The rate of foreclosure has gone up in McLennan County. The number of foreclosure postings has been high in December and throughout the year. A total number of 1,110 foreclosure postings have been recorded till date. This shows a 13 percent increase from the figure last year that was 909. The total number of foreclosures that have got posted in the month of December is 85. This is about a 12 percent increase from what it was a year back during the same period. This real estate crisis has proved beneficial for a few investors who can find great deals in these types of properties.

Properties are available at a 12 to 15 percent less price as a result of foreclosure. A local nonprofit agency has received an amount of $49,680 as federal grant for helping out the distressed homeowners. A real estate professional Roy Nash said, “Getting this support for our foreclosure counseling means that we can continue to help more local homeowners find solutions to stay in their homes,” The value of homes in McLennan County remain springy in comparison to the other parts of the country.

Chad Klawetter, another real estate expert, said, “Oftentimes, non profit counselors can make more headway in working out payment plans than homeowners, unfortunately. So even if you haven’t missed a payment, give us a call if you are expecting problems. The further you get behind, the more difficult it becomes,” According to some data source, 24,666 properties were posted for foreclosure in a nine-county region of Central Texas this year. These counties include Bell County, Travis County, and McLennan County. Last year, the total foreclosure postings stood at 19,811.

The foreclosure postings in McLennan County, this year, show a double-digit increase as compared to the figure a year back. Attorney Paul Hubbard said, “Lenders appear to frequently bid the amount of the debt, and often that’s more than the property is worth,” According to Arvizu and his son Pete III, who runs a business on carpets and wants to purchase a property to later rent it or sell it, said, “We’ve been going to the foreclosure sales at least seven months, and we’ve definitely seen an increase in foreclosures,” He has purchased three properties from sales auction, out of which one has been sold and he is on with the work of fixing the other two. The falling values of homes together with strict lending standards are being called by many as the worst recession period in the US.

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Collin County and the whole of Dallas-Fort Worth Metroplex real estate area witnessed a huge increase in its number of foreclosure filings this year. The annual report on foreclosure has been released by some listing service for the counties of Collin, Tarrant, Denton, and Dallas. All of them witnessed average to big increases in their foreclosure activities. A large number of commercial buildings and apartments have been foreclosed in these counties. The Collin County is seen to have the second highest rate of foreclosure. The rate of foreclosure has increased by almost 72 percent from the figure last year in this county.

A new thing that has happened for the Collin County is that for the first time in two years, foreclosure has taken place on retail buildings and apartments. About 7 retail buildings and 11 apartment complexes have been foreclosed in this county. The industrial buildings have also been affected. About 14 of the industrial buildings in Collin County have been foreclosed. This shows a difference of nearly 180 percent from what the figure was in 2007. None of the properties remained out of the grip of foreclosure- be it land, retail centers, apartments or office buildings.

The rate of foreclosure in Denton County from 2007 to 2008 has been 78 percent and is also the highest. Nearly 65 lands that were listed were foreclosed. This is up by 300 percent from what it was a year back. The year to year increase in the rate of foreclosure in Tarrant and Dallas County has been moderate. The rate of foreclosure in Dallas County is 32 percent, which includes apartments and office buildings. The 22 percent increase in foreclosure rate in Tarrant County has been contributed by retail center, land, office buildings, and other types of properties. According to real estate expert George Roddy, most of the properties that became a victim of foreclosure were Class C buildings.

He further said, “One of the most significant differences between commercial foreclosure posting activity in today’s market versus back in the real estate crash of the late 1980’s is the quality of properties being posted. In the late 1980’s, I saw a significant amount of signature, Class A properties posted for foreclosure. But today, the vast majority of the commercial properties posted for foreclosure are either Class C properties or miscellaneous commercial buildings.” He however does not believe that the numbers indicate a slump in the commercial real estate market.

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A leading information portal, Foreclosures.com has recently claimed that the foreclosure tide may have finally started turning.

Specialising in foreclosure related information the company supports its claims with figures that show that the rate of foreclosures appears to be dropping over April and May of this year. The data shows that not only has the number of foreclosures declined by 11.98 % from April but the number of pre-foreclosures too has dropped by 8.89 % in May this year.

Over the past 20 years ForeclosureS.com has collected and analysed foreclosure information and amassed a huge database of more than 5.5 million property listings. The information on the foreclosures is sourced from formal notices filed against a property. These include notices of default, foreclosure auctions and REO foreclosure. The accuracy of the information provided has made ForeclosureS.com a reliable reference point for many professionals.

