Despite strong efforts made by the mortgage service providers to assist the borrowers to keep back their real estate, the rate of foreclosure did not stop increasing in the third quarter. The condition of the economy is really bad and more number of people defaulted on their loan payments. The new foreclosures boiled down from June end to September end by 2.6 percent to 281,298 due to reasons like extended loan terms, low rate of interest, and state moratoriums on foreclosures. Still the rate of foreclosures in the third quarter went up by 8 percent to 127,738. The number of foreclosures that were under way went up by 11 percent to 617,642.

This increasing rate of foreclosure has taken place as many borrowers have failed to pay back their money. This includes also those who have drawn advantages from loan modifications. Over half of the loans that were modified in the first quarter have gone into delinquency after a period of six months. This by the end of September was due by over 30 days. One out of every five loans modified, was due by over 60 days after a period of three months, and 37 percent of them were 60 days delinquent even after six months.

Steve Bartlett, one of the members of Hope Now, said “Mortgage modifications work for people with incomes; it doesn’t work for people without income,” A report that has been collected from five thrifts and nine national banks shows that there are over 60 percent mortgages outstanding in US. It also shows that the quality of credit has gone down badly in all categories right from prime to Alt-A to sub-prime in the third quarter. The share of performing and current loans has dropped down to 91.47 percent by the close of the third quarter. This at the close of the second quarter stood at 93.33 percent.

According to economist Thomas Lawler a majority of the foreclosure reduction that took place during the quarter was mainly due to the state laws especially in case of California. It helped in delaying the process of foreclosure. Bartlett said that the real estate industry needs help from the federal government. In Bartlett’s own words, “If the federal government puts more money into mortgage modifications, we’ll have more mortgage modifications,” This plan is getting some force from the Chairman of the Federal Deposit Insurance Corp., Sheila Bair. This has however faced an opposition from the White House.

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A plan has been submitted by the Butler County to the US Department of Housing and Urban Development whereby it has mentioned about the usage of $4.2 million federal aid fund for fighting with the problem of foreclosure in the real estate area of this county. They have planned in a way so that the distressed homeowners can keep back their homes with themselves. They plan to purchase homes facing foreclosure from the banks and assisting the homeowners in refinancing them. The commissioners of the Butler County have launched campaigns in favor of their plan to which HUD has agreed. However, Michael Juengling, Development and Planning Director of Butler County said that this was not the intention behind the grant.

Donna Everson, Development Director of Butler County has said that a budget of $1.2 million has been planned for this purpose. It will be helpful in providing assistance to 10 foreclosure facing families at the initial stage. Everson also said, "Once they get financing to get them back in the home, it immediately revolves back. If we can get this rolling, who knows how many we can help?" In order to qualify for it, a household is required to have a median income between 50 percent and 120 percent. This stands at $66,200. Then only it will be able to get financial aid.

It has been decided that nearly $2.1 million will be used by the Butler County after purchasing vacant and foreclosed homes. Besides, this money will be used for fixing and selling these to the people belonging to the low and middle income group. There are plans to sell seven properties to those families that make below 50 percent of the AMI. Besides, eight will be going to families having 120 percent AMI. From the federal grant, the Butler County will be using $500,000 for purchasing and demolishing about 50 vacant properties that are held beyond improvement.

The county is then going to sell these to qualifying families. There is a provision for $10,000 under federal grant that will do house counseling of the eligible homeowners. Besides, $403,742 will be spent after administering the program. The most badly affected foreclosure areas of the Butler County are Fairfield, Trenton, other than the townships of Madison, Hanover, St. Clair, and Lemon. It has been decided that the funds will be used more on the real estate of these areas. Middletown and Hamilton are having their own federal grants equaling to $4.5 million.

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The city of Minnetonka like other states and cities of US are also suffering from the problem of home foreclosures. For over two years the rate of home foreclosures has continued to increase in this city. However, the number in 2008 has gone quite high. Still, the real estate and financial crisis has not affected Minnetonka as badly as is the case with other cities of Minnesota. Nevertheless, they are not out of this crisis situation. According to Julie Wischnack, who happens to be the Community Development Director, said that the number of foreclosures in Minnetonka is more in 2008 than ever before. In Wischnack’s own words, "I don’t know how it can be any worse,"

It has been found that the number of home foreclosure has increased from 80 in 2007 to nearly 231 in 2008. Wischnack has said that every part of the city has been suffering from the problem of foreclosure. She said, "It’s ironic. It’s not focused on a neighborhood or sector of the city, it’s across the board," The biggest group of homes facing foreclosure has been priced between $200,000 and $300,000. On the other hand, all the homes that are valued from $1.5 million to below $200,000 have been foreclosed.

