosier were due by minimum 30 days. He further said, "If you look at the second quarter report, 7.97 percent were past due 30 days. That ranked us number four. It’s certainly challenging out there with these numbers but we’ll have to live with it awhile,"

The rate of foreclosure in Lake County was 2.9 percent in the month of October. This, a year ago, was 2.7 percent. The rate of foreclosure in Porter County was 1.4 percent as compared to 1.3 percent a year back. Indiana had a foreclosure rate of 2 percent in October as compared to 1 percent in the previous year during the same month. Thorup said, "As of Sept. 30, Indiana had a 1-year housing price index decline of .02 percent," This when compared to the national figure indicates a 4 percent decline. This means that the state of Indiana is not in as bad a condition as is Nevada and Arizona.

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With the increasing number of foreclosures, the number of homeless children is also increasing. At some places, it has been found that the number of homeless have increased by 50 to 100 percent. As more number of children is becoming homeless, this is putting a great pressure on their minds. It has been estimated that nearly 2 million children are running the risk of becoming homeless due to this real estate crisis. It has been found that in Oakland, having 38,000 students, the number of homeless has almost doubled as compared to the previous year. According to Mathew Uretsky, homeless coordinator of Oakland, the number of school going homeless children has gone four times high.

He said, "We find children in shelters who are just sitting there. Sometimes we find kids who aren’t in school right now because they don’t have bus passes. A lot of children of day laborers are not going to school because their parents don’t think they have a right to go." There are many families who are seeking help from their friends and relatives. There are many who are living in their cars or run down motels. According to a survey conducted in over 1,700 school districts, there has been a high rate of increase in the number of homeless students during the three months of the school year.

Barbara Duffield, executive director of the National Association for the Education of Homeless Children and Youth, said "Before this economic downturn, there was not enough shelter. That is, the safety net was badly frayed. Now, it’s got a gaping hole through which families who have never experienced this are falling." The number of homeless students is being tallied by the US Department of Education for the school year 2007-2008. The findings are really bad as the numbers are huge. The primary reason behind this is the increasing rate of unemployment and foreclosure.

Philip Mangano, director of the US Interagency Council on Homelessness, "You’ve got dramatic foreclosures plus a million job losses. We would have to be naive to believe that this wouldn’t have an effect on families already struggling, and it has." The advocates for homeless children are looking towards the Senate for an approval of $72 million emergency fund for the homeless children of DOE. The federal law demands the local and the state school agencies to provide transportation to the homeless children including other supports like books, meals, etc.

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Rim County is no exception to foreclosure. However, the condition of real estate in this county is not as bad as is the condition with Valley where the rate of foreclosure jumps almost every month. It has been found that nearly 2.5 percent of the central Arizona properties for sale are in a state of foreclosure. According to CABR (Central Arizona Board of Realtors) President Annette Bashaw, about 26 homes are facing foreclosure on them. The value of homes has declined by almost 10 percent. Nearly 20.5 percent of the properties in Valley are possessed by banks. According to some data, out of 56,000 homes for sale, nearly 11,400 are facing foreclosure in the Valley. Also, an additional 16 percent are in a state of short sale.

Bashaw thinks that the rate of foreclosure is not going to cross 3 percent in the Rim County. However, she does not hope the number of foreclosures to increase in a gradual way for another one year and then cool down. The increasing rate of foreclosure has proved beneficial for some people. The first time home buyers are able to purchase homes at a price that they could have never thought of. Foreclosed properties make great deals. CABR is witnessing an increasing rate of callers searching for bank owned properties. Bashaw said, “In the past, there were not enough (foreclosures) for us to track, they just didn’t exist.” She further said, “We have never had the number of foreclosures that the Valley has had. But now, buyers are making that request for those properties.”

According to real estate expert Bob Bemis, the buyers are more interested in distressed properties in the Valley which has increased the number of sales of distressed properties by 59 percent in the month of October. Bemis said, “There are so many bargain properties out there,” The bargain properties can be found in the Payson market. There was a cent percent drop in the sales activity in the Star Valley and a 54 percent drop in central Arizona. The central Arizona region stretches from Christopher Creek in the east to Strawberry in the west and from Clear Creek/Happy Jack in the north to Tonto Basin in the south.

Bashaw said, “Overall we are looking at $300,000 and below homes selling, while $1 million homes are the exception,” The home sales activity have declined by 10 percent over the past six months and therefore seems to be a buyer’s market now. As the home prices are falling in this foreclosure market, the sellers are thinking about waiting for the real estate market to bounce back.

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The rate of foreclosure in Livingston County for the third straight year is going to simply double in figures from what it was a year back. This is in fact a big problem for the real estate of this county. The officials are not able to say that when this problem is going to resolve. According to Sally Reynolds, the Register of Deeds of Livingston County, “It doesn’t look good. With the state of the economy in our state, I’m not sure when it’s going to turn around.” He has been engaged in tracking foreclosure since the time when the problem started to crop up in this county, that is, way back in 2002.

