TRS Foreclosures
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The rate of homes falling into some stage of foreclosure continues to rise. About 1 million U.S. homes will be in some stage of foreclosure by the end of the year, and properties seized by banks will eventually sell at an average discount of 30 percent to 60 percent, depending on area and condition. Banks will actually foreclose on about 700,000 properties with subprime mortgages this year, more than double the number a year ago.
Nevada, California, Florida, Ohio, Arizona and Michigan continue to lead the pack in highest foreclosure rates. However, foreclosures are on the rise all across the nation.
Top 20 Metro Areas with Increasing Foreclosure Filings :
1. Stckton, CA
2. Riverside, CA
3. Las Vegas, NV
4. Bakersfield, CA
5. Sacramento, CA
6. Fort Lauderdale, FL
7. Phooenix, AZ
8. Oakland, CA
9. Fresno, CA
10. Miami, FL
11. San Diego, CA
12. Detroit, MI
13. Orlando, FL
14. Sarasota, FL
15. Orange, CA
16. Ventura, CA
17. Tampa, St. Petersburgh, Clearwater, FL
18. Palm Beach, FL
19. Los Angeles, CA
20. Atlanta, GA
Recession will Continue Rise in Foreclosure Rates
The housing market continues to worsen as the United States falls deeper into a recession and foreclosure rates continue to escalate. Potential homeowners are struggling to get loans from banks even as home prices are still dropping. Higher foreclosure rates have created an increase in supply but until credit conditions loosen up, the demand is just not high enough to stabilize prices. Experts suggest that this trend will continue and real estate prices will continue to drop through 2009. Existing home sale prices dropped close to 9% in the month of November (although this most likely reflects the huge swings that took place in the credit markets beginning in September). The sales for new homes plunged close to 3% in the same period and this trend has continued for the past three years. There are many victims in this foreclosure crisis. Borrowers are being forced out of their homes if they are unable to pay their mortgages. Lenders and banks are not receiving payments for the loans that they have issued and this is leading to failed business and more job losses.
... (read the full entry)Foreclosure Rates Continue to Climb
The government is working hard to fix the economy but foreclosure rates are continuing to climb. Lenders and banks are making a concerted effort to modify loans for borrowers who have failed to make their payments but even those who have been helped are now still finding it difficult to keep up with their obligations. There is now genuine concern over whether or not the measures taken by politicians and lawmakers are going to fix the problem and reduce foreclosures and pre-foreclosures. Banks across the country are estimating that more than 50% of the loans that were modified in the first quarter of 2008 are heading back into delinquency (over 30 days past due). These numbers grow as the year goes on and the number of foreclosed homes is sure to rise.
When looking at the same statistics (called “re-default rate”) for loans modified in the fourth quarter of 2007, the percent of loans that were delinquent by 60 days was only 30%. There are a couple of explanations for this phenomenon. It could be that the economy has continued to worsen over the last year and borrowers are losing their jobs.
Foreclosures Rates hit an all-time record once again
Foreclosures Rates hit an all-time record once again
Foreclosure rates continue to rise! September 2008 records show that almost 1 out of 10 home owners were either delinquent or in foreclosure. This record is actually up just about 10% from the third quarter and about 7% from last year at this time. It would seem that every month measured ends up becoming a new historical record. Unfortunately as a nation, this is not the record we want to keep beating.
I am sure it will be of no surprise for those of you that have been following the housing crisis. Florida has the highest number of foreclosures in the nation at 7%. That is just about 1 out of every 15 houses are in foreclosure. Following up is California at around 3% and Nevada at 5.5%.
As Unemployment Soars, so do Foreclosure Rates
Is it a coincidence that foreclosure rates seem to rise as unemployment rates rise? Of course not because when people lose their jobs they obviously can’t pay their bills, including their mortgages. Lenders are not in the business of owning properties. They don’t have the infrastructure to keep a large inventory of foreclosures. It is obvious that something needs to be done.
