Wisconsin foreclosures up 34 percent
2008-03-05 17:00:00
Foreclosure filings in Wisconsin
increased more than 34 percent in February, according to an industry monitor who expects foreclosures to continue to rise throughout much of 2008. In February, 2,080 homes entered foreclosure, according to data compiled by ForeclosuresWI.com, a provider of Wisconsin foreclosure resources and statistics. Through the first two months of the year, foreclosures rose nearly 40 percent to 4,523, up from 3,420 for the first two months of last year. "We expect foreclosures to remain at escalated levels well into 2008, with some experts not predicting a housing market recovery until 2010," said Robert Jansen, president of ForeclosuresWI.com.
Foreclosures may make this the right time to buy
2008-03-02 16:36:00
According to an analysis provided by RealtyTrac, a national firm that collects foreclosure filings, the problem of homeowners losing their property for lack of payment has been rising in Anne Arundel. Foreclosures
have been most common in Pasadena and Glen Burnie.According to the state Department of Labor Licensing and Regulation, which compiled foreclosure data from RealtyTrac, the county saw 1,122 foreclosure events through the first three quarters of 2007, a 383 percent increase from the 232 events recorded that same period a year before.
US foreclosures up 57% in January
2008-02-26 14:46:00
Lenders were increasingly forced to take possession of homes instead of auctioning them, suggesting that the owners had very little equity in their houses. There was further bad news from figures showing that US house prices fell for the second quarter in a row. House prices fell 1.3% in the last three months of 2007, compared with the previous three months, according to the Office of Federal Housing Enterprise Oversight.
Read more: January
Mass. foreclosures rise 128% in January
2008-02-22 16:26:00
The Warren Group of Boston is a provider of local real estate data and the publisher of Banker & Tradesman. There were 799 foreclosure deeds in January
, up 128.3 percent from the 350 deeds in January 2007, the firm said, and January 2008 also marks the highest number of deeds during any month since August 2007, when there were 1,018. Auction announcements in January reached their highest number since the Warren Group began tracking them in 2005, the firm said, and there were 1,792 announcements in January 2008, up 77.8 percent from the 1,008 in January 2007.
Vermont recorded 1,209 foreclosures in 2007, a jump of nearly 23 percent
2008-02-18 02:02:00
Despite the jump in foreclosures, Vermont
continues to have one of the lowest foreclosure rates in the country."Overall our foreclosures were still very low compared to national trends but that probably also relates to that we in Vermont actually ranked first as far as our share of prime loans," said Diane Little, executive director of the Vermont Mortgage Bankers Association.
Read more: recorded
Home foreclosures in Baltimore area up 544%
2008-02-14 00:04:00
The Baltimore
region's foreclosure rate increased 544 percent from 2006 to 2007, according to a report released Wednesday. Nearly 10,060 foreclosure filings, less than 1 percent of all households in the Baltimore area, were reported in 2007, according to RealtyTrac Inc.
Experts: Foreclosures Will Only Get Worse
2008-02-10 03:54:00
A report, based on October data from thirteen of the country's largest lenders shows a significant percentage of sub prime adjustable rate loans are delinquent before payment shock from the first adjustment. Bankers say the majority of homeowners with arms will see their first adjusted payment this year or next, triggering another even larger wave of foreclosures. It's a wave with sobering ripple effect.
Read more: Experts
, Foreclosures
Foreclosures come to the Hamptons
2008-02-05 16:11:00
There are about 40 homes in various stages of foreclosure in East Hampton and another 40 in Southampton, he said. “A year ago, you just didn’t see that.” The houses involved include a $4 million property, although most are more modest homes, he said.Many of the houses are unoccupied and serve as second or even third homes for the wealthy
Read more: Foreclosures
California Foreclosure Bill Fails
2008-02-02 16:04:00
California's state senate narrowly defeated a bill Wednesday that targeted the growing problem of foreclosed homes sitting vacant for months, drawing squatters and creating blight.Lenders would have been fined $1,000 a day for not maintaining vacant properties, and they would have had to give four months' notice before mortgage payment increases of 10 percent or more.
Read more: California
, Foreclosure
Foreclosures to stay high: Treasury's Steel
2008-02-02 15:49:00
Treasury Undersecretary Robert Steel
said on Thursday that foreclosure rates on American homes will be higher than usual for the next two years as will the number of homeowners facing hardship. In prepared remarks to the Senate Banking Committee, Steel noted the risks a housing downturn poses to growth, but said the U.S. economy was basically strong.
Read more: Foreclosures
, Treasury
Pets losing homes, humans in foreclosures
2008-02-02 15:48:00
Being forced to put her house on the market by the real estate meltdown was stressful enough for Kathryn Ecdao. Leaving Roxy and Bear behind made matters much worse.The 4-year-old Labrador-German shepherd mixes weren't welcome at the rental Ecdao moved into a few miles away. So she makes daily trips to her now-empty former home in Anaheim Hills to care for the dogs and is desperately trying to find someone to adopt them before the place is sold.
Read more: humans
Foreclosure Investments Site Reports Increase in Number of Listings
2008-02-02 14:57:00
Foreclosures on Net, a California-based foreclosure investments site, has noticed a sharp increase in the number of listings in their database recently. This drastic rise in foreclosure listings is no anomaly, either. A firm that tracks home foreclosures just released a report showing that the number of home foreclosures went up by 75 percent in 2007.
