Despite sales ticking up following the fall in prices the recovery of the real estate sector is proving to be tardy – long and lengthy. In Berkshire the situation is particularly challenging although the government has extended and expanded the tax credit benefits. The real estate pundits of the locality forecast is that albeit the sales figures have gone up the prices have not as yet touched the bottom.

Across the country in October the sale of new houses went up by 7% in comparison to the figures of October 2008. Sales of existing houses went up by 10% nationally while Massachusetts noted a gain of 17%.

But due to the clogging of the market by foreclosures the prices are still falling although at a slower pace than the previous year. The national residential house price index of SP Case-Shiller fell by about 9% during the third quarter of 2009. In Massachusetts the prices fell by 2.6% – the median across the state being noted as $287,000.

The market is being dragged down by 10.7 million borrowers having gone underwater – owing more than the value of their mortgaged properties. It calculates to a staggering 23% of all mortgage holders. The other side is that there are 24 million house owners who are not saddled with mortgages.

The position in this respect in Massachusetts is modestly better – 15% of all those with house mortgages are underwater. The effect of this on the real estate market is tremendous.

Bob Romeo the owner of Century 21 Franklin Street Associates is cutting down on his establishment by shutting down some of his branches in Great Barrington, Otis as well as Easthampton and concentrating on the net for marketing. His offices in Lenox and Pittsfield are the only operating ones. He is not hopeful of a near recovery until the stock market shows signs of confidence. He commented, “Even folks with the capacity to pay cash are treading water. We’ve changed our mission statement and our vision of the business. More than 85 percent of people seeking to purchase a home utilize the Internet as their first and continuing resource.” Since the houses are being sold at assessed rate or even less he predicts that prices would fall further. The number of deals of his company has fallen by 14% in comparison to that of the previous year.

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Foreclosure numbers are swinging in Tooele County – after going down for 3 months it went up in October – swinging up by double from the figures of September. During the 3rd quarter the foreclosure postings fell to 40 from 116 as per the findings of RealtyTrac. But last October the new foreclosure numbers spike to touch 88.

Nicole Cloward of Re/Max Platinum that deals in real estate said, “We have just seen the tip of the iceberg. Back in 2005 and 2006 we had home loans written for interest only. Those loans are now coming due and payable and payments will be going up.” Cloward apprehends that foreclosures are threatening to shoot up in Tooele as the loans are being re-negotiated at the time of recession. Earnings have gone down and so too the value of properties. Because of this Cloward took training in dealing with distressed property so that she can be of assistance to the besieged families and help them to continue to stay in the houses that were their homes avoiding pot holes that could end up in foreclosures.

She has made a list of the conditions that will make a property eligible for distressed sale. With this tag the lenders would be willing to re-negotiate the terms. The conditions include debts that cannot be managed, loss of job, medical expenses, serious ailments, jail, death, divorce, call to military service, increase in insurance payments, adjustments in mortgage rates, change of working place and reduction in income.

The manger of Premier Mortgage, Charles Prows has suggested that the initial step for the victim is to contact the lender as soon as he or she finds out that continuing with the mortgage is impossible. He advised, “Call the people you are sending your money to and let them know your situation. They often will work something out with you to negotiate the loan or accept partial payments.” The most common mistake that would lead to negative results is delay or ignoring the bank said Prows.

Melissa Collings also of Re/Max Platinum has a certificate in handling distressed estates. She can assist the owners in being conversant with the alternatives before them and the long-term impact of these on them. She said, “A foreclosure goes on your credit report and will mean it may be up to seven years before you can qualify to buy a new home. In the meantime, your foreclosure is on your credit report and it may affect your current job or new job opportunities, military clearances, and even the ability to get car insurance.”

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Las Vegas commercial foreclosure front is showing signs of pessimism laced with optimism for the long term Its commercial real estate market has been hit by the recent economic travails but increasing foreclosures and sharp fall in prices will provide opportunity to many to quickly recover than in other regions. Panelists were speaking about this to representatives of the commercial real estate group.

None of those in the panel who had spoken on 17th September to the National Association of Industrial and Office Properties (South Nevada chapter) had expressed their optimism about a swift recovery. They had bemoaned the languishing of commercial real estate causing the lenders to be shy of lending money for commercial ventures. Recovery is heavily dependent on creating of jobs – the latter being the drive behind the demand for commercial areas. But with the unemployment rate being more than 13% it appears that the health of the economy will not improve for many years to come.
The optimism is based on the falling value of commercial properties. This has whetted the appetite of investors to strike at the right moment. An official from the Nevada State Bank said that very soon the bank would be putting in the market a good number of troubled properties in the market during the fourth quarter.

