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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According to the Mortgage Bankers Association in USA, about one million homes are in the state of foreclosure. A huge number of people have become homeless due to non repayment of home loans. The first quarter report published by the Mortgage Bankers Association has showed that the foreclosure process of millions of homes have been occurred in various states of USA in 2007.

Banks began to take back the property that was bought with borrowed money since the money was not being paid back as formally agreed earlier. The prices of homes sold in the first quarter have also declined in record numbers. Some of the states in USA which include California, Nevada, Florida and Michigan have exhibited the greatest decline in prices of homes.

According to the Mortgage Bankers Association (MBA), mortgage application volume also declined which has resulted into decline of home prices. People living in most of the states in USA have become homeless and the problem lies in the crisis of the economy. The trend of falling prices of homes also affects the banks and other financial organizations. They have to face a huge amount of loss and the situation is becoming worse day by day.

The rate of foreclosure of homes is higher in states like California and Florida while the Michigan and Ohio are the two states which have faced fewer rates of homes going to foreclosure. Americans have exhibited record rate of decline in home values as well as in the stock market. Considerable amount of damage caused in the stock market and in the economy of the nation. The overall disaster in the US market has damaged the economy, therefore affecting the banks and other financial organizations.

The prices of homes have fallen in 43 states including California and Nevada which faced huge losses with home prices. Due to such conditions, homes have become less valuable assets for the people of America as the nominal decline in home prices affected the economy nationwide.

Hence people are seeking help and call the foreclosure Help Line to take advice on how to save their houses. Various preventive steps have been taken to help the struggling homeowners. In order to offer prevention, mortgage servicers, the borrowers and the companies that manage the loans have taken steps together to fix up the rates of loans.

However to overcome this situation borrowers are coming up with various re-payment plans to the lenders, which might be going to improve the scenario in near future if implemented properly.

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California had the highest number of properties facing foreclosures with 64,683 foreclosed homes and the number being on rise as well. The rate of increase had occurred by 112% from April 2007. However, the number of properties facing foreclosure, have a declining rate which has been less than 1% in fact! The state had also posted records that its foreclosure rates have been the second highest in the country. There are at least one foreclosed household out of every 204 currently while at least one out of every 66 household gets a notice.

The metro areas of California have reported to have had a foreclosure rising by the rate of 6 houses out of every 10 have been involved with foreclosure related crisis. The state of Arizona experienced the third highest foreclosure rate on toe, having one out of every 224 households experiencing it. A whopping number of 11,620 homes have been reported to have experienced at least one filing. This is a rise of 181% compared to what it was last year. While compared to last month, this has been a reported 26% high.

Quite akin to LA and inland areas of California, certain areas in Arizona, received a sharp and cutting run-up in speculation-driven home rates. New homes have come up during the housing boom too. Florida on the other hand has reported to have had 35,264 homes with a minimum of one foreclosure filling during the last month. This is again a jump for the state and it is about a 17% hike as compared to March but a massive rise of 146% as compared to last year. This change into a foreclosure rate of one out of every 242 households had made it the fourth highest nation having received foreclosures.

In Florida in fact, the foreclosures are rather alarmingly back onto going higher. Within the span of a month, the numbers are violently on an up-swing. But, certain good news include that the Sunshine State has been lately passed on by Arizona with their new rates of billowing foreclosures placing them well ahead of Florida. So, a fresh report states an overall lower rate of foreclosures in Florida.

The states to have made into the top ten foreclosure places in the US currently are Maryland, Colorado, Georgia, Ohio, Michigan and Massachusetts. Nationally foreclosures have just gone up by 4% in the total rating as compared to last month and 65% since April 2007. This has had its effect over 243,000 real estate properties. This has also been the highest number of recorded foreclosure rating since January 2005.

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California is in the leads currently with its foreclosure rates soaring way higher than the rest. One out of every 204 households in California now is in some way or the other related to foreclosure. According to a report from RealtyTrac, the rate is just half the total that it used to be in March. Amazingly, there has been an increase by 112% during the last one year. This Irvine-based foreclosure tracker has in fact set all the necessary statistics to keep the foreclosure hike in check.

Followed by California, we have Florida closely on a massive hike with a rapid rise in its number of foreclosures. Foreclosure in Sarasota County, Florida, is up again by 20% since March with about 1,286 filings. The rise has been reported to have been higher by 59% as compared to the first three months of the year. The foreclosure count in Manatee County has been up by 66% to 868 fillings now. Its current rate also states it to be on the rise by 104% since the start of the year.

California has however ruled the foreclosure number game with a huge bulk of its real estate lying foreclosed, and 64,683 properties on the stage of being foreclosed. The danger is great, and has already led to a mass scale economic slump in the state.

States like Nevada, Arizona, Colorado, Maryland, Georgia, Ohio and Michigan has followed suit. Nevada has in fact had an alarming number of one out of every 146 households receiving a filing.

In a more local stage, there has been some fresh news too! Sacramento fell out of the top 10 cities exposed to foreclosures. Instead, it has gone down to no.12 in April. It was in the 5^th position till March 2008 until it fell to the twelfth spot in April. On a national level, the rate of filings has wildly increased by about 65%, still on the rise. As foreclosure filings increased in comparison to last year, about 243,353 properties have been claimed to be on the brink of further experiencing foreclosures! Foreclosure filings now stand at a rate of one out of every 519 homes nationwide.

While California had been seeing a tough time, Missouri had the 20^th highest foreclosure rate this April. In Missouri, there had been one out of every 860 houses receiving a foreclosure notice or a foreclosure filing as it is. Overall, Missouri had around 3,051 foreclosures in the last whole month.

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The situation with foreclosures in Florida and Nevada has been quite the same as Colorado. These states have seen a lot of speculative and rash buying that has resulted on bets in housing values as well. This has helped the real estate business sink considerably.

In Ohio and Michigan, around 11,273 and 9,494 foreclosures got filed in March with economic conditions such as high employment coming into play. This had an effect in Georgia as well, due to extensive fraudulent activities along with greater housing construction.

It has been concluded that those involved in “foreclosure scam rings” have conspired to overvalue the price of properties by lamely appraising and driving through loans. However, Colorado continues to be among the top ten states that have hit the highest foreclosure statistics. Yet, the situation appears to be brighter for the Rocky Mountain state. The total number of foreclosures incurred in this March alone have totaled slightly lower than Colorado did last year. It is also a remarkable 8% lower than in February as compared to last year.

All the credit for lowering the figure goes to the governmental homeowners’ aid program. With their help, many positive changes have been looked forward to, and more changes are expected.

Still, the current situation in the real estate sector is that most Americans still refrain from buying properties out of mortgage. One out of every seven holders keeps worrying that they will slide in making their payments on time. Even more owners fret that their homes run the risk of higher payments in terms of interest while their actual property value would keep on shriveling. A recent poll even suggests that the huge amount of stress involved with property buying and selling has led to a nationwide housing crisis.

The sagging real estate market along with increasingly souring property prices crossroads with various finance related problems as part of the larger status of the nation. According to Associated Press-AOL Money and Finance, 60% of prospective buyers now refrain from making property purchases for the next two years. Rising up by 53% in an AP-POLL in September 2006, current statistics show that intense paranoia has spread among people. This number of dithering buyers was only 15% two years back. The present economic climate also shows that even holding on to existing property has been quite a gauntlet practice for many homeowners. Nearly three out of every ten owners anticipate that their home values will fall, while the interest on lease rates will continue to be on the rise. About 14% fear that they will be left behind in making timely payments on their mortgages if interest rates keep being reset.

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The Rose City Community Land Trust will have to face foreclosure due to taxes that have not been paid. The land-trust, which started operating in 1986 as a non-profit organization, owns property in the form of land and houses, all over the city. A paucity of funds and lack of participation on the part of the members of the board have affected their achievements over a period of time. Charles Glinski, the city Assessor had cancelled the nonprofit organizational status of the land trust two years back. This is because they failed to submit the necessary paperwork that was supposed to be given in every four years to prove that they were not required to pay property taxes.

He further said that the land trust board was forewarned of pending action, but they failed to respond. The tax bills, which were unpaid, started adding to the problems and Cathy Daley; a tax collector had to put two homes with the highest bills into foreclosure. The foreclosure filings surprised the trust officials, as they were unaware of the pending foreclosures in the city. The President of the Trust, Rick Gaumer declared that he planned to stabilize the trust by chalking out new payment plans. According to Daley, the group still has time to chalk out a new payment plan but that has to be carried out by a city attorney. The case would go out of her office once foreclosure begins.

However, from the financial aspect the situation was not very stable yet for the land trust. The income made from rent was limited to a mere 30 percent of the income of all the tenants. He says that since the incomes have not increased, most of the rents have not increased either. There will be a re-examination of income statements in June to see if the rents of a few units could be increased. The Vice President of the Land Trust, Laura Shelby as well as Gaumer rejected the idea of selling off trust properties and shutting it down. They were sure they would be able to make it work.

The historic structure at 702 New London Turnpike is probably the worst disaster owned by the trust. The property is in total disrepair and the tenants enjoy lifetime usage permission. Even if the trust were willing to sell this property, there would not be any takers who would honor the lifetime lease and will take care of the restoration as well. The fact that an authentic restoration is needed makes the task more difficult and expensive.

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Foreclosure notices being sent out at a rapid pace, in many places, has exceeded the number of homes sold in the particular month. The rate of foreclosures in Nevada is the worst hit with the highest across the nation. With the housing markets being hit continuously with falling prices and distress sales, worried government officials and voluntary service organizations are trying to bring about legislative proposals and other plans to delay foreclosures so that the homeowners can have some time to arrange for the payments. However, with no consensus yet with the legislative proposals, the foreclosures are still mounting.

With over 153,745 initial notices being sent out for foreclosure proceedings in January alone (as reported by RealtyTrac), even sales of 43,000 newly built single-family homes means nothing. This figure of initial notices amounts to more than half of the total home sales made. Moving West, the situation only worsens with the home sales being barely higher than the number of issued notices. It looks like the worst hit areas are behind in the home sales as compared to the notices issued.

Foreclosures in California topped the list with the highest number of foreclosure filings, however was ranked fourth on the number of houses affected by the foreclosure proceedings as many homeowners tried to make payments or sell their homes to clear off the loans. Nevada topped this set, with Michigan foreclosure homes being a close follower.

Foreclosed homes represent displaced homeowners on one hand but increase the number of homes available for sale on the other. This in effect creates competition to other sellers like those trying to sell newly built homes. Moreover, since the foreclosed homes fetch lower prices when the sale happens, they bring down the prices even for the newly built homes. As reported by the Census Bureau, the number of newly built homes lying vacant as of December last year was 197,000 and came down only to 195,000 homes in January.

It seems that the areas which grew rapidly with the housing boom are the areas worst affected by the mortgage crisis. States like South Dakota, Vermont, Maine, North Dakota and West Virginia were among those largely unaffected by the housing boom and today these states boast of having sound economies when the rest of the nation is under the foreclosure storm. Foreclosure rates reported in these states is well below 0.1 percent!

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The foreclosure rate has been soaring and has jumped up by 57 percent in January over last year as lenders are taking possession of more and more houses. The lenders take possession of houses when they have been able to sell off these properties at auctions.

Across the country in January, over 233,001 homes were served with lenders’ notices as they had heavy defaults. If compared to last year, the figure was 148,425 notices. California based foreclosure analysis firm observed that almost half of these notices were served as “first – time” notices, which means that there are many new defaulters on the brink of having to face the foreclosure process.

This situation has arisen despite many of the efforts taken by lenders to help borrowers manage their mortgage plans. Many of them have modified loan plans, have reworked long-term repayment schedules mortgage terms.

RealtyTrac’s Vice President (Marketing), Rick Sharga states that people are increasingly falling into the defaulter’s list and a greater percentage of such properties are staying with the banks. The nationwide ratio of foreclosures was standing at 1:534, which means that one out of every 534 homes is facing the foreclosure wrath.

With an increase of approximately 118 percent, Arizona ranked fourth in the foreclosure list. RealtyTrac reported that over 9,000 filings have been recorded in January alone. Ranked first among the metro areas is The Cape Coral – Fort Myers area and Stockton, California is a close second. The tallied figures show an increase of 8 percent when compared with December 2007 data records.

Efforts being made to help borrowers are not yielding much as Rick Sharga comments, “The loan workout modification programs aren’t having a significant material effect on keeping properties from going back to the banks”. Repossessions by the banks showed a whopping 90 percent increase over January 2007. Even purchases by investors are not coming by for the houses reclaimed by the banks. This proves that real estate prices are falling and affecting the housing market in many areas.

The states having the highest foreclosure rates are California, Florida, Arizona, Colorado, Massachusetts, Georgia, Connecticut, Ohio and Michigan. Nevada topped the charts with 6,087 properties receiving at least one filing. With more and more statistics pouring in, it only indicates that the housing market is further slipping down. Despite the many measures taken by the Bush’s administration and the lenders’ associations, many homeowners are yet to see the light at the end of the tunnel.

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Default Research is one of the chief sources of real estate and foreclosure information based in the Detroit area. According to them, the rate of foreclosure has made a jump of 38 percent in Michigan in January 2008. Default Research reports that in January 2008, 2,501 houses in Wayne, 713 in Macomb and 588 in Oakland were facing foreclosure.

In 2007, the Detroit area was one of the most badly affected areas. Even though the rate of foreclosure is still on a steady hike, Default Research predicts that this year should be less devastating than the previous year. Sardar Bankaci, the founder of Default Research says that t according to the research, in Detroit, the foreclosure crisis was at its peak during the last year. He goes on to say that there has been a fall in the housing inventories over the last six months. Also, even though the median prices are still declining, they are on the process of leveling out.

The Michigan foreclosures were at the heart of the nation’s foreclosure crisis. Thus this was indeed a very positive indicator with respect to Michigan foreclosures. 2.65 percent of the homes in the Detroit metro area went into foreclosure in the previous month. The effect of recession has had quite a widespread impact and it prompted the officials from Washington D.C to take action in the form of lowering the rates of interest.

The company feels that this policy is going to be extremely popular among the clients based in Michigan as well as people across the nation who are looking forward to making investments in foreclosed properties. Bankaci says that now that the interest rates have been lowered, people will find that real estate is a good tool to make profit and simultaneously, it will also help families who are facing foreclosure crisis. Bankaci feels that this is a very good opportunity of buying and renting properties as well as quickly receive a monthly return on the investment.

Those mortgage brokers who were using the lists would now be able to provide the home owners with lower rates of fixed loans and the home owners could be refinanced accordingly. Moreover with the lowering of interest rates the banks were willing to approve of more loans. As a result, the investors have more credit to make pre foreclosure purchases. Also, even the homeowners have access to credit and can make a purchase. More information about Default Research can be found on their website: www.defaultresearch.com.

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An increasing number of home sales are attributed to foreclosures, more so in areas that are affected the most in this real estate crisis. According to data from the Associated Press, comparison of 2007 foreclosure data shows that there is more pressure for dipping house prices not only in areas of Colorado, Michigan, Nevada and Tennessee but also in Arizona, Florida, Georgia and Ohio. In fact, 50 percent of home sales are from foreclosures in some parts of California. In addition, rate of sales in Nevada at 17.5 percent is four times that of 2006.

According to real estate experts, this growing rate of foreclosures is worsening conditions in weaker markets and having many cascading effects. Even those owners who are not under deadline pressures are foreclosing their properties. In effect, banks are under increased pressure to off load their burgeoning inventory of foreclosed properties at low prices prolonging the housing crisis. According to RealtyTrac, average price has dropped by $1000 for a foreclosure sale nationwide. This means that properties are losing value and local tax collections are further reducing. These effects are enhanced more in neighborhoods of minorities, as lending standards are the weakest for the residents here.

Many investors and real estate brokers feel that the situation is much larger than it is made out to be. Bush’s administration and top lending banks of the country have devised some sort of a relief measure where heavily indebted defaulters are given a 30-day break, for in the meantime, lenders would devise a new plan to make more affordable mortgages.

A comparison of the third quarter results (2006 Vs 2007) made by Associate Press on the annual rate of home sales nation wide data showed an increase up to 4.7 per cent vs. 3.3 percent in 2006.

The data shows that areas where lending standards were the weakest are the hardest hit. Places like Kansas, Maine and New Mexico have very low shares of foreclosure contributing to home sales at just 2 percent of total sales. Lax lending standards in prime areas have added fuel to this crisis.

National Association of Realtors is conducting an informal survey to get more detailed information to gauge the depth of this issue.

Though many experts feel that data findings do not cover foreclosure sales through auctions, the fact remains that Foreclosures are on an increase and authorities will need to put in a lot of checks and measures to bring stability in the Real Estate Housing Market.

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