Foreclosed homes are a serious problem that has put the homeowners in a situation of utmost despair. It has caused a great harm to the real estate as well. The Humboldt County foreclosures has shown its highest record of foreclosure filings this April over the last 30 years. There has been a total of 63 NODs this April and happens to be the highest. It was 51 NODs in January, 1981 and that was the second-highest record in Humboldt.

The defaulters have been sent notices after they have failed to repay within a deadline of 90 days. The condition has become all the more difficult as there has been an increase in the price of food and gas. The economists are highly tensed about this particular situation. Even the real estate is suffering a great loss due to this. The price of houses has gone down. The interest rates being high, the foreclosures problem is on the rise. However, Tom Hiller, the President of Humboldt Association of Realtors thinks that Humboldt County is still in a better off situation than other places in the state. He has said:

“Even with these new figures, Humboldt County ranks 53rd out of 55 counties in California as far as the population per number of foreclosure sales. In other words, our numbers are at the bottom of the heap.”

Erick Eschker, HSU Economics professor, has said that, “When prices go down, especially for people who purchased a home with no money down, they immediately have negative equity. They owe more than the house is worth.” Many of the homeowners of the Humboldt County are finding themselves in exactly the same setting. For example- A house that is on auction at Eureka has been estimated at $160,059 whose market value should be $217,902.

Tom Hiller expects that the demand for homes will climb up soon. It has been seen that the sales of home has shown a good prospect in the month of May. The low interest rates and prices are surely going to attract the buyers to buy homes. This is expected to reduce the home foreclosures in the near future. However, on the other hand, if there is a deceleration in the economic condition then the problem is going to continue. Various measures are needed to be introduced to combat the foreclosure problem and get rid of it as soon as possible.

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Connecticut, a state that is ideally situated in the New England region of north-eastern USA is today a victim of foreclosures. There has been a tremendous rate of house foreclosures in the cities of Connecticut and the worst sufferer is the Windham County. Even after this, the foreclosures and distress sales of this state are pressing the value of houses throughout the state of Connecticut. This has been especially done in the towns with low income and other bigger cities of the state. If this situation continues, then it will further aggravate the problem of foreclosures which might lead to loss of employment in the long run. This is likely to hit the real estate industry of the state. It has already been noticed that due to the increase in the price of food, gas, and oil, the household budget in Connecticut is already at stake.

The Windham County is suffering from about 23 home foreclosures related matters per 1,000 households. The situation is getting worse day by day in Connecticut. One of the reasons that can be pointed out behind this tough situation is the increase in the price of goods that has hit hard the low income group especially. The greatest problem associated with the foreclosures is that it brings down the value of the nearby properties by about $5,000- quite a big deal in fact. It is indeed a big blow to the real estate sector. The increase in foreclosures has brought down the prices by approximately 18 percent. Some investors are taking the advantage of this situation and are buying the properties at a much cheaper rate.

Ann Davis, a resident of Green Hollow Road of Killingly, is undergoing the problem of house foreclosures. She bought everything to furnish her house on credit cards and now has to repay a huge amount. A divorcee and mother of two sons, she is at complete loss today. The state has taken initiatives in order to help the people to come out of this unmanageable situation. One among the various measures taken is directly assisting for refinancing the loans. This will definitely help in reducing the house foreclosures to some extent and help in the development of the real estate industry of the state. It will bring a ray of hope for the people like Ann Davis. We hope that the state of Connecticut will see a better tomorrow very soon.

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January showed an all time increase in the rate of home foreclosures recorded for this year till date. The Oakland county officials stated that this month saw the highest among all other months’ records.

January ’08 posted the highest number of foreclosures. At 949 foreclosure cases, it was 200 cases more than those posted in January ’07 and twice that of postings in December.

The county’s Equalization Division, which is the county’s tax-assessing wing, takes those foreclosures into consideration where properties have been claimed back by the lenders.

Dave Hieber, manager for Equalization stated that it is too early for him to comment whether the trend will continue but he also says that if it does then the total will rise to 11,000 as compared to 7643 cases in 2007. This may put even more pressure on an already struggling economy in the country.

This high rate of foreclosures is a burden on the housing market as prices will crash and tax revenue collections by the government will be deeply affected.

RealtyTrac Inc, a mortgage analysis company stated that Detroit area posted the highest rate of foreclosures in 2007 at 4.9 percent. Stockton in California stood second with 4.8 percent and Las Vegas metro area was third with 4.2 percent rate.

All these cases reported would be in different stages of the foreclosure process. RealtyTrac includes all those properties, which have entered into some stage of the foreclosing process. It determines the ranks by comparing the ratio of the number of foreclosures in the area versus the total number of houses in that metro area. These include owners having received defaulter notices, auction sale notices and repossessions by the bank.