John Wright of National Valuation Consultants said that the fall of values in the commercial real estate in Las Vegas has been staggering. Other cities have suffered but none so badly as Las Vegas where in some instances the value has dropped by nearly 70%. He said, “When you look at market declines, places like Las Vegas — the trajectory could be more sharply upward in this market when it comes back,” Wright said. “There are going to be good deals to be had. When that happens, the growth will come back.”

Patricia Nooney of CB Richard Ellis said the valley which had witnessed “ a great ride upward” is now seeing action in the opposite direction with the same intensity. However with the country continuing to see increase in unemployment the mood of pessimism continues to persist. Nooney feels that the situation will not return to the levels of 2007 and 2008 till 2013.
By rule of thumb the vacancy rates in business space will not reach its height until 2010. Rents will not start to climb up till 2011. The tight fisted attitude of consumers has been affecting retail sales. This will not change till the end of 2011.

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Although the state legislators are trying to help harangued homeowners from being evicted during these recession days, Connecticut State has just passed a budget ( for 2 years) that will cash gain from a new tax imposed on foreclosures to help the government to get out of the money shortage. It is unclear as to who will foot the extra bill. There is the possibility of the banks passing the buck on to the homeowners. The details are yet to come.
Most of the debate concentrated on income taxes but finally when the spending plan was passed, following party lines, during the early hours of 1st September, quietly the current conveyance tax on real estate dealings was passed on to include foreclosures.

The newly imposed foreclosure tax will start operating from 1st January according to Office of Fiscal Analysis (non-partisan). It will result in collecting $8.5 million during the second half of the current fiscal year. In the 2010-11 fiscal year the collection is estimated to be $16.2 million.

The leaders of the Democrats inclusive of the co-chair persons of General Assembly’ Finance could not be contacted recently to seek out an explanation. Other Democrats claimed their ignorance. Senator Bob Duff (Democrat) quipped, “You don’t want the homeowners who are already in bad shape to have to pay.” Duff in his capacity as co-chairperson of the Bank Committee of the Legislature has been working during the previous two sessions to set up court initiated mediation programmes that would assist the homeowners facing foreclosure and possible eviction. Duff complained that he had not been consulted about this tax imposition on foreclosures. He would like the issue to be further examined. He said, “It certainly warrants having a hearing and learning more about how the technical aspects will work and if it affects families under dire and stressful conditions.”
Sen. Eileen Daily (Democrat) the chairperson of the Finance Committee said that the plan was initiated from Republican Governor M. Jodi Rell’s administration. But a spokesperson from the budget office of Rell declined this to be the case. For more comments Daily could not be contacted.

Senators Len Fasano and Tony Guglielmo, both Republicans said they had proposed the extension of the conveyance tax in real estate to include foreclosures earlier in the current year. Guglielmo elaborated, “My initial position was, and still is, I’d like to get rid of the conveyance tax, but it doesn’t seem to be happening.”

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The recent statistics released show that delinquencies and foreclosures are increasing. Of all the outstanding mortgages 13% are either in foreclosure or about to slip in according to Mortgage Bankers Association.

One of the reasons for this spike is the increase in delinquencies among traditional prime mortgages having fixed interest rates. Thus ultimately the market with its staggering unemployment and jobless figures is to blame. Americans do not have the income to pay their mortgage dues.

Without proper income it is difficult to be eligible for the modification plans being introduced by the government. Forbearance is often a solution but to avail of it the borrower who does not have a job has to sit down with the servicer of the loan said Jay Brinkmann of MBA. In an interview over the telephone he said, “You go in and say, ‘This is where I am, this is what my reserves are like, I have these interviews lined up.”
The Center for Responsible Lending thinks that these talks are not enough to bring about a solution. This non-profit research and policy organizing body is focusing on protecting the homeowners. In a news release CRL stated, “Clearly loan servicers are not helping enough troubled borrowers through voluntary loan modification efforts and, as a result, prospects for an improved housing market remain distant.”

On 21st August another report was published casting doubts about the turning around of the real estate market. According to the findings of The National Association of Realtors the sale of residential units remained up in July – it being the fourth consecutive month. There are some bargains to be picked up in the housing market across USA. It is a good sign that buyers are rushing in to avail of this opportunity. But it will take a long time before the market regains its health because foreclosures continue to pile up.

In the second quarter the number of delinquencies in the home mortgage category touched 13.16% – it being the highest ever noted by Mortgage Bankers Association. The sales picked up because of the low prices being offered. In July the numbers were the highest since 2007 August.

