Archive for the ‘Foreclosed Homes’ Category

A historic house in St. Paul’s East Side (1750 Ames Place) is waiting to be foreclosed. Once upon a time this 1890 structure stood grand and solitary amidst rolling farmlands. This shingle style house measures about 3,000 ft and has gambrel roof with polygonal tower. But by the end of the 40’s it came to be hemmed in with less stately houses. Today it stands lonely and empty off White Bear Avenue – a lost treasure.

Mark Wiebusch is a realtor. He is listing the house for a bank after the former owner was foreclosed upon. The house priced at $219,000 is a bargain deal for anyone with a discerning eye. It is listed on National Register of Historic Places as Charles W. Schneider House. The gentleman was a press bookkeeper of St. Paul. Any and everybody cannot gain from the house – it has to be someone who will appreciate its antique value. Less than one hundred private houses are on the National Register list. It is also enlisted with the Heritage Preservation Commission of the city. Today it is on the foreclosure list!
Deeks and Witbeck constructed the building but the name of the architect remains unknown. The original woodwork can still be seen inside the house where there is a wide staircase with two landings coming down the centre of the house. All the three fireplaces are in good shape. The stained glass windows speak volumes of a gracious age. The house however needs repair. The kitchen requires sprucing up with Formica and linoleum. Colourful new wallpapers will work wonders to give a new stamp to the historical wonder. Some of the woodwork needs refurbishing and the shingles on the outside replaced. This would cost about $50,000.
This house about to be foreclosed upon stands forlorn and neglected through the years. Little repair work has been done. The roof was last attended to in 1987 and a lone bathroom renovated sometime in 1996.
Even before this one, other architectural jewels of the city have been facing foreclosure like problems. Amy Spong is a conservationist. She said that during the 80’s many of the historic houses in Historic Hill District were cut up into rentals and the locality came to be riddled with crime. Dayton Bluff is another of six historic districts of the city. Here too the price of real estate has sharply dropped leading to many foreclosures.

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Foreclosures have become the latent rage in the Atlantic regions of Georgia and Fulton. As the term suggests, Atlanta foreclosed homes, require a legal proceeding brought upon by the court, wherein the lender receives a termination of his property possession following his inability to fulfil the mortgaged property rules and regulations.

In the real estate markets, foreclosures carry a significant role in dealing with the landed property of the masses. With a saddening increase in foreclosures, a crisis in the economics has led to many people in the Atlantic regions of Georgia and Fulton to take to legal aids in dealing with their foreclosed property. The purpose of foreclosure being to clear the bank out of debt, many people are filing the line to bankruptcy and declaring their bankruptcy as a means to avoid foreclosure of their property.

Foreclosures thus become a means of acquiring landed property at an affordable price. On one hand, as it becomes a growing menace for the people, on the other hand, it provides a means to getting hold of a landed property at the least rates possible by the banking organisation.

In the Atlanta regions of Georgia and Fulton, getting hold of foreclosed homes is quite on the high. According to a survey carried on real estate statistics, such an incredible way of possessing property is gaining momentum among the masses in Georgia and Fulton. People are finding it a better and easier route as compared to the former land acquiring procedures, the best part being the reduced rates assigned to the property.

The topography of Georgia and Fulton also adds to the attraction behind those foreclosed homes. In fact, an overall thronging by the masses for possessing a foreclosed home is evident in the entire Atlanta. Atlanta foreclosed homes have indeed become a boon for the people who find it an easier and totally hassle free means of obtaining landed property.

Real estate investors therefore, seeing to the larger profit scenario attaches to Atlanta foreclosed homes, have therefore turned on to foreclosed homes and converting them into areas of immense real estate business. The result being, Atlanta foreclosed homes in Georgia and Fulton that have become attractive sites for buyers and real estate investors in the recent years.

The government of Atlanta, seeing the immense benefits and demand of foreclosure homes, have therefore, brought legal proceedings to ensure a safer and simpler way to own Atlanta foreclosed homes. Atlanta foreclosed homes have today caught the imagination of buyers and investors alike, in that it stands a tremendous route to attaining property and reaping a huge profit through quite convenient proceedings.

Atlanta foreclosed homes have the recent years, been transformed into huge farmhouses and tourist lodges by the investors, thereby churning immense benefits from the originally bankrupted piece of property. Atlanta foreclosed homes in fact stand an example of turning a barren and useless piece of thing into a money-minting device. Check out the latest Atlanta foreclosed homes and make your dream come true with affordable real estate investment.

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Candidates for Ohio State Senate’s 30th district are focusing on foreclosures, employment and education funds more than anything else.

Current Democrat member Jason Wilson opened the debate. Channel 27 FirstNews and Morning Journal sponsored the forum. The idea was to create a strong business environment that gave top priority to job creation. Also on the agenda were discussions on clean coal mining taking note of the fact that the area was sitting on 200 years supply of coal. He added, “We’ve been through wars; we’ve been through depressions, and we’ll get through this too.” He was referring to the foreclosure related economic slump.

