Las Vegas has shown a fall in its number of pre-foreclosure filings and bank-owned properties in the real estate in the month of October. It has been found that the number of pre-foreclosure filings declined to 6,420 in the month of October in Clark County from 6,565 in the month of September. On the other hand, REOs came down from 3,563 to 2,653. Despite that pre-foreclosures and REOs have gone up by 69.2 percent and 157.6 percent respectively from the figure during the same month a year back. Nationally, there has been a decline in the number of foreclosures according to the US Foreclosure Index. However, the Southeast and the Southwest regions still show a high number of foreclosures.

In October, the states that were found to face the biggest number of foreclosures were Georgia with 5,518, California with 17,209, Texas with 5,112, Arizona with 12,002, and Florida with 10,186. According to a national survey, nearly 11.5 out of every 1,000 homes have been taken over by the lenders till date. This shows an increase of nearly 71.6 percent from what it was a year back. Besides, another 24.6 out of every 1,000 homes have to fight with pre-foreclosure filings.

In the month of October, nearly 84,286 properties were taken over by the lenders. This shows a decline of 22 percent from the figure in September that stood at 107,950. There has been a decline in October in the number of pre-foreclosure filings nationally. From 178,523 in September it has come down to 166,230. This is a positive trend as it shows a possibility of slowing down of foreclosures in the future.

REO specialist Tim Kelly Kiernan said, “A lot of people are low-balling the banks, which is not very smart. They hear everything on TV about foreclosures and they think they can get it for less than it’s listed for. Banks have done their homework. If they list it for $100 a square foot, they’re not going to take $75 a square foot.”

The problem of foreclosure will be one of the major issues that President Barack Obama has to take care of once he takes over the office in the month of January. He has plans to bring a 90 day moratorium on foreclosure. For the time being, the problem of foreclosure will remain under the purview of the Bush administration. A real estate agent has put forward, “In 2009, the five-year ARMs (adjustable rate mortgages) start to adjust and many will find their home value has dropped. Without the ability to refinance, we’re like to see more REOs on the market.”

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Nevada has been granted a fund of $72 million by US Housing and Urban Development Agency (HUD) to fight with the problem of home foreclosures. This fund granted by HUD is a part of the $4 billion program of the department to help the country get away with this real estate crisis. However, the major share of this fund will be handed over to Las Vegas and its surrounding areas. This has left the officials of Reno in a state of great desperation. They are very shocked to know about the distribution of funds. Over $47 million of Nevada’s $72 million will be given to North Las Vegas, Las Vegas, Clark County, and Henderson.

The officials of Reno are quite unhappy with HUD’s decision and said that they have failed to realize the extent of severity there. Mayor of Reno Bob Cashell have although accepted that the problem of foreclosure in Reno is not that acute as other regions of Las Vegas, but it is not that good too. Nearly three out of every 100 homes in Reno are facing the problem of foreclosure.

Cashell has said, “Nevada has the highest foreclosure rate in the country, and while the problem in Reno is not as acute as with our friends in Southern Nevada, our foreclosure rates are still much higher than the nation as a whole”.

The officials of Reno have said that they have to literally fight to get the remaining share of the fund. Pierre Hascheff, Councilman, has played a major role in helping the distressed homeowners to fight with the problem of foreclosure on their home. He has said that the City Council of Reno will work out in a way such that it can have its proper share of funds to do away with the foreclosure problem in Reno.

An amount of $14.7 million has already been allocated by the city from a tax exempt bond. The city is also working along with the Nevada Housing Division and lenders to get back the foreclosed properties and re-finance the risk loans.

Hascheff has said that the officials of the city will try their best to act along with the state of Nevada to save as maximum as possible. He has put forward, “We believe that the state should assist Reno homeowners,” Nothing could be predicted in advance, people in Reno have to just keep their cool and wait and watch.

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A ray of hope seems to be there for the real estate market of US. Although the rate of foreclosure homes have gone up in the month of August, but there is an indication of stabilization in the US housing market. The Fannie Mae and Freddie Mac bailout by the government is supposedly going to strengthen the value of homes. It has been observed that about 656,545 properties or 8.6 of every 1,000 homes in US have been repossessed by the lenders since January, 2008. In the month of August, nearly 102,000 homeowners have fallen into a foreclosure situation. This is almost an increase of 6.0% from the figure in July and 80.0% as compared to the previous year.

It is assumed that nearly 1 million properties will be taken over by the lenders by the end of 2008. About 1.45 million homeowners have confronted with a pre-foreclosure action on their home by the lenders since the beginning of 2008. This is quite alarming as it is almost twice the figure of 2007. Since July this year, the pre-foreclosure activity has somewhat slowed down. However, over half of the pre-foreclosure and lender repossession has taken place in Florida, Arizona, and California. These three states together with Nevada have been heavily hit by the real estate mortgage crisis of US.

