Foreclosure has claimed one more victim. This time it is US baseball star Jose Canseco, who lost his mansion in California on Thursday. He is also one of the first few celebrities who have admitted to being part of the foreclosure crisis publicly. He has had two divorces and has also been booked a few times by the police for violence.

One of the most prolific baseball stars in the country, Jose Canseco, 43, retired in 2001 from the major leagues after a successful career in the game. His house was located in Encino, a Los Angeles suburb and was over 7,300 square feet in size. It seems that he still owed the lending bank more than $2.5 million on the mortgage of the house after the TV show procured documents showing the same.

When talking to ‘Inside Edition’, Jose Canseco said “I’ve been out of the game for about eight or nine years and obviously this issue with the foreclosure on my home. I do have a judgment on my home and it to me is very strange because it didn’t make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else,” he said.

Jose Canseco denied that there was any emotion attached to the whole foreclosure issue regarding the house, but was sympathetic towards the millions of Americans who have lost their homes and become a part of the foreclosure statistic in recent times. He also sympathized with people who were about to lose their houses because they could not handle the increase in mortgage payments due to a hike in interest rates.

Jose Canseco added “I decided to just let it go, but in most cases and most families, they have nowhere else to go.” There was no mention about where Jose Canseco was living at this time – a sad time for one of the first few US Major League baseball players who admitted to using steroids in his 2005 book “Juiced”. He admitted to having lost a lot of his money to his two divorces, which he said reportedly cost him around $7-8 million, leaving him with very little disposable income.

This expose follows statistics released by RealtyTrac this week that foreclosure filings have gone up by 23% in this quarter of 2008 compared to the previous quarter and have more than doubled from last year.

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Sean Zawyer and Seth Gissen are two pioneers in foreclosure expertise who can give you a clearer sense of the mortgage meltdown effect in the US. These two process servers as well as officers of law are hired to give you raw and uncut news updates regarding the current foreclosure meltdown, and all the real estate mayhem. The company that has hired them delivers about 50,000 foreclosure notices just across Miami itself, and this event occurs every month giving you the picture of the scale of this unparalleled crisis affecting the real estate business today.

Zawyer has been reported to have said that there are no words to describe this major pitfall in the real estate market. Both of them have been in this market for over 10 years now, and they strongly agree to the fact that this has been the worst period in the past many years. As more and more foreclosure tags hang in front of every foreclosed Miami property, the duo comments that their business that was on rapid growth by 20 or 30% has now doubled in the last one and half years.

The company itself now boasts of a strength of 55 employees, with 25 in the office and the rest 30 as reporters on foreclosure notices. The duo here is not the only pair making it big out of the foreclosure industry. There are plenty of services available that are making their profit from the sheer necessity of another side of economic downfall. Many moving companies as well as banks have tried to clean up on foreclosure possibilities by helping move the owners who have markedly fallen behind in making their payments.

The Rockwall County in Texas has even had the sheriff calling in to evict around six whole families per week in order to continue mass eviction.

The other side of the foreclosure business reveals a somewhat booming industry in the outskirts of Los Angeles. This is in due process of preparing for the sale or auction of repossessed homes. Homes that have been shortlisted for reselling after being foreclosed have been a large turnover business here. About two years ago even the WSR Preservation Services had a Californian property going on for maintenance requisites as a part of its reselling program. This maintenance included cleaning up of foreclosed homes having around 10 employees to carry out the purpose. But now such a company on property cleaning would harbor no less than 60 employees for each project.

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The grim side of any foreclosed property would leave the marks of a sweet little family which just couldn’t meet the requisite mortgage payment. Many of the clean up people in such properties, readdressing them for a fresh sale, report rather touching accounts of the remnants of a happy family. They have reported to have found toys and bicycles being left in the yards, and clothes lines with clothes hanging on them in a few cases. The president of WSR Preservation Services, John Plocher, has been said to have reported that these are the usual scenes in many a clean-up projects in suburban Los Angeles. It showed that they have been clearly abandoned in a tearful hurry.

Some of these families have been locked up by the sheriff, and scared neighbors under threat have chosen to move out quick. Property owners are often hard to find after a house is under foreclosure. As more and more owners leave their home, the authorities find an empty home or a property occupied by renters. This way the owners are rarely traceable.

One would find a real estate expert on a channel like ABC News say that the end of the property business is here, and that the very pit of the bottom would be at least a year away. The publisher of Inside Mortgage Finance, Guy Cecala, has stated that it would take till the middle of next year to really experience a major bottoming out. Before that, there is still chance to revive this market. In relative terms, foreclosures have really reached a record high. But to consider the current situation in this falling market, there still seems to be time to revive it. As the shifts move forward, more constructive work can be supposedly done to help the real estate market.