The turmoil in the housing market has led to an increase in rescue scams. Despite warnings by the administration many are falling victims to these fraudsters and losing out in cash as well as on their homes. If required police help can also be taken.

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News radio 106 in Philly fives us the story via the Internet of how the Sheriffs departments there are trying to help during this trying time for homeowners. They have teamed up with Chase bank to help slow the rate of foreclosures and to try and keep people in the homes that they already own and are nearing foreclosure. The deputies deal with the issues that can be caused to a family due to the stress of foreclosure and they are now handing out a brochure with the foreclosure paperwork and it gives them the information needed to help them to sit down and go face to face with the lender to try and iron out a solution to the problem and stay the foreclosure.

The Examiner this week posted an article geared towards helping people understand loan modifications and what they can do for them and how to go about getting one. As I read it the article struck me as a must read. It explains the intricacies of loan modification in plain English and in terms that people can understand. It shows you that there truly are two sides to the story and if you really want a load modification you should know and understand both how you feel and where you are coming from and you should be able to see the bank or lenders side as well. If you can do that it is much more likely that you will be able to come to an agreement that will work for both parties. And if both parties are happy then it will be a smooth and successful modification.

The New Hampshire Sentinel Source has a story that really makes you look at the crisis from another point of view. We all think about how it affects the family that is losing a house, we read how the pets are affected and even how heartless the lenders can be. We see the stories about different agencies coming in and trying to help people stay in their houses and how the homeless shelters are over flowing with people that couldn’t make it. This story hits a new angle. How would you like to be the person on the phone listening to as many as a hundred people a day tell you their story and asking for help? Hearing them cry and knowing that in the end the only thing they can do is move on. The story puts perspective and compassion into a side of the news that is often overlooked and I think needs to be read by everyone.

One of the nations largest paper the Baltimore Sun, ran a story this week that shows how a local real estate agent has changed her focus from trying to educate people on how to go about buying and owning their own home to teaching them the things that they need to know to be able to keep the home. It is basically a nice human-interest story with a little new information that people might not know that is sort of hidden in the text. For example most folks know that it takes a little while to get the lender to actually respond to you about a refinance or a loan modification. This story actually lets you know the amount of time can vary from between 60 and 90 days. That means that if you are even possibly going to default, you have to start the process at least three months before you anticipate the event.

This story from the Grand Rapids Press in Grand Rapids, Michigan is based around how a new program uses federal money to try and spruce up neighborhoods that have been on the high end of the foreclosure numbers. The hope here is that the clean up the neighborhoods by painting the foreclosed homes and mowing lawns may have the effect of driving home prices up enough that it could stimulate sales of the foreclosed properties which would be a winning situation for everyone. The foreclosed numbers would drop and more people would be in the homes and as a result property values should start to rise. The story is something that is worth taking a few moments to go over and if it actually works, might be something to implement elsewhere.

The state of Massachusetts has taken aim at businesses that are claiming to help people save property that have gone into foreclosure. These companies are claiming that they can save distressed properties from falling into the state of foreclosure. It seems that many of these companies are targeting people and are paying on the weakened state of minds of families that have little to no hope left. They ask for fees upfront to which they say they can save the property for the homeowner. The claims are mostly just false promises and the family’s usually only end up losing what little money that they had and the house as well.

This one is particularly unusual. The town of Mesquite is a quaint and rather picturesque city. The problem as pointed out by this article is that one of the first and largest signs that you see when entering the town is one placed by a pair of local realtors advertising the services they offer for specializing in foreclosed real estate and properties. Many people in the town agree that it is not the sign that is objectionable. It is the overall size and location that causes issues. One of the first things you see when arriving in Mesquite when getting off the interstate on exit 120 is a huge sign that tends to show how bad things are there. Not something that instills a lot of confidence in the local economy or job prospects if someone was looking for a place to move.

It brings up a lot of valid things to look at and things to contemplate should you be in the need to rent something or lease a home during this crisis. There are lots of people out there in a bad place and it appears that these desperate times have forced some desperate measures to be used.

This week’s celebrity foreclosure article is on Evander Holyfield’s 54,000 square foot Atlanta mansion with its 109 rooms sitting on 254 acres of land falling into foreclosure for yet a second time in one year. This shows how mismanagement of funds and then the downturn in the market can affect someone that has made over $248 million dollars in his sports career.

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What an active week it has been in the real estate and foreclosure market in the United States. The most interesting news may well help some folks out of the financial bind that they are currently in. The Federal government announced that they plan to offer a “Second Lien Program” to help folks cope with the second mortgage they may have on their homes. The Obama administration announced this as part of the “Making Homes Affordable” program, where it plans to offer a 1% rate on the second mortgage to help stave off the foreclosures. Almost 50% of homeowners facing foreclosure today are in that position due to the second lien on their property.

