Sacramento's sales rate for foreclosed homes has surpassed the sales rate for new homes as of October, with 18,491 units sold out of a total of 23,572 repossessed properties.
Consumer advocates have criticized the 90-day California foreclosure moratorium arguing that several unclear provisions will only hinder the law from reducing the number of foreclosed homes.
U.S. cities that have high levels of foreclosed properties at house auctions are more vulnerable to market depression in 2011. Analysts stated that values of homes will drop further during the year.
The number of house auctions for sale and foreclosure activity in general declined in the U.S. for April. Lenders repossessed a big number of properties during the month, but did not start foreclosure action in many of them, resulting in foreclosure activity statistics recording a decline.
Notices for government and bank owned foreclosures in Atlanta rose to almost 60% within a month. The surge is being attributed by analysts to the continuous rise of unemployment rates
Arizona ranked high among U.S. states in terms of economic stress for the month of June 2010 despite declining numbers of repossessed houses and foreclosure rates. The state ranked fifth.
The median price for newly-built residences, repossessed houses for sale and non-foreclosed pre-owned homes in Southland dropped in May by nearly 33 percent compared to May 2008. Prospective home buyers can take advantage of low prices and mortgage rates before they go up again.
Arizona has sued Bank of America for allegedly misleading foreclosure owners seeking loan modification. The state alleges that the lender has contributed to the high number of residential and condo repossessed houses in the area.
Austin foreclosures increased significantly from a year ago, but remained steady in terms of monthly data. June 2010 showed an almost 100% increase from June 2009, but only 6% from May 2010.
Home prices in Michigan, particularly in the counties of Macomb and Oakland, have fallen by 12 to 22 percent due to the continuous addition of foreclosed properties to the market.
Fort Lauderdale-based Bank of Florida finally succumbed to foreclosure properties auction on May 28. A combined total of $47.3 million in failed construction and development loans by seven developers knocked down the bank.
The many Boston repossessed houses for sale and high rates of foreclosures in various areas of Massachusetts are still major concerns, and so are high unemployment rates.
The number of foreclosure-related Lis Pendens filings in North Carolina reached record levels in 2010. The three biggest counties in the state also posted the highest filings totals for the year.
Advocates of housing and several politicians in California have called for a limit on foreclosures and repossessed houses for sale and more efforts to speed up mortgage modifications.
A Florida judge recused himself from hearing a repossessed houses case after several lawyers complained about his alleged bias comments. The judge also threatened to disbar a lawyer involved in the case.
Foreclosed residences and cheap land foreclosures are losing buyers in Jacksonville, Florida as a result of the moratorium imposed by several lenders on foreclosed property sales.
The number of Boston repossessed houses for sale continues to be at high level, but improved job prospects all over the state might help ease some of the housing market burdens.
Investment activities in Los Angeles repossessed homes are still up despite the slowdown in foreclosure activity. Absentee buyers, who are largely investors, accounted for almost 20 percent of all home purchases in Southland in June.
Total number of foreclosed and repossessed houses recorded in some areas of Texas declined in January when compared with the previous month. In some markets, the decrease was as high as over 30%.
Las Vegas Mayor Oscar Goodman has reportedly asked for an investigation on whether state legal interference is possible to stop listings of repossessed houses from growing further.
The Federal Neighborhood Stabilization Program has taken the initiatives to help out areas that are likely to have an increase in the number of foreclosures.
Investing in bank owned rental homes in Aurora, Colorado is viable because renters comprise one-third of residents in the area. Nearly 1,000 foreclosures were posted in April in the area.
An increased number of households in the U.S. lost their homes to bank foreclosures in April 2010 as financial institutions work on their backlogs. According to nationwide reports, banks are working hard to clear their books of troubled loans that they had neglected during the second half of 2009.
Sales of Chicago cheap homes soared in February as buyers were enticed by low prices. The sales price median for homes within the city of Chicago plunged in February by almost 22 percent to $176,500.
Area residents feel that the federal government has not provided monetary assistance commensurate to the high number of properties being sold at Fresno foreclosure auctions.
Repossessed houses for sale are increasing in number due to growing default on home equity loans. They are cheaper compared to fresh properties and offer higher return on investment.
The local government was alarmed by the increasing number of foreclosed homes in their area so it took the necessary measures to manage the said problem.
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