Read more: Foreclosure
, Investments
, Number
Foreclosures: Maybe not as bad as many believe
2008-03-12 03:12:00
The Mortgage Bankers Association recently ranked Colorado No. 24 in the nation for delinquent loans in the fourth quarter.By contrast, the private California-based RealtyTrac group, which uses a different methodology, said that Colorado was No. 5 in the nation for foreclosure rates last year, and No. 1 in 2006.A year earlier, the bankers association, better known as the MBA, ranked Colorado No. 15, so it improved nine places, as foreclosures rose more in other states than in Colorado. The MBA has been tracking loan performance data on a quarterly basis since 1980, noted Stacey Harding, chairman of the Colorado Mortgage Lenders Association.
Read more: Foreclosures
, Maybe
, believe
Proposals to solve foreclosure crisis
2008-03-18 14:55:00
Problem: Many homeowners are trapped by declining home values, prepayment penalties and high variable interest rates.Proposal: The Emergency Home Ownership and Mortgage Equity Protection Act would allow bankruptcy judges to modify the terms of a mortgage loan to strip out prepayment penalties, high interest rates and other fees and charges. Judges also could reduce the principal amount to the actual present value of the home. Current law already allows modifications to payments on second homes; the bill would extend that to primary residences.
Clinton wants $30 billion to deal with foreclosures
2008-03-26 06:59:00
Clinton outlined the proposal in a speech Monday in Philadelphia. She proposed sending the $30 billion
through formulas established under the community development block grant program. Under that proposal, Indiana would get $540 million, and Fort Wayne would receive $16.7 million. She said the money could be used for cities to buy foreclosed homes and resell them or turn them into low-rent units; beef up fire and police services in areas that have high concentrations of boarded-up foreclosed homes; create education programs for people at risk of defaulting on their mortgages; and restructure mortgages so homeowners don’t default.
Read more: Clinton
, wants
Multi-family homes face foreclosure risk
2008-04-01 16:16:00
The city’s multi-family homes, including three-deckers, were more prone to foreclosure last month than single-family homes and condominiums, according to The Warren Group, which tracks real estate and foreclosure data.The city’s foreclosure rate among multi-families also exceeded comparable statewide data, said the company, which publishes Banker and Tradesman.Two- and three-family homes make up 22.1 percent of Worcester’s housing stock, but represented 31.5 percent of foreclosure petitions for the month of February, the Warren Group said yesterday.
Read more: Multi
Coldwell Banker Real Estate Inc. began conducting monthly bus tours of foreclosed homes
2008-04-10 15:54:00
The tour led roughly 20 participants to 13 homes in communities throughout the region, including Ross, Coraopolis, Robinson, Mount Lebanon, Penn Hills, Verona and Pittsburgh's West End. Ben Hess, a Coldwell agent who specializes in selling foreclosed properties for lender Fannie Mae, said about 60 percent of the people on the bus tour were investors looking to rent or flip property. The remaining participants planned to occupy the homes themselves, he said. "We have been just swamped with inquiries" from lenders interested in selling their foreclosed homes, Hess said. This week has been particularly busy, Hess said, because Allegheny County held its monthly sheriff's sale on April 7.
Read more: Banker
, Estate
, Real Estate
U.S. Foreclosures Jump 57%
2008-04-15 11:35:00
April 15 (Bloomberg) -- U.S. foreclosure filings jumped 57 percent and bank repossessions more than doubled in March from a year earlier as adjustable mortgages increased and more owners lost their homes to lenders. More than 234,000 properties were in some stage of foreclosure, or one in every 538 U.S. households, Irvine, California-based RealtyTrac Inc., a seller of default data, said today in a statement. Nevada, California and Florida had the highest foreclosure rates. Filings rose 5 percent from February.
Read more: Foreclosures
Foreclosures quadruple in state, Bay Area
2008-04-23 10:17:00
Lenders took back 6,579 homes in the nine-county Bay Area
during the first quarter, up from 1,493 a year ago and 4,573 in the fourth quarter, according to a report released by DataQuick on Tuesday. Throughout California, 47,171 homes were foreclosed on, up from 11,032 a year ago. The regional and state figures are now at their highest level in more than 15 years. It's just the newest benchmark in a housing crisis that has set one after another. The national real estate downturn reached critical levels last summer as resetting subprime loans and falling home values precipitated growing numbers of defaults and eventually an international liquidity crisis. The big jump in foreclosures will place additional pressure on home prices, which could lead to further foreclosures, economists say.
Read more: Foreclosures
, quadruple
Senate passes bill to defer foreclosures
2008-05-06 04:46:00
A new plan to slow home foreclosures won Senate
approval Monday, but its chances of moving forward face challenges from the banking industry and opposition from Gov. Tim Pawlenty. Although the DFL-controlled Senate approved the plan by a 34-29 vote, several key DFL members -- including Senate President James Metzen -- voted against it, and an industry lobbyist said the plan "goes in the wrong direction." The chief House sponsor, Rep. Jim Davnie, DFL-Minneapolis, said that he was disappointed in the lack of bipartisan support, but added that the House would consider the plan later this week.
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