The administration actually has so many different ways to attack the problem that it can be confusing to understand at first. For that reason, you may wish to decode all the issues and see exactly what is going on. Many people actually think that under the new initiatives, if the borrower refinances, it will replace the amount that he owes. The truth of the matter is that refinancing merely reduces the interest rate on the principal that is owed on the original loan.

As more and more Americans face foreclosure, they are struggling to answer basic questions. Sometimes these questions can be more frightening than the reality. For that reason, people are attempting to learn as much as they can about the current foreclosure system and the options available to help prevent it. Since foreclosure can and will have a negative impact on a persons financial status, it is recommended that anyone that owns property find out exactly what a foreclosure is and become familiar with the process.

According to the New York Times, the city of Phoenix leads the nation as the first city in America to have home values fall more than 50 percent. The value of homes has fallen a staggering 50.8 percent since the peak in June, 2006. During the first quarter of the year, foreclosure notices were filed on one in every forty houses in the Phoenix metro area. Those numbers are not isolated as several other large U.S. cities are also nearing the 50 percent mark. Las Vegas, for example, is currently at 48 percent. Large Canadian and Chinese firms are coming in with huge stockpiles of money and buying houses by the hundreds to capitalize on the problem.

The market, according to Fox News, is not as bad in the Memphis and Nashville areas. In a recent story, they say that the local area has a large amount of homes and they have been selling them off at a public auction. The hope is that it will help to stimulate the local economy and real estate market.

According to the Property Show Rooms web site, the top 26 cities on the foreclosure rate list are concentrated in only 4 states: California, Nevada, Florida and Arizona. These are the states that are having the toughest time in stabilizing. The Obama administration said that the recession will continue to affect the markets there and that people should expect more foreclosures before things get better.

The Baltimore Sun quotes the Los Angeles Times in reporting that more and more Americans are considering bankruptcy to help them escape the problems they are in today. It certainly can help you get a fresh start in life by eliminating debt, but if you are looking at this as an option, you could end up in a lot worse shape than you are right now.

The state of Texas is taking some affinitive action to help people in foreclosure state. The article tells all about what the Texas legislature is trying to do. In short, it will allow folks facing foreclosure more time to figure things out as well as an extended period of time to vacate the property once foreclosed. So instead of having 20 days to resolve a delinquent mortgage, Texans now have 45 days plus a full fourteen days to vacate.

Property in New York, according to the folks is at an all time low. One example is a bowling alley complex in North Tonawanda which is appraised at over $700,000.00 and was recently purchased by a company for an astonishing $185,000.00. This gives you an idea of how far things have fallen, even on the east coast.

According to the IB Times, the existing housing market slid downwards again in March by another 3 plus percentage points. This is driven primarily by the foreclosure rate being so high and people just not being able to make ends meet. And, this is the fifth straight month that the numbers have fallen in larger amounts.

More and more people are turning to extreme measures to deal with the lack of control in the foreclosure arena. The Baltimore Sun Times ran a story of how a father / husband killed his wife, three young children and then blew his own head off with a shotgun because he could not dig the family out of debt. They were over $460,000 dollars in debt and had two homes, one in Florida in foreclosure. He left notes telling of his deepening depression and then dealt with matters the only way he could see to do so.

Even historic locations are not immune to the foreclosures running rampant in the country today. If you go to the article and review the story, it tells of a famous hotel and casino located on the north shore of Lake Tahoe which was once owned by singer Frank Sinatra. The lack of event-related business has been blamed for the lack of revenue that caused this landmarks foreclosure.

The Miami Herald has reported that the local courts there will soon be requiring that lenders and borrowers try to mediate the foreclosures out of court to help ease the backlog of cases and attempt to help save the buyers homes. The general consensus is that if the two opposing parties sit down and try and work out a compromise, they will arrive at a more amicable solution than letting the courts decide the fate of the property. As a result, more homeowners may be able to avoid foreclosure all together.

This is your foreclosure recap with Kevin Simpson. See you next week!

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It is a difficult to answer the question of which option is better – opting for a rented accommodation or a shared ownership. The best is a toss up and leave it to fate! Both sides have strong arguments in favour and against.

Shared ownership indicates owning a part of the property jointly with a co-owner – usually the housing association. Shared ownership is sometimes referred to as part-buy-and-part-rent scheme. It is of great benefit to those who cannot afford to buy a house outright. Part of the house is bought while rent is paid for the other part. As the payment towards ownership increases correspondingly the equity or the share on the house rises. This is technically known as ‘staircasing’. One goes on climbing the stairs until the entire unit is bought.