Tim Ginter, the Republican challenger also started by speaking about employment saying that Ohio’s position was 37th in the nation as regards having the right environment for business. His answer to the economic woes was doing away with the estate taxes and even distribution of school funds. He strongly opined, “Unfair regulation is choking business.”

Wilson was of the opinion that it was the unemployment that was largely responsible for the increasing number of foreclosures in the region. He added that he had tried many times to help those facing foreclosure by taking an individual approach. He had sat at the kitchen tables with them and tried to open communication lines through churches and other agencies. He has also been active with other state leaders through Save Our Homes Task Force. He was focusing on increasing financial literacy and wanted the leaders in the government to set examples for others to emulate.

Ginter was also of the opinion that it was the job issue that has created the foreclosure imbroglio. As an immediate solution he wanted financial bodies and government sectors to come together so as to identify those facing imminent foreclosure and help them to pay off their debts. He emphasized, “Somehow we’ve got to release the pressure off the homeowners.” Ginter humbly admitted that he did not have the answer to all the problematical questions. He was of the opinion that the government should lower taxes so as to create the right atmosphere for job creation. Tax increases on a certain section of the population should be avoided. The way must be cleared for business was his view. He also wanted that business should diversify itself. Concentrating only on coal could lead to a collapse similar to what happened to iron and steel.

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Foreclosures have been badly affecting the building industry. Many realtors in Washington have suffered huge losses. Some are now turning to the foreclosed market while many others have gone away.

The foreclosed houses have caused local builders to incur losses. Only 242 residential permits have been issued this year till September. Last year 521 housing permits had been sanctioned.

Mari Smith of Southern Utah Home Builders Association said that builders who are trying to sell the current batch of new houses are coming up with competition from the foreclosed units. In St. George there was a sharp increase in foreclosures according to a survey report released by First American CoreLogic.

Kent Frei has been operating as a realtor since the last 30 years. He has never seen such distress in the local housing market. He said, “We have gone through recessions before, but nothing like this. It is economic turmoil.” His firm has suffered a drop of 50% to 70% in business since the previous two years. This has forced many others to turn to other kinds of livelihood. He explained that from 15 full time agents his firm is now employing 5 agents. “They have either dropped their licenses or they are working in real estate part time,” he added. In order to keep running Frei and his remaining associates are now dealing primarily with foreclosed houses. These units are being sold at less the value than the loans tagged to it. Frei disclosed that a minimum of 75% of their dealings is with foreclosed houses. Only two years ago there were no such types of houses on their list. Potential buyers are interested in the foreclosed houses as the price is about 15% less than the market value. Frei further said that his takings in commissions are one third of the usual amount. However he is doing well in comparison to others connected with the industry. Frei apprehends that the trend will continue till the end of this decade.

Jeremy Larkin of Keller Williams Realty said soured mortgages comprise of 30% of his business volume. Nevertheless he is worried about the continued and increasing dominance of foreclosures in the market. Although his business is up he agrees that it does not mean that that work has not been hard. To make the best of the present mood of the market he is organizing guided conducted tour of the foreclosed houses on weekends. The goal is to get things moving.

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Although there are still some tools left, slowly the government options for tackling the foreclosure crisis are shrinking. One needs to hunt inside the tool bag of Uncle Sam to find out what is left.

The markets were not much impressed with the $700 billion bailout package that popped out of the bag. On Thursday stocks again dropped.

Even at the eleventh hour the government can plug the holes of the sinking ship by buying foreclosed units and making loans directly to those who want to buy houses. It will make availability of credit easy and improve the economic health of the nation. It will necessitate the taking over of private companies but this is abhorrent to the basic American psyche – especially the conservatives. The policy makers are advising patience from their ivory towers as the ordinary man in the street struggles to survive without the umbrella of housing shelter.

The main tool in the hands of the Feds for containing the foreclosure crisis, are lowering of the interest and allowing free flow of cash. It has experimented with both methods. Further lowering of interest could be and most probably will be done if the trend continues to be bad. But after another half percentage cut there is nothing else the government can really do. Within a year from September 2007, the government has brought down the interest from 5.25% to 1.5%. America could learn a lesson by taking a page out of Japan’s experiments of keeping rates at near zero levels for a year without getting any results.

When Alan Greenspan had been at the helm he had kept interest rates at 1% for one whole year sometime earlier in this decade. Many blame him and his measure for the raging foreclosure crisis of today.

The Fed could flush the market with cash but that has already been done without making a dent. The pumping in of $700 billion will take some time. It will be weeks before the soured mortgages will be bought.

The treasury is now mulling over the idea of taking over partially some banks in USA. It will place the government into the untenable position of being regulators of the same banks in which it is an investor. The pundits opine that the government has so far been groping in the dark and not hitting the core of the problem but only concentrating on the trimmings.

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Foreclosures are compelling Man to abandon his best friends – his pets. Pets are either left behind chained or jailed inside vacant foreclosed houses or they are dumped on the roadsides. Some are taken to the shelters. Those really fortunate are killed off bringing an end to its misery for having trusted Man.

