Archive for the ‘Foreclosure Homes’ Category

The plummeting housing prices and soaring foreclosure create opportunities for first time house owners, according to a reputed auction house in Florida. In the yester years foreclosure properties were shunned as distressed properties that needed total over hauling before it became habitable and that was expensive. In recent times however foreclosure properties in the housing market draw agents and investors who understand foreclosure as good investment opportunities. Intelligent people purchasing a house for the first time dive into the market during such recession periods to retrieve property at bargain prices. The staggering real estate market, flooded with bank-owned foreclosure auctions allow purchasers heavy discounts on these properties, as the lenders, eager to dispose off these mortgages within the shortest period possible become very flexible.
Florida continued to be battered with foreclosure during the second quarter of 2008. RealtyTrac, the nation’s most trusted name in the real estate market and tracking foreclosure records in the nation, reported that Florida ranked as running the country’s fourth highest foreclosure rate during the past three months. One in every 78 households received a foreclosure filing which was twice as much as the nation’s average in foreclosure filings.
Dave Webb, Principal of Hudson and Marshall, the country’s most experienced foreclosure auction firm declared that 700 bank-owned homes in cities throughout Florida were to be auctioned in mid-August. Detailing the programme, Dave said, over 100 houses would be auctioned in Orlando, almost 100 houses in Tampa and more than 200 houses would be auctioned in Miami/Ft. Lauderdale area. The sellers paid for the title insurance of all the properties. The foreclosure properties were to be auctioned at ‘as-is-where-is’ basis, Hudson and Marshall confirmed. The buyers were allowed to carry out a thorough inspection of the house they wanted to bid for. After the sale, the successful bidder was required to deposit in cash or certified funds an amount of $2500 for each of the properties he had successfully purchased.
Hudson and Marshall, based in Texas, was America’s premier auction authority with forty years of auction history in the US. Maximizing sales, the company was able to sell 70,000 houses in the past eight years by means of an accelerated sales process, which efficiently sold innumerable properties that minimized expenses and maximized returns to the lenders. Last year, H&M total sales amounted to $1.2 billion and the company’s anticipated sales were stated to auction another 30,000 houses through 2009.

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DataQuick information shows that foreclosures and pre-foreclosures in the Coastside region spell trouble ahead. In Half Moon Bay four foreclosures were noted during the second quarter of this year. Previously in 2007 there was only one foreclosure during the same period.

RealtyTrac collects information of foreclosures daily. According to it there were 29 pre-foreclosures in Half Moon Bay this year. In the second quarter there were 24 pre-foreclosures. During the second quarter of the previous year of 2007 there had been only six pre-foreclosures in this region. The mortgaged property enters the pre-foreclosure stage upon receiving a Notice of Default from the bank.

In Moss Beach there have been three pre-foreclosures and three foreclosures. Montana does not record any foreclosures but there have been 8 pre-foreclosure notices. In La Honda there have been five and two pre-foreclosures and foreclosures respectively. In Pescadero there is one pre-foreclosed house but zero foreclosed ones in El Granada, Princeton and Miramar. In East Bay the situation is worse. But on the coast although the numbers are comparatively low it shows a sizeable increase from the previous year. Most of the foreclosed properties are single-family houses with price ranging from $500,000 to $800,000.In the second quarter of 2007 there were four foreclosures in Half Moon Bay according to DataQuick. This shows 100% increase in this year. What is more worrying is that in pre-foreclosures the increase is 500%. Montara and Moss Beach are also experiencing greater proportionate increases.

The foreclosures largely come from the sub-prime category of mortgages with teaser interest rates. For about a year 1.5% to 2% only is charged. But after the honeymoon period is over the interest jumps to 9% or even 10%. The equity on the houses has vanished. This causes the value of the house to be worth less than the loan amount. As a result many people just walk away.

High number of foreclosures means danger not only to the borrower but also to the lender, the government at all levels and the locality. It means the lender has too many houses on the list and this weakens the real estate market. A slow real estate market means less collection of taxes. Empty houses attract crime and disease, which a government finds difficult to contain with depleted funds. Meanwhile government contributions to public utility services suffer at a time when these are most needed while humans and animals have nothing but the sky to cover them.

