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Another Reason for Expanding Bank and HUD Foreclosure Lists

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By : John Cutts    99 or more times read
Recent research reports show that thousands of residents in California, as well as in other areas of the U.S., lose their homes to bank, government and HUD foreclosure lists because they decided to stop paying their mortgages. Most of them continue to live in their houses and are just waiting until lenders take over their properties.

According to reports, some owners of properties under foreclosures in various areas of the state, including those under foreclosure listings in San Francisco, have stopped exerting efforts to find ways to pay their loans and are just holding out until help comes or until they get evicted by banks.

Local real estate market observers have stated that some property owners who are about to lose their homes to California foreclosure lists are victims of the economic downturn, while others are just opportunists who believe that it is not worth it to pay mortgages that are worth more than the value of their homes. The latter types are those who look at their situations as a rent-free opportunity. That is, until they are thrown out by their lenders.

As the number of houses under bank and HUD foreclosure lists reaches record numbers in various states of the U.S. including California, real estate experts claim that the decision not to make any move to save properties has become quite common. Experts have also stated that this phenomenon is vastly different from past housing market crises and is the result of huge numbers of foreclosures.

Analysts have stated that before, banks move swiftly to take over properties under foreclosed house listings. Now, with the number of foreclosures reaching record levels, banks and lenders find it difficult to keep up, while others are just reluctant to add more properties to an already weak market holding millions of foreclosed houses in its books.

This situation, experts have revealed, makes the condition of the housing market worse as banks try to work through their backlogs and homeowners live in uncertainty, with most of them just waiting for the axe to fall, sometimes for months and even years. Market analysts have added that high unemployment rates are also not helping lessen the problem of foreclosed properties under bank and HUD foreclosure lists.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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