Fannie Mae and Freddie Mac are finally making the effort to slow down foreclosures and pre-foreclosures. They have decided to suspend all bank foreclosures between November 26, 2008 and January 9, 2009. They want to see who would qualify for the new loan modification. One of the main criteria is that the borrower must be at least 3 months behind on payments. This has angered many good borrowers who have been paying their debt.
As Congress gets Paralyzed, Foreclosure Rates Continue to Increase
The Lame Duck Congress is unable to pass any further legislation to slow down the ever increasing foreclosure rates. They instead have been attacking Treasury Secretary, Henry Paulson, for his use of the $700 billion dollar bailout plan. The original plan was to use the money to buy bad assets off the books of banks. This would make their balance sheets stronger and strengthen the liquidity of the financial firms.
... (read the full entry)Politicians in Washington D.C. are being faced
Politicians in Washington D.C. are being faced with many hard choices these days as foreclosure rates continue to climb.With mounting pressure from consumers, bankers and the media, their focus is shifting to assisting homeowners with their mortgage payments. Foreclosure rates have been steadily increasing for the past twelve months (and longer). If there is to be some sort of government bailout of the mortgage lenders, this would produce results favored by most but abhorred by some. There are many investors out there who are very interested in the changing market and who are diligently working to take advantage of the constantly decreasing home prices. The thought at the outset of the government assistance initiative was that a significant portion of the $700 billion would go towards the mortgage guarantees to provide relief to the homeowners and prevent the rapid increase of foreclosures. ... (read the full entry)
Foreclosures Rates Continue to Mount
Foreclosures Rates are set to rise as Fannie Mae posts record losses
Just when you think the worst is over, Fannie Mae posts a Third Quarter loss of $29 billion dollars amid due to write-downs and rising foreclosure rates. This marks the fifth straight quarterly loss. Remember, Fannie Mae and Freddie Mac has been in a government conservatorship since September. This announcement resulted in a loss of about $13 per share as compared to the analyst’s estimate of $1.4.
... (read the full entry)Numbers Are In for Foreclosure Rates
The numbers are in and the foreclosure rates for the third quarter of 2008 are not very good…depending on which end of the real estate spectrum you find yourself on. Foreclosure rates were up over 70 percent from July through September when compared to the same period last year. The mortgage crisis that has gripped the United States has claimed yet more victims and even government intervention has not yielded the impact on housing that was anticipated.
... (read the full entry)FHA is now the big Player in town, but can they handle high foreclosure rates.
The FHA (Federal Housing Authority) is about to face higher foreclosure rates than they ever have before. For years now, the FHA was sidelined in the big league game of mortgages. Government regulation limited the loan amount and underwriting guidelines of mortgages, in particular Subprime loans. The FHA was just not able to compete with the big boys of Wall Street. As a result, they saw their market share shrink from the average of about 20% to less than 2% by the beginning of 2007.
... (read the full entry)Bailout Plan Could Mean Lower
The Fed and the Treasury have been trying to put a halt to the increasing foreclosure rates. It is a balancing act equal to the finest performer of Barnum and Bailey’s Circus. But what is getting balanced? The two groups must balance which firms to save and which to let fail. It is not an easy job, but one that has been occurring since the beginning of the credit crunch over a year ago.
It started earlier back when Indy Mac Bank was taken over by the FDIC in the middle of the summer. It was thought that a few banks must fail in order to correct the market. Next we heard whispers that the government was going to take over mortgage giants Fannie Mae and Freddie Mac. The Fed then orchestrated a union between JP Morgan Chase and Wall Street investment banking firm, Bear Stearns. Shortly afterwards, Lehman Brothers, another Street firm around for over 100 years was in trouble. Instead of a life line, the Fed simply let them drown.