President of ForeclosureS.com, Alexis McGee emphasises that the numbers reflect her own estimation that the housing market is in a better situation than it would otherwise appear. She points out that buyers are resorting to purchasing foreclosed homes as the number of new houses being constructed has fallen. Thus supply is once again catching up with demand and the housing market is finally reaching rock bottom.

McGee also attributes the turnabout in part to efforts by the government and industry to help homeowners sort out their problems with mortgage and defaulting payments. Today, much is being done by all the concerned parties to ensure that defaulting homeowners avoid foreclosure by working out alternative options.

As an expert and educator in foreclosures, McGee herself has authored The ForeclosureS.com Guide to Advanced Investing Techniques You Won’t Learn Anywhere Else (Wiley) and The ForeclosureS.com Guide to Investing in Pre-foreclosures Without Selling Your Soul (Wiley).

While emphasizing that the monthly figures were cause for optimism, McGee is also careful to point out that the year to date (YTD) figures show that there is still a long way to go before the current foreclosure crisis can be termed over. The YTD data reflects increases in foreclosures since last year. According to ForeclosureS.com, the number of REOs rose by 68.36 % since last year and out of every 1000 households, 117 faced pre-foreclosure. However the monthly REO numbers have started falling recently, which is being seen as a positive sign.

More detailed data and statistics regarding foreclosure filings at various stages can be accessed on the ForeclosureS.com website.

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Rising foreclosures are affecting state economies and the after effects are being felt in every quarter.

Real estate analysts predict that the situation will start improving post 2009, although foreclosures will continue to take place throughout the decade. In the meantime however every kind of credit quality is experiencing delinquency in payments where earlier subprime mortgages had the most defaulters.

The Mortgage Bankers Association’s most recent quarterly survey shows that foreclosures are continuing to rise. California and Florida alone account for 93 % of the increase. With 109,000 and 77,000 foreclosures respectively in the first quarter of the year, the two states are followed by Texas, Michigan and Ohio which all had around 20,000 foreclosures.

State governments and mortgage lenders in many states have taken steps to curb the rising numbers. Where some states like Indiana, Michigan and Ohio have seen the numbers start to fall, in others the impact of the programs has not been as great.

This could be because state officials are unable to affect the terms of loans of many lenders who have a national character. Further loans are being repackaged and sold as securities to investors both in the USA and internationally.

Gov. Tim Pawlenty highlights another hurdle. He says, “One group of investors may own years one through five of the loan; another five through 10; and another, 10 through 15.” Changing the terms of the underlying mortgage then becomes very difficult.

States are hopeful that Congress will take some steps to stem the tide of foreclosures. Economist Michael Levy of the Bank of America believes that Congress can help by passing laws to clarify legal issues. States would then get an opportunity to negotiate with mortgage lenders and modify the loans accordingly.

In the meantime home prices continue to fall, adding another dimension to the situation. With an average decline of 10% nationally, several homes are now worth less on the market than what they owners owe on the mortgage. This is forcing more and more homeowners to choose foreclosure in order to cut their losses.

States also have to deal with properties that are lying vacant after being repossessed. Some states prefer to buy up these homes and put them to better use. However the process of demolition and rebuilding is prohibitive and acts is a deterrent, especially as revenue is limited due to a weakened economy. Federal funding however could help achieve this.

States are trying to cope in the best way they can but perhaps federal funding and regulation will provide the boost the system is waiting for.

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Today Texas ranks 17^th in the nation on foreclosure rates. Compared to states like California, Florida and Ohio the rate of increase in foreclosures in this state is not disturbing. In fact experts consider it to be quite stable. Here for every 809 households, one may face foreclosure. Nationally, however, one in every 519 households faces foreclosure.

This does not mean that foreclosures are not happening in Texas. According to the Greater Texoma Association of Realtors the number of home sales due to foreclosures has been rising every year since 2000 with the exception of the period between 2004 and 2005. However, Ron Schildknecht, Association Executive of the Association feels that residents of Texas do not have much cause for worry yet and vouches for the stability of the housing market in the state.

Vanya Griffith, Sherman Branch Manager of WR Starkey Mortgage looks on the brighter side and feels that the foreclosures could actually be “putting a spark in the market.” She believes that the current situation is attracting investors who are interested in buying and remodelling homes. As a result additional rental properties are being created and mortgage loans are on the rise.

