The median price for homes dropped nationwide to $169,000, a drop of 14 percent from last year's first quarter. NAR said the largest price declines occurred in Florida and in California, as more foreclosed bank owned homes were sold.
Record levels of homeowners in financial distress and dealing with foreclosures is one thing that might help keep conventional rates in check for the time being. While housing data and total foreclosures have improved somewhat in the last several months, many Americans still owe more on their homes than they are worth.
Federal tax lien foreclosure sale and distressed home problems will not be solved by relief programs, according to lawmakers. They stated that jobs are needed.
The sharp surge in foreclosure filings is expected to rev up Baltimore foreclosure investing. Foreclosure filings in the first quarter in Greater Baltimore shot up by 141 percent to a total of 6,515 filings.
San Diego bank foreclosures slowed in September, but mortgage defaults increased. In contrast, statewide foreclosures increased but defaults decreased in the July to September quarter.
The continued rise in Charlotte home foreclosures in 2009 was largely driven by record unemployment rates in the area during the year. Almost 11,000 households were hit with foreclosure or default notices in 2009.
In an effort to help support struggling homeowners and struggling public approval numbers, President Obama has been hitting the trail hard to deliver foreclosure relief programs and housing market support on a more localized basis.
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