There are innumerable stories pouring in about how foreclosures are affecting our furry friends. In the Denver Post it was reported that Paula Harding of Greeley had to shoot her 15-year-old pet dog because she could no longer afford its medicines. The dog required anti-anxiety pills. The Humane Society undertakes euthanasia for $35 but Harding has been held up by court with a bond of $5,000! In these desperate times a new term has been born – foreclosure-pet.

Nobody really knows what kind of financial hardship Paula Harding has been facing. There is nothing new about using a gun to put an animal to sleep. It is not outdated either. But to city people who do not know about life in the open in Montana or the distant farms of North Dakota, the killing sounds cruel and above all loud. The police came upon a sobbing and distraught Harding after she had buried her pet. Most probably she had reached the end of the road and had no other alternative.

The case of Harding is not an isolated one. Americans are introspecting and cutting back on a lot of things in their life style. Its meaning differ from person to person. Some are cycling to work, others are not eating out and for another lot the change is more dramatic like the getting rid of pets. As inflation and foreclosures gallop the price of food for the pet and vet care are also spiraling.

Some cities like Albuquerque are trying to stop the abandonment of pets by foreclosure victims. Petco Animal Supplies has come forward with the donation of two tons of food for pets each month to The Storehouse. The latter is an organization in Albuquerque that helps those with limited income with clothing and goods. The taxpayer will not have to suffer anything for small substantial measures like these. It is truly horrifying that one has to make a choice between pets and family members. After all pets are members of the family. Petco Foundation is setting up a programme that will grant $5,000 to various shelters for training and caring for abandoned foreclosure pets.

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Foreclosures continue to rule the roost despite much talk and hype about solutions. But what is self evident from numbers pouring in is that the Bush administration has failed to rein in the galloping foreclosure horse. Like myriad other problems this all-important one about foreclosures is going to be dumped on the new President and the succeeding Congress.

The lax lending of the previous bubbling years continues to ferment trouble and spread the rot. In May foreclosures were again on a running spree with many default numbers tagging behind, ready to be foreclosed. The pain today is not only the tears of individual families. It has spread its tentacles wide. House prices are falling, tax collection is declining while credit remains tight fisted. This is creating a vicious circle of continuation of the slump in the real estate market that is in turn telling on the general economic slow down. Lenders, borrowers, the ordinary citizen and politicians are now all boiling in the foreclosure stew. So far nothing positive has come forth from the Bush administration.

The sitting Congress may succeed in passing a foreclosure-help bill before 4th July. At best it will stop 5,00,000 foreclosures covering the forthcoming years. If it sees the light of day it will be something to trumpet about. But there are many ‘ifs’ – it has to be passed and then it has to be signed by Bush. Even then the weight of foreclosures that will be legated to the next administration will be gigantic.

At this juncture it is relevant to note what noises the two presumptive nominees, John McCain and Barack Obama are making on this all important foreclosure issue. Last March McCain had tagged along with those who blamed the borrowers for taking more loans than they could afford. He argued that they were not deserving of help. This led to a barrage of criticism. McCain came to be termed mean and ignorant of economic points. The argument was that there was no reason to make the entire economy suffer for the failings of few borrowers. From April, McCain began to sing another tune and supported administrative steps being taken to halt foreclosures.

Obama has more broad suggestions to offer – allowing bankrupt borrowers to have their loans modified via court protection route. This has been categorically dismissed by Bush group and the mortgage companies. Obama is also for local bodies to purchase foreclosed properties and thus help in easing the market.

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One has to be brave to think about buying in Las Vegas or Tampa where the real estate market is sliding down from bad to worse. But in other cities there are growing signs of stabilization and one can try to snap up a bargain in foreclosed properties. The best places are Charlotte, Raleigh, Oklahoma, San Antonio and Albuquerque. Right now these five cities are the top five best options for the buyer to go to.

The largest 100 metro areas have been categorized according to the number of foreclosures within the ranges covering 3% to 4%. Riverside is 3.8%, Detroit is 4.8% while Seattle is 0.4% and Austin 0.8%. From these figures the buyer should be able to gauge the mood of the real estate market.

Apart from taking foreclosures as an yardstick there is another method related to correct valuation of the house. Undervalued houses do not always mean a sound investment. For instance a house in Detroit may be relatively cheap but the economic atmosphere here is bleak and this tells on the market. If Detroit had more jobs then the picture would have been different.

The other cities that measured up to quality of life as regards local economy are Raleigh and Oklahoma where foreclosure numbers were low while economic climate was also good.

The next point of focus was how real estate had been performing since 2006. In no city had there been big jumps but nevertheless in San Antonio prices had increased between 2006 and 2007 by 8.24%. Thus this city carries far less risk than others like Sacramento where prices had dropped during the same period by about 10%.

Having sifted through all these angles it was now necessary to see the gap between average prices and the foreclosure prices from reliable data to find out where the largest discounts were being offered by the banks. Stubborn sellers will not negotiate but cling on to their demands. Those who want to short sale are the best options for here the house is offered at a price that is less than the loan amount. On this count Charlotte is a good bet. Here the houses of foreclosed units are 28% below the average thus causing an average saving of $56,874. It is nothing to be ignored in a market where the average sale price stands at $147,299.

Online there are details of all the houses listed but it is wiser to go through renowned routes

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