Another Spike In Foreclosures (but only in certain areas)
The second quarter of 2008 saw another record spike in foreclosures with the number of homes topping 1.2 million. For the same period last year, 1.4% of all loans were in foreclosure. The 1.2 million figure now represents close to 3% of all loans. It is expected that an additional 500,000 homes (over 45 million serviced by the Mortgage Bankers Association members) will enter into foreclosure proceedings over the next month. This represents an increase of close to 10% from the 1st quarter of 2008. This is the seventh consecutive increase since the middle of 2006. ... (read the full entry)Foreclosure Rates Fail to Slow Down
September 2008 - Foreclosure rates have continued to increase. In July, the percentage of homeowners in the United States either behind on their mortgage payments or in foreclosure reached 9%. This is an all time high. Whereas once this was a problem that was affecting only subprime borrowers (those with less than average credit), the crisis is now affecting borrowers who had good credit but took loans that adjusted based on different variable interest rates and are now seeing their monthly payments skyrocket. These foreclosures are nationwide but there are certain states that are feeling the effects more than others. In both California and Florida, the real estate market has taken a dramatic negative turn. Both areas have had lenders engaging in risky lending practices and both regions experienced a tremendous housing boom as borrowers began speculating and banking on the continuance of home appreciation. ... (read the full entry)Rates Go Up and Down, But Still at All Time Lows!
This week we saw a steep drop in mortgage rates. This was due to the Federal government bailing out yet another financial company. Back in March it was Wall Street giant, Bear Sterns. This time it was the two mortgage titans, Fannie Mae and Freddie Mac. However, if you did not refinance or lock in your rate this past five days, you may have already missed the best buy.Sunday September 7, 2008, Henry Paulson announced the government takeover of both Fannie Mae and Freddie Mac. They replaced both CEOs with government employees. Monday morning, the market anticipated a significant rally in the mortgage bond market and they were right. As soon as the bell rang at 6:30 a.m., ... (read the full entry)
Foreclosure Rates
The housing market has continued to slump as foreclosure rates continue to increase. Since January of 2008, foreclosure rates have risen over 55% and rose 8% in the month of July alone. There is now a significant inventory of homes owned by banks and lenders. This equates to close to 78,000 homes in the past month. Foreclosure notices, delinquency notices, auction sale notices and bank repossessions have steadily been increasing since July of 2007. For the month of July, one in every 464 households in the United States received at least one filing. These numbers are staggering. Over 700,000 homes have been repossessed since July 2007 and the credit crunch will continue to hit those struggling with payments for this year and possibly the next year. ... (read the full entry)Housing Slump Continues
The housing market has continued to slump as foreclosure rates continue to increase. Since January of 2008, foreclosure rates have risen over 55% and rose 8% in the month of July alone. There is now a significant inventory of homes owned by banks and lenders. This equates to close to 78,000 homes in the past month. Foreclosure notices, delinquency notices, auction sale notices and bank repossessions have steadily been increasing since July of 2007. For the month of July, one in every 464 households in the United States received at least one filing. These numbers are staggering. Over 700,000 homes have been repossessed since July 2007 and the credit crunch will continue to hit those struggling with payments for this year and possibly the next year. ... (read the full entry)Record Numbers of Foreclosures
Reports across the board are also reporting foreclosures increasing nationWith the housing market crumbling and foreclosures continuing their steep upward climb investors and first time home buyers are taking notice of what the real estate market has to offer. The latest news comes amidst reports that California, Arizona, Nevada and Florida have reached a record number of foreclosures.wide. ... (read the full entry)
Foreclosure Topics
- Bank Foreclosures (10)
- Distressed Property (6)
- Foreclosed Homes (11)
- Foreclosed House (7)
- Foreclosed Properties (9)
- Foreclosure (13)
- Foreclosure Auction (7)
- Foreclosure Crisis (13)
- Foreclosure Homes (7)
- Foreclosure Listings (10)
- Foreclosure Property (10)
- Foreclosure Rates (17)
- Foreclosure Scams (5)
- Foreclosures (8)
- General (13)
- Government Foreclosures (6)
- HUD Homes (6)
- Judicial Foreclosure (3)
- Mortgages (16)
- Pre Foreclosures (6)
- Real Estate (12)
- Real Estate Foreclosures (6)
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