Bank Owned Foreclosed Homes And Government Foreclosure Properties

Friday, September 11th, 2009

According to the latest news, Alabama stood a better chance on foreclosures in February. RealtyTrac, one of the most popular real estate web sites on the Internet reported that over 700 properties were pending some form of foreclosure. Thus, the Birmingham foreclosures list seems to be piling up despite that Alabama had a good month in February.

RealtyTrac said this was almost a 1% difference than in the year 2008 and almost 23% lower than January’s record. There was a 25% increase monthly and 58% increase annually. During February, the figures internationally represented a single foreclosure for “every 2,997” in Alabama households. This national rate increased to almost 30% that year and almost 6% that month. Thus, Birmingham foreclosures increased as well and then dropped in February. The total properties estimated to 290,631 that landed in foreclosures in some way. Thus, one of every 440 households lost their homes. (Birmingham Business Journal)

It is obvious that there was an increase in foreclosed activities in January, which continued into February. Although many prevention efforts and moratoria’s were in place, foreclosures continued to increase. In January through February, the increases continued, yet there were some notable exceptions. According to James J. Saccacio, RealtyTrac’s CEO “a 45-day voluntary moratorium in Florida expired,” which this ended in January. The foreclosed activities were at 14% that previous month, says James.

According to James “New York foreclosure proceedings” were “delayed by a new law,” which gave homeowners other 90-days before their property would go into foreclosure. Thus, the foreclosed activities exceeded to 23% during that month.

California, Nevada, and Arizona, according to James had the highest rate of foreclosures. We look back and see that every one of two of 997 persons living in Birmingham lost their home. In 2008, it was estimated that 242,000 people lived in Birmingham. This means that more than 80 people lost their property to foreclosure in Alabama. Of course, until we have the 2009 population it is difficult to determine how many homes went on the foreclosure market. Yet we can guess that hundreds or even thousands of people are losing their homes every day and this is not counting the commercial foreclosures. Thus, if you are looking for foreclosed property now is the time to start your search. Interest on mortgage is down and Birmingham foreclosures are sold 20 to 50 percent less the market value.

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