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Foreclosure surges leads to increasing traffic on new website. The pain of foreclosures is being directly related to increase in numbers to Mortgage Lender Implode-O-Meter. It is not only borrowers but lenders too in trouble are being counted. On 7th July the number was 265 – but that was just the beginning of increasing numbers.

Implode-O-Meter has made a hit in the sub-prime world. In a recently held conference of Mortgage Bankers Association the most discussed topic was how to keep the name of the offending mortgage company off from the website. Jim Reichbach of Deloitte Banking and Security quipped that none is keen to be “number 266!” He added, “This is a death toll that is equivalent to the casualty ticker of the Vietnam War.”

The brain behind the website is 28 year old Aaron Krowne of Emory University, Atlanta. By calling he is a computer scientist and mathematician. He kicked off the Implode-O-Meter in 2007 knowing that the situation in the housing market and the related mortgage world was sure to worsen. Krowne could not have been more close to the truth. The website recorded 100,000 regular clickers as soon as it took off. Dollars from advertising rolled in. Krowne had to quit his daytime job and hire a staff of ten to run his firm Implode-Explode Heavy Industries. About the foreclosure crisis Krowne commented that it comes in surging waves and “just keeps coming.”

Foreclosures are telling on the economy gobbling up not only borrowers but also well-established financial firms. More are finding themselves on the guillotine list. Implode-O-Meter recorded the transactions when the residential mortgage sector of Bears Stearns was purchased by private investors dealing with equity. Once listed on this website it became difficult for E*Trade Financial to make alterations. Anonymous employees are the first ones to give the tips. This has led many critics to opine that the website is more about gossip than facts. But the website backs up the news with recordings of phone calls and e-mail that come from famous places. Merrill Lynch is one such famous firm that in March showed the door to all those employed in First Franklin Financial. Merrill Lynch had purchased this business in 2006.

There are many other sites akin to Implode-O-Meter that are coming up thanks to the foreclosure frenzy. Obscene names are being used by some to attract traffic. Devious are the ways foreclosure is telling on the lives and luck of people.

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Foreclosure have lain seize on Orange County, especially where sub-prime lending had concentrated, and was intensifying. During the second quarter of the year, four Santa Anna ZIP Codes were the epicenter of foreclosure in the county. The overall ratio between foreclosure and the total number of condominiums and houses more than doubled over that in the first quarter in some ZIPS, according to DataQuick, which analyses foreclosure trends in the country.
Statistics show that 75% of the people in Santa Ana had borrowed money to buy houses under sub-prime lending in 2005 when the real estate market was booming, and it was they that were the worst hit in the nationwide foreclosure crisis. Santa Ana, with 92701 properties filing a foreclosure was the forerunner and 23 out of every 1000 households received a foreclosure filing during the second quarter compared to 10 out of every 1000 ratio in the first quarter, as projected by DataQuick which detailed foreclosure in each ZIP for the quarter ending June 2008.
The tentacles of foreclosure had spread to the neighbouring county cities, including Anaheim, Orange, Garden Grove and Stanton and even beyond to places that have not been the target of sub-prime lenders. Market watchers stress that people enjoying good credit back-up had ventured to buy houses in areas such as parts of Lake Forest, Ladera Ranch, Rancho Santa Margarita and Aliso Viejo, as investments or to live in, in the near future. Unfortunately, these buyers are suffocated under their mortgage loans.
These South county ZIPs rank third for having the maximum concentration of foreclosure among counties. Experts blame foreclosure for pulling down the prices of houses in the country. In Santa Ana’s six ZIP codes the median prices of houses sold dropped 50% compared to a 13% drop in June last year.
US Representative, Loretta Sanchez, covering Santa Ana, Garden Grove, parts of Anaheim and Fullerton, promised that the housing bill passed at the Congress intended to help areas like central Orange County. The housing bill would enable borrowers entrapped in the foreclosure dilemma to interchange the existing loan mortgages for loans at more affordable rates and conditions. The borrowers in default would be backed by refinance mortgages by the Federal Housing Administration to the tune of $3oo billion. Apparently, though the bill looks good, it is obvious that lenders would be unwilling to suffer losses on loans backed by the FHA, snapping out the efficacy of the much-publicized housing bill.

