Distressed Properties Sale Articles

The viability of many small banks nationwide is increasingly put in doubt as the banks experience decimation of capital due to massive loan losses from commercial foreclosure properties.

The sad stories of two San Diego realtors and investors illustrate the harsh reality of losing from foreclosed house for sale lists despite years of training and experiences in the real estate sector.

Public housing agencies in the nation’s largest cities such as Los Angeles, New York City, Baltimore and Chicago are concerned that they will not receive allocations from the $1 billion funding that Congress has been seeking to give to housing authorities to stimulate housing sector activities and to fight the devastating effects of foreclosed for sale properties on communities.

The devastating effects of foreclosure houses has not just stopped on homeowners but spread to their pets. Most homeowners who succumbed to foreclosures and abandoned their properties leave their pets behind.

RealtyTrac’s 2009 initial foreclosure listings data showed a 30 percent increase in the number of homeowners facing the threat of foreclosures, prompting experts to predict longer foreclosure listings this year.

Atty. April Charney, a Jacksonville Area Legal Aid Attorney, said that people who are facing foreclosure problems are in denial and feel guilty about their situation. Charney said that such feelings worsen their situation as this result to non-action.

Real estate data company, MDA DataQuick revealed that California foreclosure rate hit over 236,000 last year while the total number of homeowners who failed to meet their monthly mortgage peaked at 404,000.

According to a report by the Federal Reserve Bank of Richmond in Virginia, areas that were hit hard by foreclosures include communities that encountered high price increases. For Virginia, counties in the northern part of the state experienced sharp price jumps, resulting to more cases of foreclosed homes. In general, areas that were most affected by the crisis have more mortgages with subprime loans. This accounts for the majority of the more than 2.2 million American homes that fell into foreclosure for the year 2008.

January 20, 2009 is the target date aimed by Democratic lawmakers to pass a bill which they claimed could save the country’s economy and help reduce the number of foreclosure homes. This is also the day when Barack Obama will be inaugurated as the new President of the United States.

The government has taken a step to help ease the housing crisis the nation is experiencing today by bringing 30-year mortgage rates down to 4.5 percent. However, this would only be applicable to individuals planning of investing on a new home. Such a scheme can never address the already existing homeowners who are drowning in their mortgages. Neither is it addressing foreclosures at its roots.