The problem of foreclosure has put its steps on Minnetonka since the year of 2006. According to a data, over 34 percent of the homes that were new and up for sale were either a property facing foreclosure or lender-mediated. In 2006, less than 3 percent of new listings were foreclosures and that in 2007 was 7 percent. The city is receiving a huge number of calls from the distressed homeowners who do not know as to how they can fight with this real estate crisis situation. The city of Minnetonka which has got no direct resources to provide assistance to the people has directed them to Community Action Partnership of Suburban Hennepin or ICA, the area agencies.

Wischnack said, "It was staggering what they were telling us in terms of requests for assistance," She keeps regular contact with the agencies to know about the number of residents who are asking for help. She expects that the problem is going to be over by 2009, if not fully then partially. She believes that people will be seeing a better 2009. She has said, "We are still getting a fair number of applicants for development. We feel like we are OK. I think Minnetonka has enough diversity to withstand this economy. I would like to stay hopeful,"

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The rate of foreclosure filings in Kentucky has declined by one-third in the month of October as compared to the figure in September. There has been a decline of about 33.5 percent in this state. This has led to an improvement in its rank which now stands at 43rd. It was the 38th rank holder in the month of September. It has also been noticed that the number of foreclosure filings in October 2008 has declined by 35 percent when compared to the figure a year back. This is in fact great news for the real estate of Kentucky. Things have improved, so far foreclosure is concerned in this state.

Kentucky has been able to fare far better in comparison to the nation which has seen a 24.5 percent growth in its number of foreclosure filings in the month of October in comparison to the same month a year back and also a 5.1 percent growth from what it was in the month of September, 2008. According to a data, 279,561 properties went into a state of foreclosure across the nation in the month of October. One out of every 452 homes was in foreclosure nationwide. In Kentucky, there were 528 new filings in the previous month whereby one out of every 3,576 homes was in some state of foreclosure.

According to a real estate expert, James J. Saccacio, “October marks the 34th consecutive month where U.S. foreclosure activity has increased compared to the prior year,” Nevada has been facing the highest number of foreclosure filings throughout the nation for over a year. It has again become the premier in its number of foreclosure filings in October. It has been found that there have been a total of 14,483 new filings in Nevada. One out of every 149 homes there are in some state of foreclosure.

The second rank holder of the highest rate of foreclosure was Arizona. It was followed by California, Georgia, Colorado, New Jersey, Florida, Texas, Michigan, and Ohio. The place which had the lowest rate of foreclosure is Vermont. It has been noticed that Vermont had a total number of 13 foreclosure filings in the month of October. One out of every 23,812 homes was in some state of foreclosure in Vermont. The homeowners require help to fight with this tough situation in the real estate. The slowing down of the rate of foreclosure in Kentucky has brought a ray of hope to the people there.

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North Port is no exception to the problem of foreclosure. As like others parts of US, this region also has been facing the real estate crisis. The homeowners are in serious problems. A large number of people relocated to this place once when there was a heavy boom in the housing market. They are now at loss. They really do not know what to do. The economy of the place is also suffering seriously due to foreclosure. The highest rate of foreclosure in North Port has been arrested in one zip code. There the rate of foreclosure stands at 68 percent.

The problem of foreclosure is forcing the distressed homeowners to just move on leaving their home abandoned. A large number of properties are found to be left vacant by their homeowners as they have no other option but to part with their home. One of the residents of North Port named Sarah Larios said, “In my immediate neighborhood, I’ve had at least five neighbors who just took off and went back north to live with their parents and in laws because they’re losing everything,” It has been found that nearly 350 houses have been left vacant by the homeowners in the North Port real estate area.

The bank has taken over the possession of these properties. The duty of taking care of these abandoned homes has been given to the city. Usually, when a homeowner moves out of his house due to foreclosure, the property is left in a miserable condition. It leads to overgrown weeds in the lawn with scattered furniture everywhere. So far in this year, the taxpayers have to take the burden of an amount equaling to $300,000. Steve Crowell, who happens to be the City Manager of North Port has said, “The appearance and safety of the community is our job, and this is something that’s not typically our job, but it’s become our job,”

North Port once upon a time owned the credit of getting nearly 4,000 building permits in a year. Crowell has said that if it can get 30 of them this year, then North Port should consider itself lucky. Something has to be really done to get rid of the problem of foreclosure here. Newly elected President Barack Obama’s foreclosure fighting plans might help the homeowners there. People have to just with extreme patience to see what is in store for them in the coming days.

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It has been found that Wyoming, a state in western United States, had one of the lowest rates of home foreclosure during the third quarter of 2008 in its real estate area. However, it has increased from what it was a year back during the same period. It owns the credit of having the 44th lowest foreclosure rate during July to September. A total of 255 households are in some state of foreclosure here. This shows an increase of nearly 60 percent from the figure in the second quarter of 2008 and 141 percent from the third quarter of 2007.

