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.
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
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.
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.
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.
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.
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.
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.
Economists said that the pace of bank owned property listing in Florida will surge again because of the still record numbers of foreclosure cases in county courts. More than 31,300 Florida homes were repossessed in the first four months of the year.
Bronx is a vibrant area of New York City and Bronx foreclosed homes are available at considerable discounts. Bronx foreclosed homes are desirable as Bronx is an area famous for its cheap housing and affordable loan schemes. This city has various recreational places like Bronx Zoo, educational facilities like Fordham University and amenities like Albert Einstein Hospital.
Georgian Bank could have survived and could be selling off Atlanta repo homes now if its biggest depositor did not cash out. Throughout its life, the bank devoted 50 percent of its loan portfolio to residential development lending.
Repossessed houses for sale and other for-sale dwellings remained low in some areas of Ohio last month. In Tuscarawas, for-sale houses returned to 2005 levels.
Responsible flippers are earning money from repossessed houses for sale in Naples and at the same time helping communities solve their problem of blight caused by foreclosures.
The period following the tax credit deadline has created opposing trends in the Houston housing market, with home sales and prices both rising and the number of Houston repossessed homes and interest rates also rising. Most real estate analysts are still not sure which way the residential real estate market will go.
Foreclosures lists and foreclosure-related filings jumped in Texas in January 2011. The state recorded an increase of over 20% compared with one year ago.
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