There are certain costs involved. Some of these have to be paid at one time while there are others that have to regularly remitted. The at-a-time costs include legal charges, valuation, stamp duty, mortgage arrangement fees plus a deposit. The regular remits will be for mortgage, rent, service charges, insurance, tax, fittings and furnishings, gas, water, electricity and telephone as well as for regular maintenance etc.

In shared ownership certain questions arise regarding permission for redecoration, subletting, selling of share and will. More important issues relate to revised valuation each time the share on the house is increased and the consequences of defaulting on the mortgage. These are queries for the solicitor.

The advantages of shared ownership are that it is the first step towards owning property. The properties are either brand new or in tiptop condition. The sharing proportion can range from 25% to as much as 75% at the onset. There are certain preconditions for those who qualify for shared ownership. Those employed in the right kind of jobs are given priority. Joint application is permissible. There is also tax relief.

Among the disadvantages are that sometimes there is a long waiting queue to overcome. The choice of properties and locations are limited. It may so happen that one shareholder in the absence of others is weighed down with the responsibility of the entire unit. Increase in share proportion may involve additional costs.

Young people about to build nests should think twice before opting for shared ownership. For those just debuting into independent lifestyle one cannot predict where the next job or assignment will be. As such rented accommodation gives a lot of freedom. It has fewer responsibilities and allows for more flexibility. But in these troubled times landlords may not be what they pose to be. The so-called landlord might be under the scan of foreclosure but is quietly pocketing the rent. In extreme cases he or she might be an outright trespasser who plays out the role of the landlord convincingly and decamps with security money as well as two months rent. Most rentals are yearly leases and this leaves a feeling of uncertainty.

Considering the long waiting and conditions attached to shared ownership the toss goes in favour or rented accommodation – for the moment right now!

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Well – the question is a most general one, aspiring for foreclosure properties in three different segments. All residential properties listed for sale under foreclosures listings in the above segments have different modes and places to search for. Also buying residential properties have two different purposes namely – for own occupation for living with family and as investment to let out and get a steady monthly income or a profit by resale at the appropriate time.

At the outset, it can be confidently said that the Best place to search for residential properties is the Internet. Although you can find advertisements in the local news papers of your area, about residential properties that are available for sale under foreclosure, going through all of them will be daunting and contacting the advertiser individually for further processing is also not an easy one.
There are hundreds of websites publishing foreclosure listings of residential and other properties. All of them boast of best service to home buyers, but sadly the truth is the other way round. Like most of the businesses, real estate business has also been invaded by scammers, a customer should be varying about. That said there are genuine sites doing fair and loyal business and they can be identified easily by making a search through the popular search engines.

If you are ready to make the search for residential properties, you have to do some grounds work. First decide why you want to buy a foreclosure property listed for sale under foreclosure listings. If you are a home buyer for the first time for own occupation, you are head and shoulder above the rest and you will be the most welcome customer by these sites. If you are interested in investing and you have the necessary financial resources, you are the next best customer for them.

For both the above options, it is ideal that you select a suitable buying agent first. It will greatly reduce your hassles and finish off the deal of home buying amicably, without any loose ends. Admittedly home buying from foreclosure listings is very profitable, given the scenario existing in the country today. More than 2 million homes are rendered for foreclosure sales and are available for a fraction of their real value as sale price.

You have to make clear your preferences to the buying agent – the location, amenities and conveniences expected in the property, utilities and services available nearby for a peaceful living and of course the price range. It is the considered and unanimous opinion of the experts in the field of foreclosure buying that Bank Repossessed properties are the best. Reasons are – the properties will not have any further headaches like eviction of the home owner; good and ready to occupy condition; no other liens or mortgages attached to the property as the Banks would have cleared them well before repossession.

Regarding Tax Liens these are properties confiscated by the Government authorities from the defaulted home owners on payment of property tax. These are entangled with the Court proceedings and the defaulted home owner can retrieve the property by paying off the taxes with fines. So home buying from Tax liens, though very cheap, is not guaranteed to keep the property by the buyer for long. Also these properties will generally be in dilapidated condition, not fit for living.

As for Bankruptcy, the home owner can only delay the inevitable end of foreclosure by filing a Bankruptcy petition in the Court, under Chapter 7 or Chapter 13. In both the cases, the Court will issue a temporary stay for the lenders from proceeding with foreclosure process. But the lenders can move the Court for vacating the stay and pursue with their foreclosure proceedings in due course. Home buying from Bankrupt home owners is therefore a hassle one could avoid at any cost.

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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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