Mortgage Bankers Association has reported that nearly 9.0% of the homeowners in US with mortgages were either in a foreclosure situation or behind in their payments at the close of the second quarter. It has been said that California and Florida has been the driving force behind this increasing numbers. The bailout of Fannie Mae and Freddie Mac is expected to have a positive effect. It is hoped that there will be a drop in the borrowing costs. This will provide a support to the secondary market’s demand for mortgage-backed securities and will be a source of money for the lenders.

A decrease in the borrowing costs will make it feasible for the buyers to buy an already-foreclosed home. There has been a major fall in the employment level that has made several economists to assume that there will be further foreclosure problems. According to the Labor Department, a loss of about 84,000 jobs has taken place for nonfarm payrolls in the month of August. The rate of unemployment has rose from 5.7% to 6.1% in August.

The Northeast and Midwest have faced much lesser foreclosures and pre-foreclosures this year as compared to 2007. The Southeast region has the highest number of pre-foreclosure activity going on, with 477,177 or 27.5 filings per 1,000 homes. On the other hand the Southwest region has the highest number of foreclosure activities, with 348,019, or 12.7 filings per 1,000 homes.

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The problem of foreclosed homes although has hit terribly the real estate in the second half, but there is also an improvement that is being noticed in the number of borrowers who were falling badly in their mortgage payments. It has been seen that there has been a decrease in their numbers for the first time over the last two years or so. The default rates for the subprime loans have decreased according to the Mortgage Bankers Association. However, the number of prime loans defaulters is still on rise. The prime loans were those which were granted without looking into the credit history of the borrower.

At the end of the month of June, nearly 1.75 million mortgages or 2.75 percent of the home loans were in a state of foreclosure. This is an increase of 2.47 percent from March. This happens to be the highest foreclosure rate since the year of 1979. The real estate market is envisioned by the experts to face a further downward movement due to the increasing rate of unemployment resulting out of foreclosures. The rate of foreclosed homes was the highest in Michigan, California, Ohio, Florida, and Nevada. The total number of loans that were due by less than 3 months dropped from 4.72 percent to 4.58 percent.

The rate of unemployment has soared from 5.7 percent in July to 6.1 percent in August according to the report of the Labor Department. The job scenario seems to be at real stake. Several families were able to pay off their bills due to the $100 billion in federal tax rebates. Some others were able to deal with their loans due to the modifications made on it. Celia Chen, a real estate expert has said:

“The data over all still suggests that mortgage quality is weak, and I would expect that there will be further weakening and foreclosures that occur before the housing market improves”

About 5.35 percent of prime loans at June end were past due, which shows an increase of 4.93 percent from March. On the other hand, about 30.48 percent of subprime loans were past due, which indicates an increase of 29.53 percent. There is a huge concern with the defaulters of prime loans. The number of defaulters on this loan is expected to go further high by the real estate experts. This is because several borrowers with various creative loans like interest-only loans might fail to make interest payments as and when their favorable introductory terms come to an end.

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The decline in the value of home in the Las Vegas valley by almost 30 percent has made many think that the worst phase of the real estate crisis is over. However, there are many experts who think that a second wave of foreclosures is likely to take place soon, may be in the coming few months. They are envisioning that a large number of homes in Las Vegas valley will be left vacant by the distressed homeowners. The situation is really tough and they feel that the people should stop thinking that the bad phase is over. They consider two things that are to be blamed for foreclosed homes. These are the ninja and the liar loans.

Ninja and liar loans have been one of the biggest reasons behind foreclosures in Las Vegas. It has played an important part in forcing the real estate of the valley fall into the foreclosure activity. With the change of rates in the month of September, it is expected that the problem is going to be worse. The liar loans allow the homebuyers to tell a lie on their yearly income. This helps them get a bigger home for themselves avoiding the scrutiny by the bank.

Some of the realtors feel that the prices of home wont decline further. However, the greatest worry for them is that an increasing rate of foreclosures means an increase in supply. This will be instrumental in bringing down the value of homes. The ninja and liar loans are considered by many as villains in the real estate market. They make the foreclosure situation worse. According to Realtor Cynthia Glickman,

“Oh yeah, look at these people, you know. They’re liars. They’re getting what they deserve.”

It has been subservient in staining their reputation.

The word ninja means No Income, No Job, No Assets. The ninja loans are given out to those who does not have money or right by which they can afford a home for themselves. The borrower of these loans assumed that the prices of homes are going to move up. This made them less bothersome about their repayment. The lenders thought that the ever flourishing real estate market would continue to expand. It’s a warning for the borrowers of liars and ninjas that the change in rates in September means that their monthly payments are going to be up. This means more foreclosures are waiting in the coming days.

