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Foreclosure filings in Butler County, Ohio have increased in October. In October, nearly 268 homeowners have received foreclosure filings, resulting in 8 percent increase from the same period last year. But industry experts have hope that distressed properties would be saved from foreclosure auction because banks are negotiating with troubled homeowners for loan modification. However, they pointed out that the system is overburdened with homeowners seeking loan modification that more defaulted mortgages still go into foreclosures. This means that distressed properties are still at risk of foreclosures as housing counselors wait for the banks response to loan modification requests. Industry experts are questioning whether homes that were taken from foreclosure auction block are saved from foreclosure or at risk after 6 months. They suggested that homeowners should get assistance from HUD certified housing counselors if they don’t want to face foreclosure problem in future. Labels: Nearly 268 homes have received foreclosure filings in Ohio
1. Nevada : 1 in 74 homes
2. Arizona : 1 in 149 homes
3. Florida : 1 in 157 homes
4. California: 1 in 231 homes
5. Colorado: 1 in 390 homes
6. Georgia : 1 in 391 homes
7. Michigan: 1 in 396 homes
8. New Jersey: 1 in 410 homes
9. Illinois: 1 in 410 homes
10. Ohio: 1 in 417 homes
Labels: Top 10 states with highest foreclosure rates – October 2009
In October 2009, there was an increase in foreclosed properties in Massachusetts by 30 percent. Petitions for foreclosure fell 9 percent from September but were 11 percent higher than October 2008, according to Warren Group.
Since Jan 1, foreclosure petitions have risen 27 percent statewide while foreclosure deed has dropped 27 percent. In Norfolk County, foreclosure petitions rose 24 percent in October while deeds fell 10 percent.
Quincy had 19 foreclosure petitions, a 5 percent decrease and eight foreclosure deeds, up from five the previous year. Labels: Foreclosure is rising in Bay area
According to a local real estate firm, Home sales and prices in San Diego increased from September to October. Average home price in October 2009 is 14% above the average price in March 2009. October sales increased 3% from September, but were still down 6% from October 2008. In October, 7,848 properties were on the market, and 2,881 sold, including 894 real estate owned sales and 704 short sales. Labels: Homes sales and prices increased in San Diego
Sale of Foreclosed properties in Chicago has increased by more than 22 percent in 3rd quarter. In Chicago, sale of all types of homes increased from 20,802 units in 2008 to 21,298 this year. This data also includes Condo units and single family houses. Sale price median was $205,000 this year, a drop of more than 16 percent from last year’s third quarter which was $244,900. Labels: Increase in sale of foreclosed properties in Chicago by 22 percent
New York foreclosures for sale declined in October because homeowners were able to negotiate loan modifications with lenders. According to a report, New York City had higher number of loan modifications as of October 31. New York posted 27,773 modifications. California topped the list with nearly 134,609 mortgages modified. Second was Florida, which posted 82614 modifications and Illinois were third with 33,514. New York was fourth in Loan Modifications. This indicated that more distressed homeowners in New York were qualified under the Home Affordable Modification Program. Over 650,000 mortgages have been successfully modified out of over 900,000 offered with trial modification plans.
Labels: Sale of foreclosed homes reduced in New York due to Loan Modification
According to a study, first time buyers had a bigger share in the housing market this year. First time home buyers rose to 47% of all home sales. In the past few months, home sales have raised due to cheap foreclosure properties. Both investors and first time buyers have jumped into the market to take advantage of the discounts. One more advantage for first time buyers is Obama administration has provided tax credit facility. Labels: Number of first time home buyers rose to 47% this year
Foreclosed home prices are rising slowly in Atlanta. According to a survey, home prices in Atlanta rose by 2.6 percent in July to September compared to previous three month period. In Atlanta, Oxford County is performing better, home prices have increased by 25 percent over the past 12 months. Next in line is Walton County, where home prices rose by 20 percent. In some areas like Jonesboro, Lake City and Forest Park home prices have dropped by over 37 percent. Labels: Foreclosed home prices rose by 2.6 percent in Atlanta
According to Mortgage Bankers Association of America, one out of 10 homeowners either face mortgage risk or foreclosure problem in Texas. Foreclosure is very painful and stressful to homeowners. Various laws are provided for the benefit of homeowners, it is upto them to take advantage. These laws can stop foreclosure problem faced by homeowners in texas.
Homeowners who are facing foreclosure problem can take help of U.S. Department of Housing and Urban Development. These organizations provide free counseling to homeowners in texas.
If you're not able to mortgage payment on time due to certain circumstances you should speak with lender as they can help you resolve your problem. So contact them and talk to them.
Try to pay up the pending mortgage amounts by whatever legal means possible. You can raise money by taking up extra vocation or part time jobs to pay your mortgage amount. Don't take more loans to pay your pending mortgages, except for some special low interest credit extensions which your lender might give you.
If you are not able to pay pending mortgage amount, then the best thing would be to sell your house. Find out a well - qualified and trust worthy texas based realtor who can do this for you.
Labels: How to stop foreclosure in Texas?
If a person is planning to buy homes at low prices or at affordable prices then he can buy foreclosed home. But it is a big challenge to buy foreclosed home. There are certain factors that a person should keep in mind before buying a foreclosed home.
1. Finance
Before buying a house, find out how much finances do you have. Find out what are your total savings, profit from investments, monthly mortgage payments, household expenses, monthly income etc as it will help you know how much mortgage amount you can pay every month if you are planning to take a loan.
2. Take advantage of current programs:
If you are first time buyer, you can take advantage of current programs offered by federal housing administration or other federal agencies so you don’t have to spend more for down payment.
3. Take advise of real estate consultant:
If you are thinking of buying a foreclosed house for rental investment purpose, it may be difficult for you to take a decision. The best thing would be to take help of real estate consultant or do online research.
4. Location:
Before buying a foreclosed home, do find out your targeted location. If you want to buy a foreclosed home in your neighborhood, you can search through online foreclosure listings, neighborhood newsletters or research local news.
5. Real estate agents can help in your search
An agent or broker can help you find a good foreclosed home. Make sure the agent you hire is licensed and certified in the state you are targeting and has access to multiple listing services.
6. Find an experienced contractor:
If you like a foreclosed home, find out an experienced contractor who can do a complete home inspection for you and tell major flaws of the house. Most problems arise from major defects in foreclosures that buyers only discover after having paid large amounts of money.
This is just little information you can find more information on the Internet about how to buy houses in foreclosure.
Labels: List of things to be kept in mind while buying houses in foreclosure
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