The number of foreclosed homes in Livingston County in 2007 stood at 658. This has jumped to nearly 1,324 according to the records of the Register of Deeds. Reynolds was highly concerned when the rate of foreclosure doubled from 374 to 658 last year. He was mainly worried that whether this jump is going to continue for another year or not. This is what has exactly taken place. The foreclosure that took place in 2007 and 2008 is almost double the number of foreclosures that has taken place over the past seven years, that is, from 2000 to 2006. Even when the economy was undergoing a severe decline in the 80s, Reynolds did not see the numbers doubling up like this.

However, one thing that she has pointed out is that the rate of population was much low then as compared to now. Real estate expert Dan Mulvihill said that he is quite surprised by this as he has not seen anything like that over the past 20 years in the housing market. However, he is not surprised by the fact that the foreclosure has taken place. As he has said, “I think that one of the biggest problems we have is the declining values. I don’t think anyone anticipated the type of market we’re in today. That includes any of the institutions, the banks, the Realtors — everybody. We have so many angles being worked on that just created a situation that I don’t think anybody could look back and say ‘This is what we needed to do,’

Mulvihill believes that that the problem of foreclosure is going to keep going so long the stability in the job sector does not bounce back. However, he has full confidence that this county is going to be the first that will be emerging from the housing crisis.

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The foreclosure activity in November in the United States is said to have declined according to some foreclosure tracking firm. However, they say that this decline is not permanent. There have been about 260,000 foreclosure filings in the month of November. This takes into account bank repossessions, default notices, and auction sale notices. When compared to the month of October, it shows about a 7 percent decline. However, when this figure is compared to that of November, 2007, there has been a 28 percent increase in the number of filings. The decline in the foreclosure activity has been attributed to the loan modification program introduced in the real estate of some states and also the moratoriums on foreclosures introduced by some lenders.

According to real estate professional James J. Saccacio "There are several indications this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months," There is a two-fold reason behind this negative feeling of Saccacio. He said, "Delinquencies on loans not yet in the foreclosure process jumped to nearly seven percent in the third quarter, a record high. And more than half the homeowners who received loan modifications to reduce monthly mortgage payments in the first half of 2008 are already delinquent on their loans again, so many of these delinquencies could turn into foreclosures next year."

Wisconsin is the 29th position holder out of 50 states and also in the District of Columbia in its number of foreclosure filings. It has been found that one out of every 1,288 households had been in some state of foreclosure in the month of November. This indicates a 4 percent increase from what it was in the month of October. However, it shows a decline of nearly 17 percent from what it was in the month of November, 2007. Nevada continued with its high rate of foreclosure where one out of every 76 households was foreclosed in November. This is six times of the national average figures.

Nevada, Michigan, Arizona, Utah, California, Idaho, Florida, Colorado, Ohio, and Georgia are the ten states with the highest rate of foreclosure. Cape Coral-Fort Myers, Florida, is the metropolitan area where the highest rate of foreclosure has been arrested. One out of every 59 households was sent a notice of foreclosure in the month of November. The second highest rate of foreclosure has been found in the real estate of Las Vegas. The remaining top ten foreclosure affected metro areas were found either in California or Florida.

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Utah has been witnessing an increase in the number of foreclosure filings in November when the average number nationally declined since June. Utah also is the ninth position holder in its number of foreclosure filings. One out of every 450 households in this state was sent a notice of foreclosure in the month of November. The total number of properties that were foreclosed in November was 2,003. This indicates an increase of 10.5 percent from what it was in the previous month and also a 104 percent from the figure of November, 2007. The highest rate of foreclosure in November has been arrested in Washington County. Here, one out of every 150 homes in the real estate has been sent a foreclosure notice.

The 350 foreclosure filings indicate an increase of 25 percent from the earlier month and also a 361 percent jump from what it was in November, 2007. The second highest annual increase has been seen in Davis County. A total of 243 households have been foreclosed here in the month of November. This is a 247 percent hike from the figure of November, 2007 and also a jump of 49 percent from the figure of October. The foreclosure filings in Weber County rose by 366 percent between October and November. This county witnessed the highest monthly increase. A total of 233 foreclosure notices were filed in November, which is up by 60 percent from 2007 during the same month.

A 71 percent increase has been seen in Utah County between November 2007 and November 2008. However, there has been a decline of 15 percent from what it was in October. The foreclosure filings also came down by 15 percent in Salt Lake from October to November. However, compared to the figure of November last year, there has been a 51 percent increase. According to real estate professional Rick Sharga, We’re going to have a pretty significant spike in January," Over 259,000 houses nationwide has been sent a foreclosure-related notice in November. This shows a 7 percent decline from October but a 28 percent increase from a year back.

The maximum number of foreclosures has been seen in Arizona, Nevada, and Florida. In Arizona, one out of every 198 households was sent a foreclosure notice. In Nevada, one out of every 76 households received a notice last month. This in case of Florida is one out of every 173 households. The other 10 toppers of foreclosure are Utah, California, Colorado, Ohio, Michigan, Idaho, and Georgia.

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