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The problem of foreclosure homes in the Valley, apart from real estate, is standing as a big threat to the pets especially the cats. The people who are facing the foreclosure problem are leaving their cats behind. There are many who have been calling up at the animal shelters seeking for a shelter to their pets. With the increasing number of foreclosure homes in the Valley, the number of abandoned pets is also rising. Karen Layne of the Las Vegas Valley Humane Society has expressed this situation to be scary as she is seeing that many people are leaving their cats and dogs behind and begging for taking them.

The worst is the situation for those animals whose owners have either left them locked inside the house. Some have even left their dogs behind with no water. The distressed homeowners facing the problem of foreclosure have abandoned these animals and the latter are starving to death almost. To an animal lover like Karen Layne the abandonment of pet is an unthinkable act. It has been reported that about a total of 21,000 cats and kittens in the Valley were abandoned in 2007 as they were not adopted. Layne has said that the homeowners need to be a bit responsible. It is totally inhuman to leave the pets behind. They must do something about it instead of just walking away.

Layne has also said that the cats have comparatively lesser chance for being adopted as compared to the dogs. Even there is also a very less chance of them being returned to the owner. One out of every five dogs has a 50 percent chance of being adopted out of the pet shelter. Thus it is a real tough situation for the cats and kittens of the Valley. Something is needed to be done for them as Layne feels. This real estate problem is disrupting their lives too.

According to a report, the number of foreclosure homes has been rising tremendously in Nevada and it leads the nation in July in its number of foreclosure filings. This means that there is likely to be an increase in the number of abandoned pets. The Las Vegas Valley Humane Society hopes that that people would at least leave their pets with them so that these animals can see a better future. Layne blames the falling economy, the price of energy, and the rising number of foreclosures in the Valley.

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The rate of foreclosures in the state of Ohio is flattening as per the reports of a firm that keeps a check on the US real estate foreclosures. It has also been stated by a lawyer, who has been playing a great role in providing help to the homeowners of Ohio to prevent foreclosures, that within a year or so the number of foreclosure homes is further going to come down in Ohio. This state had the sixth highest foreclosure rate in US during the second quarter. As per the report of the Irvine, California based RealtyTrac Inc firm, one out of every 134 households were sent a foreclosure notice.

The real estate foreclosures filing nationally has almost doubled from what it was a year ago. In fact, this situation is going to worsen as viewed by RealtyTrac spokesman Daren Blomquist. But the condition in Ohio seems to get better as opposite to the worsening situation in Nevada and California. There has been a 147 percent increase in the foreclosure filing in Nevada in the second quarter than what it was last year. On the other hand, the real estate foreclosure filing rate in California has nearly tripled in comparison to the last year’s second quarter records.

It has been reported by RealtyTrac that about 37,689 properties in Ohio got into foreclosure process on 25th July, 2008. This is 21 percent more than the records of the previous three months and 27 percent more than the same period in 2007. An attorney of the Equal Justice Foundation, Paul Bellamy said that there is still an ongoing shock due to the boiling down in the sub-prime mortgages. This situation started in Ohio and also in the Midwest before it affected the rest of the nation. Ohio has been facing it for the past 10 years.

Bellamy expects that if the economy of the place remains stable, then the real estate foreclosures will decline by the end of this decade in Ohio. The US Senate has passed a bill that will help about 400,000 homeowners to get out of the foreclosure situation. This bill mentions of provisions that will help in refinancing into an affordable loan program. With the signing of the bill by President Bush, the worried homeowners are expected to see a better future.

George Voinovich, Ohio Senator, has said in praise of the bill:

“This bipartisan compromise is a solid step in the right direction and includes the types of immediate relief and assistance struggling homeowners have been waiting for”

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RealtyTrac the prominent online marketplace for all kinds of foreclosure properties, recently published its Q2 2008 U.S. Foreclosure Market Report. According to this, during the 2nd quarter of the year, 739,714 U.S. properties were reported to have foreclosure filings. This is about a 121% rise from the second quarter last year, and almost 14 % increase since the previous quarter of 2008. As per as the report out of every 171 U.S. household, one received a foreclosure filing in this year’s second quarter. RealtyTrac reports the most comprehensive and biggest national database of bank-owned and foreclosure properties, with more than 1.5 million properties from about 2,200 counties throughout the nation. It is also provides foreclosure data to The Wall Street Journal’s Real Estate Journal, Yahoo! Real Estate, and MSN Real Estate.

The CEO of RealtyTrac, Mr. James J. Saccacio stated that, “Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity.” In the second quarter, 95 of the 100 biggest metro areas and 48 in 50 states in the US experienced great rise in foreclosure activity. Saccacio also said that, “Bank repossessions, or REOs, accounted for 30 percent of total foreclosure activity in the second quarter, up from 24 percent of the total in the first quarter.”

