Dec 18
Sign Of The Times - Foreclosure

Image by respres via Flickr

Foreclosure may have plateaued, but there are still plenty out there.  Short sales now could take six months to close because of the numerous properties facing foreclosure.

Some good news for those still in their home.  Fannie Mae won’t evict anyone until after the new year. The articles below explain some of the current related news.

Foreclosure Backlog Hits 1.7 Million Homes

There are 1.7 million homes on the market which have gone through the foreclosure process. The number is at the highest level in history. The number, up from 1.1 million a year earlier, is likely to keep rising through the middle of next year or later, said Mark Fleming, chief economist of First American CoreLogic, the real estate research firm that released the studyThe news is another indication that there will be ongoing drags on the ability of the housing market to recovery both in terms of unsold inventory and prices.

It is a well-known fact that banks do not want to keep foreclosed homes on their balance sheets and are likely to keep dropping prices to find buyers. It appears that even this tactic, which should stimulate sales, is not working. There are several reasons why.

Many foreclosed homes are in neighborhoods that are partially deserted and will never recover. This is certainly true in parts of the inner cities of Detroit and other municipalities that have lost large portions of their populations over the last decade. Buyers will not enter these neighborhoods no matter how low prices get.    –more

Foreclosure news round-up

Home for the holidays: Fannie Mae and Freddie Mac said Thursday that they won’t evict anyone from a foreclosed home from Saturday through Jan. 3 — a holiday break. Citigroup, meanwhile, announced a 30-day suspension from evictions and new foreclosures.

The Christian Science Monitor, reporting on Citigroup’s decision, points out that this sort of move saves a lending institution from comparisons it might not like. For instance, Christmas Eve evictions on the other hand, “bonuses that the bankers are raking in” on the other.

Fewer interested in buying foreclosures: Forty-three percent of adults polled in a survey released this week by Trulia and RealtyTrac said they would be at least somewhat likely to buy a foreclosed home, down from 55 percent in May. Renters are more interested in buying a foreclosure than homeowners (57 percent vs. 38 percent). And — not surprisingly — more than 90 percent of prospective second-home buyers and investors are at least open to the idea of a foreclosure purchase.

For you fellow wonks: Just over 2,200 people were polled for the companies by Harris Interactive, which says no margin of error can be calculated because it was an online survey and not based on a probability sample.   –more

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Dec 14
Garforth Community College, Lidgett Lane, Leed...

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Home owners aren’t the only ones suffering from the downturn in the economy.  Many student rentals are also being foreclosed on.  This opens up another niche available for real estate investors that live in or near colleges towns.

Real Estate Foreclosure Auctions: How to Bid Smart

Since the real estate market has taken a huge plunge as foreclosure rates skyrocket, there are more and more opportunities to purchase property through real estate foreclosure auctions. The current state of the economy may scare some people off, but it will jump back in time. Homes may not be worth as much right now as they were before this downturn, but housing is something that will always be in demand. Some investors really believe putting your money in housing is as good as investing in gold

Do Your Homework

Succeeding at real estate foreclosure auctions is more about fortitude than being lucky. If you are looking to turn a quick buck in an easy business then this is not the market for you. If you completely understand that this is a long term commitment that does come with risks and know what to do with the property after you win, then this may be a fit for real estate foreclosure auctions.   –more

Foreclosures Have Led to an Increase of Homeless Students

Foreclosures have led to an increase of homeless public school students especially in Indiana. In the past few years the figures have jumped thanks to heavy foreclosure and high unemployment figures. More and more parents are finding it difficult to provide their children with stable homes.

In the school year of 2005/2006 the public schools in Indiana noted 7,547 students who were homeless as per a brief released by Indiana Youth Institute. The figures spiked to 8,249 in the subsequent year. In 2007/2008 it went up to 8,480 marking 12% increase covering the previous two years.

The numbers are not inclusive of the junior students who are not yet of school-going age or the “unaccompanied youth”. It is difficult to get these numbers because the latter are surviving on their own and frequently do not seek assistance from shelters.   –more

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Dec 11
LAS VEGAS - MARCH 21:  Prospective buyers look...

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Buying a Foreclosure – Separating Good Deals From Bad Deals

By Jim Honeyman

There hardly seems to be a day where you do not see stories in the newspaper or on TV about the foreclosure opportunities in just about every real estate market. While there are certainly wonderful deals to be had in almost every city, there are also properties listed for sale that are not great deals. Here are some tips to make sure that you are getting the best deal when buying a foreclosure:

Understand the process in your area: There are different ways to buy a foreclosure home, and the process can vary greatly from area to area. The first thing a prospective buyer should do before signing on the dotted line is research the process in their area.

Know what you are buying: Make sure to negotiate in plenty of time to do a full inspection of the property and have a way out of the contract. Because the former owner is not there to tell you the history of the home, you need to get a professional to look it over so that you can uncover any major defects that need repair. Be mindful, however, that most banks are not going to be willing to do repairs to a foreclosed home.

Know your highest offer: Formulate your highest offer and stick to it. By coming up with your best offer, you can negotiate accordingly without fear of going too high in price range.

It is true that there are some wonderful deals to be had in the real estate marketplace right now, but buyers must be careful not to act too fast or get too excited over one particular house. This can lead to making mistakes, and no one wants to do that when investing in real estate because it is such a large financial transaction.

Want To learn More

For FREE Information Tips and Advice visit Buying a Foreclosure

http://buyingforeclosedhomes.org/

Article Source: http://EzineArticles.com/?expert=Jim_Honeyman
http://EzineArticles.com/?Buying-a-Foreclosure—Separating-Good-Deals-From-Bad-Deals&id=3405524

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Dec 10
Sign Of The Times - Foreclosure

Image by respres via Flickr

Foreclosures were down last month, which is good for the housing market, but there are still plenty of foreclosures to choose from.  These articles shed some light on what is going on.

November Residential Foreclosures Down for Fourth Straight Month

(IRVINE, CA) — The monthly foreclosure numbers are dropping, but they are still high compared to 2008, reports Irvine, CA-based RealtyTrac.

The company’s newest data released today shows foreclosure filings — default notices, scheduled foreclosure auctions and bank repossessions  were reported on 306,627 U.S. properties during the month, a decrease of nearly 8 percent from the previous month but still up 18 percent from November 2008.

The report also shows one in every 417 U.S. housing units received a foreclosure filing in November.   –more

Foreclosures Imminent with many Homes in Negative Equity

The US housing market is still in the throes of a crisis. As long as unemployment remains at a high of 10 per cent and people lose jobs thick and fast, defaults on mortgage payments will remain. Hence, foreclosures have become common. There is a section that feels that the housing market is improving. However, the managing partner at AAA Home Rescuers, Mandy Peacock, loves to disagree. Her company modifies mortgages. In fact, Peacock typifies the crisis being faced by homeowners.

She had bought a condo in Las Vegas three years ago at a price of $250,000. She borrowed the entire amount at the interest rate of 12 percent. When the economy hit the trough in 2007, she realized that she was paying more for the condominium whose value had dipped. She is now planning to sell the property at a price of $49,000. Peacock says that she is an optimistic person but she is realistic too.

If one report is anything to go by, then 23 per cent of mortgage holders are in negative equity, which means that they owe more than what their homes are worth. The section, whose homes are “near negative” equity have jumped up to 28 per cent. These are homeowners who do not even have five percent equity in properties they own.   –more

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