Griffith nevertheless points out that eventually foreclosures may have a negative effect on the market as homes are selling below their market price now. Thus, Griffith feels, the foreclosures may stalemate the value of the homes and in future they may not increase much.

Measures are being taken to ensure that foreclosures do not become a major problem in the state. The Homeowners Preservation Foundation is a non-profit organization that telecounsels homeowners who are facing problems with foreclosures. It helps owners deal with the difficulties appropriately and avert a crisis.

Quite often the solution lies in working out a plan with the lenders. Griffith points out that lenders are as anxious to avoid the foreclosure process as homeowners as they also lose money in this process. Thus most lenders are open to working out a solution that will help the owner retain the home.

Another initiative has been The Federal Housing Finance Regulatory Reform Act of 2008. This bill is waiting to be considered by the Senate, after having been passed by the House. The bill aims to bring relief to home owners by protecting them without giving lenders, investors or borrowers any particular advantage.

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Republican Ralph Hall (R-Texas) says “It’s better than nothing, but it’s kind of like fixing the gate when the horse is already gone.” He strongly believes that financing relief programs should be the responsibility of every state.

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According to the Conference Board, consumer confidence is at its lowest in the last 16 years. Since 1982, consumers have not faced such a bleak future in terms of jobs and inflation. With housing prices at low ebb, gasoline costing more and inflation affecting food and medical bills, consumers are indeed hard hit.

This is reflected in the fact that fewer people are spending on high expenditure items like cars and homes. Consumers appear confronted with the walk away prices for all sorts of goods.

With rising gas prices, 2007 saw fewer people using their own vehicles and resorting to public transport instead. Statistics from the American Public Transportation Association support this, showing a two percent increase in the usage of public transportation last year. In fact, the Department of Transportation recorded that Americans drove 4.3 percent fewer miles in March 2008 than a year ago. This amounts to 11 billion miles less in the overall count. The Energy Information Administration too anticipates a 0.4 percent fall in gas consumption as compared to last year.

As with gas consumption, a pullback has also been observed in the housing market. With fewer people investing in homes the prices have fallen steeply. The Office of Federal Housing Enterprise Oversight (OFHEO) reported that housing prices went down by over 3 percent in the first quarter of 2008. In 43 states the purchase index reflected a fall in prices with California and Florida showing the highest decline. Wyoming, Utah, Montana, Texas and Alabama however showed an appreciation in home prices.

The purchase index bears testimony to the all encompassing credit crunch as well as the fear holding the housing market in its grip, even in areas which are economically strong.

The trends reflected by the purchase index are significant. The calculation of the price declines are based on homes that have been purchased with conventional loans from the government sponsored Fannie Mae and Freddie Mac. These secondary market providers are overseen by OFHEO. This makes the report all the more significant as these calculations exclude volatile jumbo and sub-prime loans unlike other purchase indices.

The Commerce Department offers a ray of hope in this situation. According to it, April 2008 saw new home sales going up by over 3 percent. Although this figure is still 42 percent less than what it was at the same time last year, it is an optimistic sign. And maybe, home buyers are not at the walk away price yet.

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A couple who returned a few months back to their mortgaged property in the Bay Area, after having spent a short vacation at Fort Bliss of Texas, have ceased unpacking even now as the situation is still very dicey in their area. Whenever they have tried to contact their lender for a modification in the loan amount the negotiation has been terminated. These hapless families with a frustratingly one-sided lender response have nothing better to do now than wait for the interest rates to come down, or face foreclosure.

Nicklaus Skaggs, an army official who is to be redeployed to Iraq, leaving his family behind, would have been at a worse situation sticking to his mortgaged property in the Bay Area. He retires from the army after he is able to return from Iraq and then he hopes to buy a new house in Louisville in Kentucky. That being his hometown he also feels secure with their property rates. He even wishes to pursue alternate courses in the form of a bachelor’s degree, followed up with an MBA.

However, he can leave behind his family at ease, with a residence that does not pay for house expenses much. After abandoning their loaned property due to the ever increasing mortgage, the family has been relatively pressure-free. After being released from the eight-month old foreclosure process, they are now finally free to make arrangements for a small-scale rented apartment. They even look forward to saving up for the down payment for a new home in Kentucky. As many people have got completely swept off with the foreclosure tide, they really look to this as a positive aspect in their lives for having tided over this foreclosure wave gracefully. Nevertheless, they hope that lenders extend some grace to people like them who have been almost readily submerged under the financial crisis.

