Foreclosure Recap – Week #34
For a change, we would like to start this recap with uplifting news. It seems that the numbers foreclosures in the state of New Jersey might be declining or, at the very least, stabilizing to some degree. The numbers for the month July 2009 are actually a nearly six percent lower than the numbers for the month of July 2008. The amount of new foreclosures was almost even with the numbers form the month of June 2009 and the combination of those two things have people hopeful that the worst of the real estate crisis might actually be behind us at this point. While it might be a little too soon to actually make a prediction about that, the numbers as outlined in this article tend to leave the reader with some hopeful outlooks on the situation.
According to the Washington Times, the sale of homes is up for the fourth month in a row. This is the first time since 2004 that there has been such a positive attitude about the foreclosure crisis, which is yet another positive indicator that the real estate market could be well on its way to some stability. In fact, in a direct quote from the Washington Times article, it says – “The trend signals that the housing market, decimated by the longest and deepest economic downturn since the Great Depression, is finally beginning to recover.” Those are fairly strong words and if true are certainly cause for the nation to celebrate.
The historic Boulder Dam Hotel in Boulder City Nevada has recently fallen as a victim of the foreclosure problem but thanks to an anonymous donor has been spared. The city prefers to shy away from the traditional Nevada casino life and, in fact, totally banned casinos. It only allows 120 building permits per year in an effort to try and slow the onset of progress and growth in the community. The story might sidetrack a bit from the foreclosure crisis but does have a happy ending and is well worth a few moments a quick read through.
Las Vegas is the city with the highest foreclosure numbers in the country; an honor it has held for the past 32 months. To most people, high foreclosure numbers would indicate that it is time to move out of a city; many people have done just that. There are signs that the city and the economy falling apart everywhere that you look. But this article from Time Magazine puts a different slant on the issue and seems to say otherwise. It actually says that now is the perfect time to invest in a piece of Sin City and wait for the rising of the Phoenix that will no doubt happen.
From the Dairy State of Wisconsin comes the story from the Rock County city of Janesville about how unemployment and job loss has increased the number of bankruptcy filings there. A large number of folks actually filed chapter 13 bankruptcies – a chapter 13 bankruptcy is when the individual keeps their assets and repays the debt over time. However, many people end up filing for a Chapter 7 bankruptcy eventually. As a direct result, the foreclosure rate goes up as these people walk away from the houses they were attempting to save when they filed for Chapter 13 bankruptcies. The bad news is that officials here expect that the numbers will just keep getting worse and worse.
One side effect of foreclosures is that many times people go into depression. In recent studies nearly half of the people facing foreclosure show signs of depression and a full 37 percent met the screening criteria to be categorized as being in major depression. This can have a long-term term on victims that is both medically and emotionally draining. But many do not realize the end result of this economic problem usually until it is too late.
If you are concerned about the foreclosure crisis and you would like to learn more about how it is faring in your part of the world, be sure to examine this article. It gives a lot of data plus a link to a map that will show you via a Google map where the various foreclosures in your area are located so you can see how close to home the crisis is hitting.
The lender Citi-group has stepped up its efforts to help borrowers who have fallen behind on mortgage payments. The number of people that are 90 days late or more on mortgages has risen from 3.9 percent to 4.7 percent in the first quarter of this year. The financial giant is trying to do what it can to reach out to people in an effort to try and stem the increase in the foreclosure numbers and keep people in their homes. Foreclosure homes can become liabilities the bank has to pay for. It is a winning situation for both parties if it works.
The Fox News Station in Tampa is currently running an article about the various scams that people are still falling for in desperation to attempt to save the family home. Many people are being contacted by companies and are being told to make their payments directly to them. These companies assure poor, struggling homeowners that they will deal with their lenders and do all in their power to save their homes. There are many different things that these people do to try and assure you that they can save your house when no one else can. This is an outright lie and a scam, which people still fall for because, when faced with foreclosure, there is a lack of options. The story is here:
The offices of the Housing and Urban Development, which are better known in the real estate arena as HUD, has set aside some fifty million dollars earmarked for the states and local governments in an effort to help them deal with the rising amount of foreclosed properties that are beginning to ruin the landscape around major cities. This money is designed to help do everything from improve the landscape to give the needed capitol to tear down some of the more unsightly property and make it, once again, usable. You can take the time to click on the story;s link and peruse it at:
