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  • How do “foreclosure buyers” get the names of people in foreclosure or preforeclosure?
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  • Scams add to foreclosure woes (USA Today)
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  • Weaver Auto auction is postponed (The Grass Valley Union)
  • TARP Pullout on Foreclosures Purchases Attracts Hedge-fund Manager
  • Is there anyone willing to help me save my home from foreclosure? I need $20.000.00?
  • Loan Modifications to Stop Foreclosure: Does It Really Give a Mixed Benefit to Lenders?
  • Conneaut Lake Park tax liens sold (Pittsburgh Tribune-Review)
  • Updated 12/31: Lender asks court to stop home’s razing (Glenview Announcements)

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Valley homeowners facing foreclosure have something else to worry about: Firms and people who offer help but instead steal their money.
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“I feel like the fellow in jail who is watching his scaffold being built. (On construction of reviewing stands for inauguration of his successor John F Kennedy)”
by Dwight D Eisenhower

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The median price of U.S. home resale plunged to an unprecedented 11.3 percent to 183,300 from 2007, and is expected to continue decreasing over the next few months due to worsening credit conditions and foreclosure properties. This is the biggest decrease on a year-over-year basis since records in 1968 began. According to The National Association of Realtors, resale fell 3.1 percent in October to a yearly rate of 4.98 million units.

The Midwest has been leading falling home prices with a 6 percent drop. This is followed by a 3.2 percent fall in the South, a 1.6 percent drop in the West, and 1.2 percent decrease in the Northeast. In total, resales have plunged at a rate of 4.96 million this year. Experts predict a resale decrease to a national annual rate of 4.5 million to 5.2 million.

Meanwhile, the resale of single-family homes dropped 3.3 percent to a 4.43 million annual rate, while condominium and co-op resale decreased 1.8 percent to a rate of 550,000.

The problem has not been helped by increasing number of repossessed houses. According to foreclosure tracking firm RealTrac Inc., falling home prices have increased foreclosure filings to 25 percent last October compared to 2007.

U.S. homebuilders have also been affected greatly by increasing foreclosures. Figures show a 65 percent drop in home construction in October from a high in January 2006. Building permits have also fallen to its lowest since records began in 1960.

Stuart Miller, chief executive of the second largest U.S. construction firm, Lennar Corp. declared that foreclosures are dominating the homebuilding world and are more intense than in the past.

With the worsening housing scenario, it is unlikely that home resale will increase. Chief U.S. economist Maxwell Clarke from the New York-based IDEAglobal says that even more homes are expected to foreclose. Couple this with the already large number of homes on the market, and the possibility for improving housing market conditions seems nil.

Tags: foreclosure, properties, foreclosures, repossessed, houses, homes, for, sale, home, property, investment, investing, real, estate

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“There is nothing like dream to create the future. Utopia to-day, flesh and blood tomorrow.”
by Victor Hugo

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Local 6 News reports that more and more Central Florida residents who thought they were exempt from the foreclosure crisis are finding themselves forced out of homes they don’t even own.
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“All our progress is an unfolding, like a vegetable bud. You have first an instinct, then an opinion, then a knowledge as the plant has root, bud, and fruit. Trust the instinct to the end, though you can render no reason.”
by Ralph Waldo Emerson

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With 12,681 homes in various stages of the foreclosure process, Illinois foreclosures soared by 31 percent in October this year from the same month in 2007, as reported by online foreclosure tracking firm RealtyTrac. The homes are either in default, in bank repossession or already in the auction block.

Compared to the nationwide rate of 25 percent from October 2007, the Illinois foreclosure rate is six percent higher.

Among Illinois counties, Cook County has the highest foreclosure rate, with 6,885 homes receiving foreclosure notices and a ratio of one unit in every 313 properties foreclosed. It accounts for more than 50 percent of the state’s total of foreclosed properties. Will County is next, with 990 homes in foreclosure and a ratio of one unit in every 226 properties foreclosed. Lake County has 815 foreclosure homes and a ratio of one unit in every 307 properties foreclosed. DuPage County has 807 foreclosed homes and a ratio of one unit in every 441 properties foreclosed.

Nationwide, foreclosures increased in October this year by five percent from September to 279,561 homes, a ratio of one unit in every 452 properties foreclosed. The monthly national rate improved due largely to legislative efforts in some states, such as California, to impose moratoriums on foreclosures.

RealtyTrac’s chief executive officer James J. Saccacio cited the efforts of several states to delay foreclosure proceedings and help decrease the number of home foreclosures, but asserted that these efforts should be accompanied by an integrated approach that features significant loan modifications.

As reported by RealtyTrac, the states with the highest foreclosure rates as of October are Nevada, Arizona and Florida. Nevada has one unit in every 74 houses foreclosed, over six times more than the nationwide ratio of one unit in every 452. Arizona has one unit in every 149 houses foreclosed and Florida has one unit in every 157 houses foreclosed.

Tags: Foreclosure, homes, home, foreclosures, properties, houses, foreclosed, for, sale, Illinois, property, investment, investing

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“Advice is what you ask for when you already know the answer but wish you didn't.”
by Erica Jong

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My son purchased a house in 2005, but he fell into foreclosure earlier this year after he lost his job and could no longer make his monthly mortgage payments. I did not co-sign for his loan, but he named me as a reference on his application when he applied for his mortgage.
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“Some minds seem almost to create themselves, springing up under every disadvantage and working their solitary but irresistible way throughout a thousand obstacles.”
by Washington Irving

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On the outskirts of Douglas County, Ed Petranek spends his days tending to nearly 200 dogs, horses, chickens and more. “This is the Mexican jumping bean,” he says, pointing to a black Labrador mix. “There’s big nasty pit bull…she’ll lick you to death.” PAALS for Life is one of the state’s few “no-kill” shelters. They focus on housing older animals in particular, who are otherwise unwanted. …
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“From quiet homes and first beginning, Out to the undiscovered ends, There's nothing worth the wear of winning, But laughter and the love of friends.”
by Hilaire Belloc

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The suspension in foreclosure properties announced by Fannie Mae and Freddie Mac last week received very positive feedback from the public.

Tiffany Edwards, a mother in Tampa, has been troubled by foreclosure until she heard about the suspension last week. At the moment, her husband is the only income earner in the family. She has just found a new job a few weeks ago, not in time for the scheduled foreclosure of their home. Thanks to the suspension, she and her husband can work out some plans so they can stay in their home for the time being.

This is the same scenario for the other sixteen thousand families in the country. They will be relieved of stress brought by foreclosure for the entire duration of the holidays.

Aside from the suspension, the two companies also offer a new loan modification program where mortgage payments would not exceed 38% (inclusive of taxes and insurance) of the pre-tax monthly income of a household.

Experts say, however, that while the measures might be helpful to some homeowners, its effects are not for the long run. The moratorium ends on January 9, 2009. After that date, families could be evicted all the same.

Also, the number of properties qualified for reprieve represents but a small part of the total number of homes to be lost to foreclosure.

The suspension covers only the loans under Fannie Mae and Freddie Mac which are only one-fifth of the total loans in the country. Furthermore, not the entire twenty percent satisfies the conditions for eligibility – the mortgaged home must be occupied by its owner, and delay in payments must be three months at the least.

Distressed homeowners might have been given a moment to breathe, but if the foreclosure crisis is to be fully addressed, long-term measures must be adapted.

Tags: Foreclosure, properties, crisis, foreclosures, for, sale, foreclosed, homes, bank, homes, investing, real, estate, investment, property

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“Far or forgot to me is nearShadow and sunlight are the sameThe vanished gods to me appearAnd one to me are shame and fame.They reckon ill who leave me outWhen me they fly, I am the wingsI am the doubter and the doubt,And I the hymn the Brahmin sings.”
by Ralph Waldo Emerson

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Roland “Rollie” Walker, the owner of southern Utah’s largest incomplete subdivision, is being forced to sell the trees to keep his project afloat. Creditors are posting foreclosure notices on his land, and banks are refusing to loan him money. Walker’s Elim…
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“Nothing so much prevents our being natural as the desire to seem so.”
by La Rochefoucauld

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The government needs to move much more aggressively to help people avoid losing their homes to foreclosure, Federal Reserve Chairman Ben S. Bernanke said yesterday, trying to boost efforts that had stalled in recent weeks.
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“You cannot go around and keep score. If you keep score on the good things and the bad things, you'll find out that you're a very miserable person. God gave man the ability to forget, which is one of the greatest attributes you have. Because if you remember everything that's happened to you, you generally remember that which is the most unfortunate.”
by Hubert Humphrey

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As 2008 ends, you may feel like the year’s biggest loser. If you have a job, it probably feels shaky. If you have a 401(k), you can’t bear to open the statements. If you bought a house in the past five years, you feel like a sucker (unless you were the winning bidder at a foreclosure auction).
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“Absence lessens the minor passions and increases the great ones, as the wind douses a candle and kindles a fire.”
by La Rochefoucauld

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