Out of every 43 households in Nevada, one received a foreclosure filing in the second quarter. This makes it the highest foreclosure rate in the states and about four times than the national average. According to reports, the quarter saw foreclosure filings on 24,657 properties of Nevada, up by 26 % from the last quarter and up by 147 % since the first quarter of last year. As many as 202,599 California properties have foreclosure filings in the second quarter, which is the maximum total throughout the states and the second highest foreclosure rate in the nation. The state with the third highest foreclosure rate in the US is Arizona, with one out of 70 homes getting a foreclosure filing. Foreclosure filings in Arizonian properties were up by about 36 % since the previous quarter and nearly 4 times since in the second quarter last year.

The other states, which showed a high rate of foreclosure properties, are Florida, Colorado, Ohio, Michigan, Georgia, Illinois, and Massachusetts. Some of the top 20 US metro areas with increased real estate foreclosure activity are Las Vegas, Miami, Phoenix, Detroit, and San Diego.

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Foreclosure may have a serious impact on voting rolls, especially in a state like Ohio. This is because many real estate owners have left their houses but continue to be registered at their previous addresses. They are expected to cast their votes as provisional votes, and those provisional votes may become the deciding factor for the election result. According to Ohio State University Law Professor and election specialist, Mr. Daniel Tokii, it’s a real issue. He is even suspicious about the voting result of 2004 in which President Bush was elected and surprisingly got the electoral votes to win the election from Ohio.

The rising trend of foreclosure instigates more provisional votes and the trend was started in the 2004 election, and is still continuing. In Columbus, just 3700 people are registered to vote where practically the number is many times more than that, as reported by the city’s code-enforcement office and the Franklin County Board of Elections, The Columbus Dispatch. In January, the Franklin County Board of Elections sent notices to 27,000 such voters that had filed out change of address forms but a response has come from only 10,000 of these by the end of May 2008.

Homeowners who no longer possess any real estate property have become very important for the coming election in November. These people are directed to register by themselves; their county has no responsibility towards their registrations. Moreover, this makes it difficult to keep the voting list updated. Those people who are alive, even registered, but have not voted in the last eight years of elections have also been ticked out from the list in Franklin County.

Keeping their registration updated is a must for the voters, and to do so it is compulsory to show identification at the polls, as decided for Ohio, the ninth among the states with the highest foreclosure filings. Real estate owners, who have foreclosed properties, thus become challenging and worrisome for both Republican and Democratic parties in Ohio.

The election officials are very harassed in Ohio, the ninth among states and Columbus, the 32nd among cities having the highest rates of foreclosure. So, what will be the situation in the cities like Cleveland, Dayton, Akron, Toledo and Cincinnati? It’s going to be really tough for them to maintain a proper list of registered voters. The situation will be much challenging in Nevada, with the highest in foreclosure filings, including others such as Florida, Michigan, Georgia, Colorado and New Jersey as well.

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From July 4^th, the Senate comes back for a fresh start. But still, there will be more than 55,000 new foreclosed homes by then all across the nation. This is not even the whole picture though. There is more calamity predicted with over three million house owners falling under the precarious state of being foreclosed any day from now. Many more are at the risk of being a part of the defaulters’ list soon. Millions more still have been prognosticated to being close to joining the foreclosure or default list soon.

Years of downfall in the economy along with the many delinquent aftermaths coming as an impediment to it, have been a major factor in the rise in foreclosures. However, the Senate has still not hesitated to move into vacation mode last Friday. There has been no foreclosure prevention or precaution act being passed so far. Under such hazardous economic conditions, such indecisive and suspended work leaves the majority of new renters under an even greater realm of doubt regarding their future and full ownership.

A bill being expected and anticipated for long got derailed in proceedings due to numerous petty political issues arising in between. Senator John Ensign, Republican of Nevada, had even asked the Senate up front about a multi-billion addition to the package of tax breaks used for renewable sources of energy. However, the Democrats seem to have balked at such a stance, and though not opposing tax breaks to renewable energy sources, have rightfully demanded partisan support. Mr. Ensign had longed to take them back on the foreclosed homes bill, without even paying for them. This poses to be more of a threat to the bill in the House which is more likely to be involved with the Senate’s paying through governing policy.

A delay of this nature is definitely going to delay work on one of the most important political issues in recent times. The Democrats keep on campaigning on their accomplishments, basking under its glory even when they are taking a break. This has shown to be poor policy from the party. This has led to turmoil and mayhem in the financial distract as the foreclosed homes issue continues to contribute to a lot of the nation’s drastic economic decrease. There has been reported mayhem in the financial markets due to the continued collapse of the housing boom, even with house prices stabilizing and the sales heightening.

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