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HANDS was certified by the US government Department of Housing and Urban Development, to handle foreclosures. It will give counsel on mortgage properties just when the problem of foreclosure was sneaking into Warren County.
Mayor Elaine Walker confirmed that seven local banks were working with HANDS, to set up offices throughout the region, in 27 counties, Owensboro and Elizabethtown to help borrowers understand better their mortgage deals. They offered to counsel potential purchasers of houses even at the pre-mortgage stage. The local leaders in their effort to navigate borrowers, struggling under foreclosure or immersed in the midst of bigger problems, had come forward several months ago to counsel them and show them ways and means of wading out of it. The government officials, bankers, Realtors, AARP and Kentucky Housing Corporation had organized a program wherein much of the problems of the borrowers at risk of running into a foreclosure could be bailed out. Their policies were updated regularly.
The foreclosure crisis had touched Warren County but was not as bad as it was in the states of Florida, California or Michigan, nevertheless people were feeling the pinch. The whole year of 2007 saw 230 houses being foreclosed in Warren County but this year in July alone there had been 183 foreclosure filings and 25 more were slated for August, 2008. Deborah Williams, Executive Director of non-profit Housing Assistance and Development Services, anticipated that the total foreclosure figure at the end of the year was quite likely to exceed 300 households.
According to Williams many factors contributed to the present crisis in the housing finance industry. Since the late 1970’s the US had not witnessed a slump of this stature and was caught unawares. Suffering was rampant, people with low income, middle-class families with good incomes were suffocated under pressure of inflation, and higher fuel costs fanned prices so that even people with very good savings account and an organized budget were affected, and topping the problem was the foreclosure and sub-prime lending debacle.
Williams said that some funds had been procured to help out borrowers in several ways. First, it could reach out to areas to spread awareness among borrowers the status of their mortgage loans, counselors could negotiate a lower rate of interest especially if it was through a partner bank, it could offer financial help to borrowers who suddenly is retrenched or suffers a major illness. The borrowers were only to dial HANDS for help free of charge.

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In the housing recession California led the nation since the days of the Great Depression. But with reports now coming in from the real estate market, the state may be first to have reached the foreclosure peak.

In Stockton, one of the worst hit pocket of California, sale of houses are picking up. During the second quarter the sale numbers doubled after prices fell by 37%. Across California the sale figures increased for three running months starting from April. This has come after 30 running months of decline said the California Association of Realtors. Of the sale, 40% came from the foreclosure category.

Mark Zandi of Moody’s Economy commented that California had gone through a traumatic time as regards fall in wealth but this shock is laying the foundations of a recovery. He said, “This signals the beginning of the end.” California lost about $1.3 trillion in house equity since the price of houses reached its pinnacle in December 2005. Today discounts up to 50% are being given and will in all probability continue till 2010. Only a fast pace of sales can clear the glut and bring back stability to the market.

For the 18th running month California led the country in foreclosures. In June seven of its metros were including among the top 10 highest foreclosed metro regions. This pushed down prices and ‘distressed sales’ became the norm. Two thirds of the sale dealt with houses priced below $500,000. It would take 7.7 months to clear the accumulated stock. Previously a year ago it would have been cleared within 10.2 months. The average price fell by 38% last month, dropping to $368,250. Professor Karl Case of Wellesley College, Wellesley, is optimistic that “things are beginning to happen.” He opines that unless the stock piled up is cleared nothing will move.

California led the housing boom when prices doubled during 2000 to 2005. All time low interest rates made this possible. With prices rising, sub-prime mortgages made its debut with its ARM’s. Loans were given to anybody with a pulse without checking on their income and capability. But when the floating interests increased to higher niches the housing boom burst and foreclosures swooped down on the nation. Some loans did not need even down payments. About half of the 25 sub-prime lenders of USA are based in California. All these reasons combined to make California the reigning monarch of foreclosures.

