Sheriff auctions and foreclosures hit the commercial property market of New Jersey in 2010. Although filings dropped, foreclosure numbers remained high.
California lost around 250,000 homes to foreclosure last year, breaking 2007’s record. With the continued crisis, how many more homes will be repossessed? How many more records will be broken?
Pre foreclosures in Fort Myers are still contributing to the sharp drop in property values in the area. Over the past 12 months, real estate values in Lee County have fallen by 15 percent.
Contractors in California and in other foreclosure-hit areas in the country are earning from restoring repossessed homes before they are put by lenders into foreclosure listings.
Bank owned homes for sale are being sold off to cash buyers across the country, according to members of the National Association of Realtors. In Miami and Las Vegas, cash purchases accounted for 54 percent and 46 percent of all home sales, respectively.
The Florida housing market continues to get battered by high foreclosure rates and increased number of FHA repo homes, while alleged faulty documents create more problems for homeowners.
The number of foreclosures, including foreclosed houses and foreclosed farm properties for sale, jumped in Kansas City during the month of October despite lenders' moratorium.
Economists expect demand for pre foreclosed properties and new houses to rise in 2011. Sales of housing units are projected to rise for the year as military population continue to expand in the area.
The apartment market in most Texas areas is doing better than the home selling market. According to reports, apartments are getting rented faster than repossessed properties for sale are getting sold.
The number of bank and tax foreclosure homes in Fort Myers-Cape Coral; remains high, making it the second area in the nation with the highest rate of foreclosure from January to June.
Greenhouses and other urban farming ventures are envisioned to rev up Detroit foreclosure investing and help contain the more than 78,000 REO homes in bank owned lists in April.
The high number of foreclosed properties and Fannie Mae repo homes has increased the need for more care and caution among consumers and businesses when it comes to dealing with others.
For most people, the purchase of a home is a serious matter. You have actually a lot of choices in terms of property type and among them are Fannie Mae homes.
The number of properties under California foreclosures remains high, although most state metros recorded lower numbers compared with a year ago. Unemployment was blamed for the problem.
Investors involved in flipping repo houses found Michigan a profitable market in 2010 as repossessions reached record levels in the area. The state was seventh countrywide in terms of foreclosures.
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.
To help in preventing the growing number of foreclosures in their state, the government of New Jersey has implemented three programs that aim to help troubled homeowners.
Sales of properties across South Carolina including new homes, bank foreclosures and Freddie Mac foreclosures declined in October, but some local areas fared better than the state.
The number of South Carolina foreclosures that account for home sales in South Carolina during the first quarter has increased compared with previous year's figures. However, the state number remains lower than national statistics.
Repo homes for sale now account for almost half of the total REO inventory in the country. Currently, over 219,000 REO homes are owned by the HUD, Freddie, Fannie, VA and other government agencies.
Austin recorded increased number of foreclosed property auctions for sale in August 2010. The increase came after foreclosure rates declined by over 20% in July compared with a year ago.
Some realtors in California have argued that the moratorium on foreclosure sales has created market uncertainty, particularly among buyers, instead of providing foreclosure help.
The process of auctioning foreclosed properties and tax deed sales in California is reportedly being investigated by the FBI. Allegations of bid rigging reportedly prompted the investigation.
Florida foreclosures worth $1.77 billion were repossessed by banks in the first quarter. Substantial exposure to bad residential and commercial loans contributed to the failure of 26 Florida banks as of May 7.
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