Skaggs finds this to be the best financial situation with doing what is right for the family as being pragmatic enough in every possible way considering the current situation. He in fact doesn’t care about being judged in trying to save his family from this crisis. He does not want to lose any further money for paying some mortgage amount to save something that would eventually drown in the longer run.

Meanwhile, foreclosure rates near around Bay Area face tremendous variations. While cities like San Francisco have relatively lesser number of foreclosed properties, there are those in Contra Costa and Solano that have counties lying under heavy blows received from repeated foreclosures.

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Data released this Thursday for Lee County shows that the latest April foreclosure figures were at their peak, but there is a catch to the whole number game. Though they seem to be at their highest level of all time, these foreclosed properties are not being auctioned or sold to new buyers, causing an abnormal increase in the bank of foreclosed properties in the region.

Here is an example: When Michael Palladino and his folks decided that this is the house they wanted among many foreclosed homes they saw, they found that though they were ready to buy the home, they couldn’t buy it as it was not put up for sale yet.

Tommy Lee says “When I pulled it up, it was foreclosed on February 8th. And here we are May 2nd, and it’s still not on the market for sale,” Tommy is from AA Associates Realty, and he showed them the place.

Michael adds “Very frustrating because, there are properties all over, you want to put offers in and you can’t! What’s the deal with that?”

Thanks to a lengthy foreclosure process that takes many months to complete, there are now over 800 cape foreclosure cases filed for April alone that are simply gathering dust, and ready buyers cannot even buy them, compliments of the legal system. This is a situation that Cape real estate agents are quite familiar with, and many have lost ready buyers for some good real estate this way.

Tommy Lee adds “I have qualified buyers that want to purchase the home, but because the bank hasn’t gotten the paperwork back to the brokerage we can’t put an offer in yet.”

It is for this reason that the total figure of foreclosed homes in the county is not really very accurate, as homes that have ready buyers are still standing unsold due to the lengthy foreclosure process. The figure keeps going up, and gives a wrong impression to people that there is less demand.

There was also an additional working day in April as compared to the previous two months, so the figure is slightly more inflated than usual. Charlie Green, who is Lee County Clerk of Courts says “We would have had fewer in April if we would have had the same number of work days,” He also adds that it is February which was the worst month for foreclosures, if you look at the number of foreclosure filings on a daily basis. He adds “We used to say we were the last ones into a bad economic situation and the first ones out. I think that’s still true today.”

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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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According to preliminary totals, more than 400 homes have gone into foreclosure in the seventh successive month. The rate of home foreclosure is steadily on a rise but still it is better in comparison to the national and state rates. Foreclosure Listing Service has compiled preliminary statistics and they show that Collin County will have 400 foreclosure postings next month and this happens to be the seventh month in a row.

According to the report, for the foreclosure auction scheduled in May, the numbers of notices filed were 510, in the county. This shows an increase of 32 percent as the notices filed in May 2997 were 386. Year 2008 has witnessed 2,198 foreclosure postings till now. Bernard Weinstein, director, Centre for Economic Development and Research at the University of North Texas, commented that though the numbers were pretty large, they did not come across as any huge surprise. He says that first they were facing a recession. Secondly, people who had bought property recently might have reset their subprime mortgages or the neighborhoods they live in might have been reset and so they were squeezed and thus not able to pay their monthly dues.

Bonnie Brown from Foreclosure Listing Service said that there were more expenses than mortgages that the homeowners were concerned about. Apart from being an indication of a lagging economy, there were also divorce, unemployment as well as medical issues that added to the problem. So a number of factors lead to foreclosure and the principle dominating factor according to him is the increase in the cost and the standard of living. Food, gas and other utilities have become terribly expensive and their adverse effect is seen on foreclosure rates.

Brown feels that a family cannot stretch their household budgets any more as they have already been extended to the most. Weinstein also says that mortgage payments are not the first priority to most families. Most people who live on a tight budget think about buying their food and filling up their car with gas before mortgage payments. They skip paying their mortgage for some months and hope to make up for it somehow.

According to Weinstein, the Dallas/Fort Worth Metroplex real estate market is not as badly hit as the rest of the country. There has been a slight drop in median prices in the Metroplex of around 1 to 4 percent but in the other parts of the country it is as much as 12 to 13 percent. The economy here has been comparatively stable as there was no overbuilding in this area.

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