Bank Owned Foreclosed Homes And Government Foreclosure Properties

Friday, June 29th, 2007

Moving against the nationwide trend, New York State reported a significant drop in foreclosure filings in May 2007 compared with the same period a year earlier. New York is one of the handful of states with a low foreclosure rate comparatively in May, continuing a trend this last year, with an 8% year on year drop. The most noticeable decline was in Brooklyn with 503 filings versus 936 the year before. Subprime mortgages, said to be the “prime” reason behind this year’s surge in foreclosure filings nationwide, have not been an issue in New York where much of the real estate is in condos and co-op apartments. Although no foreclosure problem has yet been noted with condos, signs of a higher rate of subprime borrowing have been seen in the outer suburbs, and New York foreclosure listings include small increases of available foreclosure in the Bronx and in Queens where a small number of condos are going into foreclosure together with family housing owned by middle income buyers of recent times. Foreclosure auctions lists this year include co-op units in Manhattan, expelling the myth that co-ops are safer from bank foreclosure than other property.

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Thursday, June 28th, 2007

Together with California, Florida and Nevada, Arizona bank foreclosures rate has increased considerably during the first quarter of this year. According to the Mortgage Bankers Association of America , the national foreclosures rate would not have increased by almost 20 percent were it not for the activities in these states.

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Wednesday, June 27th, 2007

The Cook County 2005 Tax year Annual Tax Sale is coming to a close this month end at 69 West Washington. Over 37,000 property parcels of delinquent real estate tax liens from the Tax year 2005 were offered for sale. Cook County is one of the nation’s counties with the most bank foreclosures and REO filings. Pre foreclosure filings in Illinois year to date are surpassed in total only by California and Florida. Make sure you search the Illinois foreclosure listings.

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Tuesday, June 26th, 2007

Market conditions are optimum for buyers interested in Tennessee bank foreclosures. Although the inventory is still growing versus the sales activity, interest rates are at an all-time low. In addition, the state’s economy, particularly in Memphis, is picking up as evident in the DOW record. Among the many cities, Memphis is generating the highest buyer’s interest.

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Friday, June 22nd, 2007

Despite the implementation of a new legislation that imposes stricter lending guidelines, the number of New Jersey homes in default remains high. There were 2,890 owners who received notices of default this May. In addition to this, 891 foreclosed homes were sold in foreclosure auctions while 147 properties became real estate owned. Despite such depressing figures, New Jersey bank foreclosures rate is way below the national average.

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Thursday, June 21st, 2007

Compared to April, the foreclosures rate of Arkansas did not change much although the northwest portion of the state is telling a different story. The 76 percent increase from last year was mostly concentrated in this region, where most of the loans were believed to originate from the subprime market. To date, the number of Arkansas foreclosure homes put the state at the 16th place among the list of states with high foreclosure rates.

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Wednesday, June 20th, 2007

Being consistently ranked among the states with the highest foreclosures rate, Massachusetts came in at number 11 this May with 4,318 foreclosure filings. The most recent figure is actually double from the data recorded in April. As the state struggles to prevent the high foreclosures rate from driving down home prices, state officials are urging lenders to be more understanding of these home owners facing Massachusetts bank foreclosures.

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Tuesday, June 12th, 2007

The state of Florida is currently experiencing more foreclosure woes especially with the May report of the US Foreclosures Market Statistics. Florida took the fourth place with a foreclosures rate of one out of 336 homes. When compared to the records from April, the number of Florida foreclosure properties increased by 52 percent and 144 percent from the same time last year. With the growing number of Florida foreclosure listings in the market today, buyers can not help but be excited with the numerous possibilities that these homes could provide.

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Monday, June 11th, 2007

In a surprising turn of events, Georgia was ousted from its 6th spot by Arizona. But before jumping for joy, the state’s foreclosures rate still remains high. In fact, Georgia experienced a 15.98 increase from April. Most of the activity, 5,727 homes, came from the Notice of Trustee Sale group. If these owners do not manage to find a way to pay off their mortgage debt before actual foreclosure auction, the number of Georgia bank foreclosures can be expected to rise further.

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Friday, June 8th, 2007

Last April, the whole nation became optimistic about the foreclosures condition. Although it was a one percent dip, many people crossed their fingers and hoped it would be the start of something better. Sadly, the new foreclosure figures for May do not offer much hope. Nationwide, foreclosures rate soared by almost 20 percent, crushing many people’s dreams for faster market recovery. Michigan suffered the same fate as the number of foreclosure filings increased by approximately 38%. Buyers of Michigan foreclosure listings naturally see this as good news.

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