With the advent of spring, the number of foreclosures has increased a great deal. So, the start of the new season hasn’t gone all that easy and well for property owners in the U.S. The ready percentage of foreclosures has in fact shot up by 57% in the last month compared to the statistics a year ago. RealtyTrac has reported that foreclosure filings have taken a swell nationwide. The rate of foreclosures has in fact shot up all over many states in a dramatic manner. This rise has been particularly significant in Nevada where one out of every 139 households has got a foreclosure filing.

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Many of the high prices demanded from the tenants over the past few years have led to many of the problems that have resulted in the present condition of foreclosures. As Rick Shraga of RealtyTrac observes on the staggering state of foreclosures, the full financing are only full of risks. Home prices keep falling rapidly relating to these problems all over again.

In Stockton, California, about 77% of homes have faced an underwater negotiation with negative equity. Stan Humphries, the vice president of data analysis of real estate at the website Zillow.com, has reported that the percentage shot up to 60% facing foreclosures in Las Vegas and above 40% in Miami and nearly 40% in Los Angeles. It is not just a problem with new owners, but plenty of owners who rode the boom have just plainly spent their home equities gains being unable to pay regular rents.

People have often faced being crashed-out on trying to refinance their homes in order to sustain their usual order of daily expenditures. Therefore, a house bought five years ago is facing lower pullout of home equity shares. Homeowner equity even dropped to a very low rate of 47.9% in the fourth quarter. As speculated by the Federal Reserve, the mortgage delinquency rate has been the highest so far since 1985. The rates of foreclosures had started as well as reached record heights very fast indeed. Counting the new delinquency rates of the foreclosure, the Chief Economist of Federal Reserve, Doug Duncan, has briefed in a meeting that about 7.86% of all people with a home loan, are late on mortgage payments. He concludes that as equity declines people are more prone to walk away. As most mortgage payments are “non-recourse” loans the lenders get to repossess their properties only after they can have no further claim on the borrowers’ wages or any other such assets.

Sharga even points out that the logical places for the most evident walkways are in the bustling market places, post the real estate boom period. The major players here are the states of California, Nevada, Florida and even Arizona foreclosure homes. People are most likely to have such actions taken in these places. A large number of properties bought in these states were done when the prices were not as high as the previous times. Sometimes candidates with zero or negative equity in their properties during the time of loan resetting are sure to walk away.

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The prices of real estate properties are going down at a massive rate with the start of foreclosure deals. As more areas face the tumbling down problems of foreclosures, statistics result in the most hard-hit real estate prices to date. Home prices have hit a rock bottom and slid down by around 8.9% in the last quarter of the previous year.

About 8% of homes in U.S. have faced foreclosures in January, according to the California-based RealtyTrac Inc. Compared to January 2006, the number has actually gone up to 57%, according to the mortgage research firm.

Standard & Poor’s index has in fact delineated that drops in the house prices in 17 out of the 20 houses across U.S. metropolitans have in fact put a downward slope of nearly 10% or more in 8 or more cities even.

One of the index creators, Robert Shiller, has pointed out that the situations are bleak all throughout. The drop has been even steeper in the last week of February of this year.

Nearly 23,000 homes have got the warning bells of being foreclosed in this January as a matter of overdue payments. Resulting from a rise-up from 148,425 in 2006 this has been a massive high in the amounts of foreclosed properties as seen in any of the previous years.

As a result, more and more families have been making it into the defaulter’s lists with a higher rate in the properties going to the banks. The Vice President of RealtyTrac’s marketing sector has pointed out that lenders are, in fact, having trouble reselling their real estate properties under such coercive implements of sales strategies.

The Southern states have been reportedly the worst sufferers according to reports. The cities have been the most effected according to foreclosure reports with the home price indexing falling onto 17.5% in Miami foreclosures itself! The Cape Coral-Fort Myers area in the state of Florida had experienced the greatest hit under the ravaging forces of foreclosures. As compared to any other metro, this city had been the worst hit.

Stockton foreclosures, the eastern part of San Francisco, California, was given the second places in running up high foreclosures. The Riverside-San Bernardino area of Southern California came third in this case.

The state of California has been the state with the highest number of foreclosure fill ups including 57,158 properties following Florida with about 30,178 fill ups. In regards to the rates, foreclosures in Las Vegas and Phoenix has followed the footsteps of Miami while next in toe were Los Angeles, San Diego, San Francisco, Detroit and Washington D.C.

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