Detroit metro area, which includes areas of Livonia and Dearborn, reported a 68 percent jump with 72,616 filed cases against 41,273 properties.

RealtyTrac also combined areas of Troy and Farmington in the Oakland County with Warren in the Macomb County, creating another metro area, which is ranked, 17^th in its report where 2.1 percent of homeowners are facing foreclosures.

Hieber also insists that RealtyTrac numbers are higher than actual as they include all properties in some stage of foreclosures as compared to the Equalization wing that includes only those, which have been claimed back by the lenders. Hieber also added that Equalization wing of the county is parcel specific and loan specific.

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Area loan officers of Southern West Virginia and Southwest Virginia declared that as the banking there was more conservative and stuck to more traditional practices, the region was able to avoid the mounting rate of foreclosures that was breaking out all over the nation.

An increase in the adjustable interest rates on subprime mortgages in 2007, left the investors who were financing new homes under that scheme, in great trouble. According to loan officer, Mike Day, who is associated with MCNB Banks, the consumers had thought that they would always be paying $400 as monthly mortgage and had thus signed up for the loans, but to their utter dismay they found the monthly mortgage rising to $650, which put sufficient strain on family budgets and ultimately led to foreclosures. Day goes on to say that, over and above all this , the price of gasoline and natural gases are also rising and thus the financial conditions were quite tough. But Day, as well as representatives of various other banks from that region remarked that in spite of all these different problems they have not noticed any marked increase in the volume of home foreclosures.

Lawrence Reed, Collection’s Manager, Bank of Tazewell County says, that they haven’t seen any increase in the rate of foreclosures as the bank follows a pretty conservative policy. He adds that, conservative products help in going through tough times. According to the director of secondary mortgage lending, First Century Bank, Hal Absher, the act of abstaining from subprime loans had once seemed a dumb move but ultimately it proved to be a pretty smart move. Absher further says that they have been conservative lenders, so they have stayed away from subprime loans and as a result they did not witness the hike in foreclosures.

The area bankers always keep one vision in mind ; that is, on the 1^st of September, 1999, the National Bank of Keystone situated in McDowell County, which happened to be one of the most big financial failures ever since the Great Depression, collapsed. Lawrence Reed remarked that this incident was an example of what could happen if banks followed unquestionable practices. He also said that whenever local banks think that some scheme for getting rich quickly is developing, they tend to fall for that and in the process somebody or the other tends to get burned. Thus following a conservative policy is definitely a foolproof measure of preventing foreclosures.

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Tri-County area is holding ground even when the whole nation seems to be on a rising trend in home foreclosures. The statistics of new mortgages show stability for the past three years, with numbers ranging from 187 foreclosures in 2005, 210 in 2006 and 180 in 2007.

Moving on to Jefferson County, the figures show a slight increase from 75 to 79, which according to the protonotary include only those applications filed for foreclosures. It excludes complaints later converted to mortgage foreclosures. Elk County shows a decrease from 60 cases in 2006 to 55 in 2007. Armstrong County however, showed an increase from 202 in 2006 up to 220 in 2007. Clarion County has shown a steep fall with 32 cases, down from 58 foreclosures in 2006.

Mortgage applications are not processed in-house by most financial institutions in the area. According to Rob Jorgenson, senior Vice President with S&T Bank, customers can apply for a mortgage loan either in person at the branch office, or apply online or over the telephone. The customers are contacted only after their applications are regionally reviewed.

Those customers with a faulty credit history qualify for sub-prime lending, which carry higher interest rates than prime-lending rates as these sub-prime loans carry additional credit risk.

According to the U.S Department of Housing and Urban Development (HUD), home refinance loans pose a greater share of sub-prime lender’s originations as compared to originations of prime-lenders’.

Non-payment of home mortgages for several months results in foreclosures. The HUD web site states that the major reasons for defaulting are job loss, drop/cut in work hours, divorce/separation, retirement, illness and death of the family member/owner.

A recent Associated Press article reported that Citigroup Inc. incurred a $10 billion loss due to bad mortgages in the last quarter of 2007. The company also set aside $4 billion as cover for anticipated losses due to defaulters. This indicates that drooping house prices, increasing costs of food and energy and increased rate of unemployment are making regular payments difficult.

Once a foreclosure application is filed by an attorney, the county’s Sheriff’s office gets involved. Having allotted a civil number, the legal procedures start.

Lisa Martin, member of Elk County Sheriff’s office states that the exact number of foreclosure cases is hard to state and reasons are many for stalling the process - customers filing for bankruptcy, full payments made before sheriff’s sale and owners out of the state apparently not receiving their papers.

Elk County has seen a ten-fold increase in the number of cases in the past ten years and many of which were sold by or via the sheriff’s sale. More information about the “Sheriff Sale” can be found at the Elk County’s website - ww.co.elk.pa.us/sheriff.

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