Despite being touted as the most successful among the Obama programs to help trim the number of bank homes for sale and stabilize the housing market, loan modification is still a long way to helping many distressed homeowners. In the third quarter, foreclosure activity across the country rose by 23 percent from the same period last year.
The Spanish Oaks residential community and golf course has joined the long list of foreclosed homes for sale in Austin. It was reclaimed by lender Comerica Bank in a foreclosure auction.
Several areas in Michigan recorded increased number of foreclosed properties, including foreclosures in Wells Fargo, for the third quarter of 2010. Grand Rapids was 55th nationwide.
The number of pending bank foreclosures, including foreclosures in Suntrust, remains high in Florida, but authorities are focusing on another problem that concerns process servers.
Bank homes for sale dragged down house prices in Rhode Island in October, based on a report from research company Warren Group. The median for single-family houses dropped to $203,500 and the median for condo units dropped to $161,750.
There were fewer buyers of Wachovia bank homes for sale and other residential properties in Massachusetts in September compared with previous year's totals. The sales decline is over 10%.
The number of bank homes for sale in Florida and in Georgia was reduced by SunTrust Banks and BB&T through their debt restructuring efforts. The two banks restructured a combined mortgage amount of more than $3 billion in the last quarter.
The demand for bank homes for sale pushed up home prices nationwide in September. Based on data from Inside Mortgage, the average sales price for move-in ready homes rose in September to $199,300, up from the August average of $178,500.
Repossessed homes for sale and foreclosure numbers were highest again in Nevada last year. The state's mediation program was launched to help homeowners.
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