Bank Foreclosures Blog

In the year 2007, in the first quarter, the total number of homes that had at least one foreclosure filing for them was 22,121. This was a dramatic increase from the number of homes that faced foreclosure proceedings in the last year. With such a big leap in its bank foreclosures, Illinois now ranks 12th among all the states for foreclosures. It is very well poised to enter the big bad league of high foreclosure states such as Arizona, Nevada, California and Michigan.

One foreclosure in every 221 homes that have mortgages is enough to make anyone sit up and think why this is happening. Added to that, the high rate of pre foreclosures and foreclosures for sale is not only putting a big dent in the real estate foreclosure market, but it is also proving to be a burden on the state’s overall economy.

There are definitely many reasons being thrown about for this predominance of foreclosures in Illinois. The easy availability of subprime loans has been held at fault. There are several lenders in Illinois that will offer loans to people with less than perfect credit scores. These borrowers are considered high-risk borrowers by mainstream lenders, but the subprime lenders do not mind giving them mortgages at high rates of interest. However, there is indeed a risk associated with these loans that makes people default on them and the house ends up in the foreclosure market.

To prevent foreclosed homes from appearing so frequently, counselors in Illinois urge people to take stock of their financial situation properly before going in for mortgages, especially subprime loans. At the same time, foreclosed houses could provide good bargains for people who are planning on buying a home in the state.

State Marshals in Connecticut are making millions by serving papers to those about to lose their houses. The service costs up to $400 in the state and the homeowner facing foreclosure is the one required to pay the bill.

One Connecticut marshal made $2 million serving papers last year in Connecticut and other 6 Marshals made more than half a million. Most Connecticut Marshals are private contractors, and what is happening became a concern to the CT Attorney General Richard Blumenthal. Blumenthal is investigating the issue and he declared that he wants to know what is being done to justify the enormous amount of money. Every time papers are served on a Connecticut foreclosure notice the fees are down to the homeowner, therefore bankrupt homeowners are not just losing their homes but are also paying a fortune in legal papers.

Since 2001, the rate at which homes in foreclosure are appearing in the Atlanta market is only increasing. There are several reasons that have contributed to this. During the turn of the century, the prices of the homes in Atlanta were high and the interest rates were low. This encouraged homebuyers to stick their necks out with some risky loans. But, soon a downward trend began in the prices of homes. People saw home prices plummeting and, on the other hand, the rate of interest soared.

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The foreclosure crisis has been compared to the great recession by many and the number of homeowners facing foreclosure has hit the highest levels in history, but what to do if you are facing foreclosure or if you are willing to invest?

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With the real estate crisis home prices are down despite the low prices many homeowners are stucked with the possibility of foreclosure and many are now opting for short sales.

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There’s good news for Missouri residents. The Missouri foreclosure homes rate fell down in March as compared to February even as the nation witnessed an increase of 5% in foreclosure filings. RealtyTrac Inc’s March 2008 U.S. Foreclosure Market Report has disclosed that March foreclosure filings for Missouri decreased by 3%, with one foreclosure filing per 779 Missouri households and by virtue of this rate, the state is now ranked 19th on the foreclosures by state list out of 50 states. Unfortunately, this rate has increased by 5% from same month in 2007. Around 3,400 filings were made in March for Mo.

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Even as foreclosure rate decreased by 21.21% for the month of March in Tennessee, it increased by 5% in April pushing the state on the 14th position on foreclosures by state countdown. A total of 4,116 default notices, bank repos, and auction sales notices were sent and the rate was 1 household in foreclosure for every 651 Tennessee households. The foreclosure activity had increased by 21% over the same period of last year.

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