Foreclosure Listings Articles

Many are not wallowing in depression and self-pity but taking up the challenge thrown by the foreclosure crisis and finding new avenues. Some say that it has actually been a boom that has pulled them out of the groove. Economic necessity has now become the mother of new invention.

Jay Kverno previously had a job oiling machines in a lumber factory. Today in spotless scrubs in a dialysis unit he thinks about the heat, fumes and dust of his old workplace. Bemidji Minn has turned 50. He muses, “I used to be filthy. Now I’m sterile.” Three years ago he had been laid off from Ainsworth Lumber and now he is a registered nurse. At the lumber factory he had toiled for quarter of a century earning $40,000 to $50,000 annually. With a guaranteed overtime he did not know any other world existed.
Availing of the help offered by Dislocated Workers Program he financed the tuition fees in the nursing school. It cost him $20,000. Finally he pulled through with flying colours and now likes his job. For him it is a new life as he interacts with patients.

His other colleagues however were not so fortunate. One had to go job hunting to Afghanistan but with no success.

Another success story is that of Caroline Blake. She lost the job she did not like but turned to find one dealing with animals – a field much to her liking. She took up pet care. Previously about a year ago 29 year old Blake residing in Kenilworth, New Jersey worked in a consulting firm. She quit when the weather turned foul. Not to sit idle she became a franchise of Pet Care after investing $10.000 to buy it. Many were doubtful of her success and asked her whether it was worth giving up a paying job to take dogs for walks. Starting early she works all the days of the week. The last walk is over at 11 pm. She continued for three months without even a Sunday break. Now pet care is part of her daily life no matter where she is – sunbathing or sitting before the television. Jogging with a dog is her passion. Her charges are $18 for a visit of 30 minutes and $55 per night to be overnight dog sitter in her own home. She is earning well – nearly 75% of her previous salary packet. She said with a grin, “Smartest thing I’ve ever done – every day, a different dog.”

The US economy is going through one of its challenging phases. Unemployment is at its peak and people are faltering on mortgage payments. Hence, foreclosures are common. Now the value of the foreclosed properties has crashed to an all-time low. Normally home buyers buy a property with the notion that its value will appreciate over time. But in certain counties of the US, exactly the opposite has happened. Buying a home is no longer a long-term profitable investment.

In fact, in certain counties, home prices have crashed to 1999 levels. At the time, the housing boom had not even taken place. There are nine ZIP codes in Palm Beach and Broward counties where houses sold in July at prices which were even lower than July 1999. Take, for instance, Michael Keigans, who stays in the Deerfield Beach. The ZIP code of the area is 33441. Here the average price was merely 6 per cent off what it was in 1999.

Keigans says that investment in homes no longer pay off. Gone are the days when a person increases his net worth by purchasing a property. Owners who bought homes a decade ago in the Hallandale Beach ZIP code of 33023 paid an amount of $120,000. Now these homes are carrying the price tag of $100,000. That means the people who had been clinging on to their homes with the hope that their value would appreciate have lost money in the process. The Delray Beach residents also have a similar story to tell. Most of them have taken a 40 per cent hit on their home values.

So what are the factors that are responsible for the plunging home values? Many of the people living in these areas belong to the low-income category. They are sub-prime borrowers with bad credit history. Hence, when these people defaulted on loans, foreclosures became a common phenomenon. As one house after the other became a foreclosed property, prices of homes dipped in the area.

Small wonder, then people are taking a hit on their homes. It’s very sad that many of these people were not propelled by the housing boom. This was revealed by a housing analyst Mike Larson. Naturally, there are some big losers in the game. In the Deerfield Beach Zip code of 33441, the average sales price of homes is $135,000. This has climbed down from the figure of $144,000 in 1999.

The foreclosure situation has radically changed the financial thinking of baby boomers. The financial advisers who are in charge of $10 trillion as assets will change their priorities as regards investments when they reach retirement point. This was view of a senior official at BlackRock Inc.
They will move on from accumulation (squeezing the most out [...]

Continue reading: The Foreclosure Situation has Changed the Way of Thinking of Baby Boomers

Continue reading: Health Care Lapses are One of the Main Causes Behind Increasing Foreclosures

Today the FHA (Federal Housing Agency) has a pivotal role to play in pulling up the economy from foreclosure blues. Following the housing crash there were wide ranging views as to whether ownership should be made easy or more difficult. Worried lenders who had burnt their fingers now want 20% down payment before they will [...]

Continue reading: The Role of FHA is Pivotal in Pulling Up the Economy from the Foreclosure Blues

The current foreclosure crisis has exposed the vulnerability of a nation that is not properly educated. Meanwhile compared to other developed nations American numbers of higher educated persons have fallen back.
The current crisis expedited the trend of falling back. The social security net is in tatters and this is causing many more students in comparison [...]

Continue reading: The Current Foreclosure Crisis has Exposed the Vulnerability of a Nation not Properly Educated

The impoverished foreclosure victims are sans proper legal help. More than 300,000 residential houses are being served with a foreclosure notice per month. The situation has become all the more crushing because of the lack of proper legal help for the hapless foreclosure victims.
As per the findings of a new survey conducted by Brennan Center [...]

Continue reading: Impoverished Foreclosure Victims are Sans Legal Help

The real estate sector in the US is already in the dumps. As unemployment reigns high people falter on mortgage payments. Hence, foreclosures are at an all-time high. Now there is news of 7 million foreclosures of hitting the market. Once the banks take over these properties, housing prices is set to crash further. This [...]

Continue reading: Seven Million Foreclosures Likely