The rate of foreclosure is also found to be low in South Dakota and Montana. South Dakota has the nation’s 49th lowest foreclosure rate and Montana has 46th lowest foreclosure rate. Idaho, which has been highly affected by foreclosure, owns the 16th position. Colorado and Utah, the two highly affected places, ranks 5th and 10th. According to some economic experts, the Wyoming area homeowners are not feeling that problematic effects of national credit problems and housing.

Wenlin Liu, who happens to be the senior economist at economic analysis division of Wyoming, said, “The other factor is that our overall economy is still relatively quite strong,” According to the statistics of US Bureau of Labor, there has been a 3 percent growth in employment this September than what it was a year back during the same month. Seeing this, Liu has commented, “Right now, our employment growth rate is ranked the highest in the nation,”

Regional president of Wells Fargo Bank Wyoming, Mike Matthews have said that the problem of foreclosure is not that alarming in this place in comparison to other places. It is due to the reason that Wyoming has not come across those investors who purchased their second homes with the aim of flipping it in a bid to make fast profit. He further said that it is something very rare in this state. According to Liu, the primary reason behind the growth of employment in this state is the construction jobs for public and commercial projects. However, the growth of mining jobs has come down over the past two years.

Matthews said that the economy of Wyoming is strong. However, he expects that the rate of foreclosure in the real estate of Wyoming is going to increase first before going down. He further said, “Hopefully the recession is not long and not deep,” The most populous county of Wyoming is the Laramie County. Here the economy is found to slow down.

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Collier and Lee counties have been reported to have made a record in its number of foreclosure filings. It has risen to 2,603 in the month of October in the Lee County. In Collier County, this number stands above 800, which has happened there for the first time. It was 751 in the month of September. The real estate experts of Collier County are not sure that whether this number is going to go further up or not. However, people are very expectant about a change with Barack Obama rising to the post of US President.

Dwight Brock, the clerk of the courts of Collier County has said, “Someone stole my crystal ball over the weekend and I have been lost all day,” He further asserted, “The only thing that this means to me is we are having to work more and more with fewer and fewer resources to get it done,” Although the total number of filings has gone up, but the average is still down which indeed is a good sign. So far the Lee County foreclosure filing goes; it was 123 in February, 120 in June, 117 in September, and 113 in October. It has been found that this county has a backlog of nearly 29,000 foreclosure cases as many are filed every month.

Charlie Green, who is the clerk of courts of Lee County said, “The average is trying to come down, but it hasn’t dropped significantly yet. We are still at the top of the bell curve. But if anything, it’s kind of flat.” Efforts have been taken up to clear the backlogs quickly. It is hoped that the foreclosure prevention plans of Obama is going to bring down the increasing rate of foreclosure very soon. It has been agreed upon by Bank of America last month that it will provide a relief to about 400,000 distressed borrowers of Countrywide in 11 states that also includes Florida. This is envisioned to create an $8.4 billion in the rate of interest as well as principal reductions.

The median home price in Naples declined to $240,000 in the month of September. This stood at $366,000 a year back. The median price of a single family home in Fort Myers-Cape Coral real estate market came down to $141,400 from $231,600 in September. This shows a decline of nearly 39 percent. People are just looking up to Obama for a quick change.

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One of the biggest priorities to President Barack Obama is the resolution of foreclosure problem. He has proposed for a 90 day moratorium on the problem of home foreclosure giving the judges of the Bankruptcy Court the authority to bring modification in the mortgages on the primary residences. Apart from that he has also proposed for a fund of $10 billion as a foreclosure aid and also a mortgage tax credit amounting to $800 annually for those who do not list their deductions. This is expected to bring some change in the ongoing real estate crisis. The $10 billion fund is going to help the distressed homeowners to refinance their mortgages with aid from Federal Housing Administration.

About a total of $300 billion has been allocated by the Congress, under FHA, for helping the distressed homeowners. The Treasury Department is thinking about new options so that they can help the homeowners in getting rid of the problem of foreclosure. This also includes a proposal by the Federal Deposit Insurance Corp. A total of about $50 billion will be used from $700 billion bailout bill by the FDIC plan to bring some modification in mortgages. Some of the top notch lenders have even declared their own plan for mortgage modification.

Obama said that it is “absolutely critical that the Treasury work closely with the FDIC, HUD and other government agencies to use the substantial authority they already have to help families avoid foreclosure and stay in their homes.” Rick Harper, who happens to be the director of housing at the Consumer Credit Counseling Service, San Francisco, said, “Across the board, it’s easier now than it was two years ago. If it makes sense financially today, we have a really good shot,”

It is though not at all clear that what is going to take place after the 90-day foreclosure moratorium proposed by Obama. According to some real estate experts, the tax credit is not going to do a heavy benefit to all the homeowners. It will be helpful to those who have owned home for several years. The judges of the Bankruptcy Court can bring a change in the terms and conditions of other debts that also include loans on second homes and commercial loans. Co-director of the Center for Economic and Policy Research, Dean Baker said, “In terms of how do you make a difference quickly that lets people stay in their homes, nothing else even comes close,”

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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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