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Foreclosures are inhuman to the four footed friends of man. The situation smacks of a savage era – or perhaps that is how history will remember this foreclosure age

Ruby, the seven-year-old corgi-mix is one of the many dogs that have lost their homes because of the foreclosure crisis. Today she is under the care of Operation Kindness. A good many of the inmates of Operation Kindness have been adopted but luck continues to elude Ruby, the foreclosure pet. Foreclosure pet is a new term that has been coined for those animals that are paying the price of human failures.

In Dallas with the increase of foreclosures the number of abandoned pets are also on the rise. Ruby was given pride of place on Saturday’s Morning news. She is a sleek brown dog with soulful eyes. Since then, according to Sherwin Daryani, of Operation Kindness, many came to make inquiries about her but nothing concrete materialized out of these visits.

Operation Kindness usually takes in about 18 at the end of every week. Apart from Ruby, 26 other animals found homes including some who have been staying here for over half the year. With more people coming to hear of these foreclosure pets Daryani is excited that prospects will brighten. About a fourth of the animals in the shelter are foreclosure pets.

Another city shelter is Dallas Animal services. Tyron McGill the manager of Dallas Animal Services said that routinely daily one or two animals are abandoned to their fates due to the foreclosure crisis. Those left at the shelter are better than those abandoned near dumps or worse still kept chained inside the confines of the foreclosed houses. Abandoned pets have increased but the numbers of people opting to adopt have decreased. It seems foreclosures in Texas are one of the main reasons. If this trend continues then the overcrowded shelters will have not other alternative but to opt for mercy killing.

Horrendous stories are pouring in of bank agents who report for cleaning up and maintaining the foreclosed unit coming upon chained dogs dying or dead without any chance of fighting it out. It is a question of priority. When cannot find food and shelter for the family what of the pet? But the pet is a part of the family. It is not just dogs and cats. One bank agent came upon a domesticated pig. There have been reports of horses and sheep being left to their fate.

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Portland foreclosure rescue scams are on the rise. Detective Liz Cruthers of Portland Police Bureau introduced fraud specialist Richard Hagar to the participants of a meeting held in East Portland.
In localities as well as across the nation mortgage fraud is making its presence felt, according to Hagar who is a renowned expert in the field. He explained that the crime is not just about individuals and family units but it is affecting the entire local economy. While introducing Hagar, Cruthers said that real estate agents are indulging in fraud and this is in turn is leading to more foreclosures and fueling the meltdown from the sub-prime. Hagar presented in clear terms the nefarious activities related to real estate deals. It included foreclosure rescue scams. Hagar bluntly said “People who run ‘foreclosure rescue’ operations are the lowest of the low.” They offer false help to those in dire straits and then push them overboard.
Hagar went on to explain the procedure. When a borrower falls behind in mortgage payments he is sniffed out by a so-called helpful friend who suddenly arrives on the scene with a basket full of promises to tide over the foreclosure crisis. Understandably the foreclosure victim is in a traumatized state and does not understand the consequences of being persuaded to sign a “Quit Claim Deed.” The sham rescuer then gives the house owner $5,000 and offers to let the victim continue to stay on as a tenant. He says that at a convenient time in the future the house will be sold back to him. In reality if they miss even a single month’s rent they are thrown out. The situation is grim. The scammer has the title deed.
Hagar cited the instance of a local widow who was mourning for her husband when foreclosure threatened her. She had fallen behind in her payments due to the tragedy. One of the vultures smelt the rot and honed in with rotten promises. He offered refinancing but never did it. He offered to sell the house on her behalf but never did it. He said he would himself see to the stopping of the foreclosure process but did not do it. What he did was to buy the house in the court auction for peanuts - $10,000, because of the “kindness of his heart.” His kind heart made him give the widow $5,000 for moving out. It took him only two months to sell the property for $300,000!

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