Distressed Properties Sale Articles

In July, the potential distress foreclosed homes in Santa Clara County, California rose in numbers despite the sharp drop in figures of actual foreclosures.

According to industry analysts, there were just so many homeowners at risk of foreclosures last month. They also noted the decline in foreclosure sales, attributing the drop to the voluntary compliance of banks to the request of state to hold off foreclosure activities.

However, analysts pointed out that government pressure on banks to help as many troubled homeowners as possible has not prevented them from placing more distressed homes on foreclosure process.

Analysts noted that because of the worsening economic condition and rising unemployment, many homeowners are falling behind their mortgage payments.

In July, about 3,519 properties were placed on foreclosure auctions in Silicon Valley, representing a 14 percent increase from the previous month and 90 percent higher from July the previous year.

Market data showed that the number of repossessed homes that were sold plummeted by 30 percent to 414 in July compared with 591 in June, and 36 percent below from the same month last year.

On the other hand, the number of foreclosure notices received by homeowners in Silicon Valley rose to 1,543 last month from 1,494 in June. The July figures were the second monthly highest posted in the region.

The number of homeowners who received notices of foreclosure auctions rose to 1,138 or 33.5 percent last month compared with 852 in June. The growing figures only showed that the foreclosure crisis in the Valley is far from over. Santa Clara County still holds the 45th position in the ranking of California counties based on foreclosures per capita.

Statewide, foreclosure sales dropped by 22.7 percent. But trustee’s sales notices increased by 36.1 percent while default notices remained unchanged. Receiving a notice of default is a sign that homeowners are on their way to foreclosure.

According to industry analysts, the drop in foreclosure sales was likely due to the increase in the number of homeowners who qualified for trial loan modifications. This indicated that the Obama Administration’s loan modification program is on its way to achieving its goal of helping homeowners across the country avoid foreclosures.

Additionally, foreclosure cancellation in the state rose by almost 25 percent last month, compared with June and 86 percent higher from the previous year.

The city of Albert Lea has received approval for its plan of acquiring 30 foreclosed homes for sale and rehabilitating them for subsequent sale to qualified first-time home buyers.

According to Jon Ford, head of the Albert Lea Housing and Redevelopment Authority, a total of $610,000 from the Greater Minnesota Housing Fund has been allotted to the HRA. The money will be used to help finance closing costs and down payments.

Ford said the program, which will be carried out over three years, will increase affordable housing units in the city, solve the problem of vacant foreclosure properties and help fulfill the home ownership dreams of lower-income families and first-time homebuyers in Freeborn County.

Councilors Ellen Kehr and Larry Anderson lauded Ford and his team for applying for grants to fix foreclosure properties and for their efforts in carrying out the program.

An existing housing program funded under the Small Cities Development initiative will be helped by the HRA foreclosure rehab program. The Small Cities funds were provided to fix owner-occupied homes in certain neighborhoods in Albert Lea.

Initially, Ford planned to request the council to waive building permit fees for the HRA rehab program, but he later withdrew his request upon realizing the city’s budget problems.

Aside from supporting the HRA foreclosure mitigation initiative, the city council also tackled development issues in the city. Under the leadership of Albert Lea manager Victoria Simonsen, city officials discussed projects that need to be carried out and requests from citizens that need to be approved.

One of the projects approved were improvements on sidewalks along State Highway 13. Simonsen explained the project, which costs $83,000, was included in the 2008 budget, but was not carried out. The city has filed a funding request with the Minnesota Department of Transportation for some help.

Among proposals approved are the extension of the contract with Riverland Community College for the lease of Snyder Field until December 31, the renewal of a lease contract between the Minnesota State Colleges and Universities and Riverland Community College and the authorization of three grant contracts with the Minnesota Department of Transportation for improvement projects in the Albert Lea Airport.

Lastly, the council also approved a request from the Grace Christian Church to use the vacant Freeborn National Bank Building for a youth event focused on drug- and alcohol-free programs. City officials hope that the event will spur young people to help carry out downtown development projects.

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A series of federal stimulus funds are being provided to Montgomery County to finance its poverty, unemployment and foreclosed home programs.

The two biggest grants received by the county recently were the Recovery Zone Facility Bonds which amounted to $35.5 million and the economic development funds which amounted to $23.7 million.

The Recovery bonds would aid business [...]

An analysis of January to June records at the Clark County Assessor in Nevada showed that banks are selling more single family houses at a pace faster than purchasing them through foreclosure.

Federal agents raided the offices of Taylor Bean and Whitaker Mortgage Corp. in Ocala, Florida. The raid effectively shuts down the company’s lending operations.

Nearly 50 percent of all residential mortgages in the U.S. will be underwater by 2011 as house prices continue to drop, according to Deutsche Bank.

The city of Cape Coral is trying its best to maintain foreclosed homes for auction despite a decrease in budget for foreclosure maintenance programs.

For the second time in a year, Hawaii posted a tremendous increase in the number of foreclosed homes. In June, the foreclosure rate in the state rose by 427 percent. The number of foreclosure properties for the same month last year was 706.

But industry experts noted that despite the increase of foreclosures in the state, [...]

Nowadays, distressed homeowners in Florida and the rest of the country will try everything to avoid losing their properties to foreclosures. That is why many troubled borrowers have fallen victims to fraudulent foreclosure prevention schemes.

The federal and state governments have launched several programs to help distressed homeowners remain in their homes. And one of the [...]

The Provo-Orem metropolitan areas in Utah posted 3,168 house repo filings from January to June this year, earning them the 31st spot among over 200 areas in the country in terms of high foreclosure-related filings.

The Utah County community's foreclosure filings represented 2.2 percent of the total houses in the area, a whopping increase of 129 [...]