Repo Homes For Sale Still on the Rise in South Carolina

By admin | July 3, 2009

Repo homes for sale continue to flood the housing market in South Carolina, particularly in Anderson County where almost 1,600 repossessed homes were listed. And industry experts see no easy way out of the foreclosure problem or to improve the situation.

Anderson County has been ranked by the South Carolina State Housing Finance and Development Authority as number 7 in terms of foreclosure rate. The agency studied several counties in the state, taking into account the average number of repo homes for sale, the volume of abandoned and vacant residential properties and the high-cost mortgage loans.

Anderson County interim administrator Rusty Burns described the foreclosure situation in the area as horrible. He blames the economic recession on the worsening foreclosure problem in the county. He laments the fact that many hardworking and honest county residents have been severely affected by the economic crisis and foreclosures.

Burns pointed out the devastating psychological impact of the foreclosure problem on homeowners and their families.
He said that the County Council decided not to increase taxes this year to help ease the burden on homeowners who are struggling to make their mortgage payments. He added that the council plans to hold business and energy seminars for county residents.

Meanwhile, the State Housing Finance and Development Authority has awarded Anderson city and two local nonprofit agencies with $2.17 million to allow the city to purchase repo homes for sale. The funds to purchase foreclosed homes sale were awarded in accordance with regulations set by the U.S. Department of Housing and Urban Development (HUD).

Anderson city’s director of economic and community development Erica Craft noted a great number of foreclosure properties in low-income areas. She said that the HUD tasked her office to identify areas in greatest need of funding.

On the other hand, GrandSouth Bank Chief Executive Officer and President Ron Earnest said that the economic downturn has made it difficult for county residents to own properties. He explained that his bank continues to underwrite home loans based on the ability of the borrower to pay.

In upstate South Carolina, job losses have affected the ability of residents to pay their monthly mortgages, according to Elaine Worzala, Clemson University’s director for its Center for Real Estate Development.

She advises homeowners who are facing repo homes for sale to talk to their lenders immediately to modify their loans.

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Program to Address Growing Bank Foreclosure Properties

By admin | July 3, 2009

Nassau and Suffolk counties in New York are set to join a national program designed to address the growing number of Bank Foreclosure Properties. The National Community Stabilization Trust program will link local governments and banks holding foreclosed homes.

Under the program, banks and municipalities agreed to work together to contain the increasing number of Bank Foreclosure Properties. Participating banks will allow local officials to have the first priority in viewing and buying foreclosure properties on their inventory before placing them on the market for sale.

However, municipalities are given only three weeks to view and finalize a sale before the property will be put on the market. This is usually the time it takes for banks to prepare a foreclosed home for public listing.

Trust president and housing advocate Craig Nickerson said that the program would give officials in Nassau and Suffolk leverage over private buyers and investors looking for bargain properties.

Being the first to view and make an offer over foreclosed houses give local officials competitive edge because more and more expert investors and first-time homebuyers are jumping into the real estate foreclosure bandwagon.

According to Nickerson, cities and their for-profit and non-profit partners should be in the best position to control and determine the future of their communities by choosing strategically important houses, purchasing and rehabilitating them.

He added that so far, under the program, banks were able to close transactions on almost 50 percent of bids offered by municipalities on Bank Foreclosure Properties.

Nickerson also said that most major lending institutions have participated and financial companies under the program represented 65 percent of repossessions nationwide.

Wells Fargo senior vice president Tamara Swain said that the lender has signed up at the program and is willing to identify local foreclosure homes for the program. Wells Fargo is one of the top three lenders in terms of foreclosure cases in Long Island since last year.

Swain said that the lender knows that it is selling foreclosed properties to responsible parties, adding that it believes that putting occupants in homes long been abandoned and vacant is crucial for the recovery of the housing market.

The program addressing the growing number of Bank Foreclosure Properties has been established by five major nonprofit organizations, including the National Urban League.

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Home Prices Fell Due to Increasing Bank Owned Foreclosures

By admin | July 2, 2009

The increasing number of Bank Owned Foreclosures continues to wreak havoc on the housing market as home prices in 20 metropolitan areas in the country slide down further. Economists said that the pace of home price decline in April was the same with previous months as foreclosures inched up.

The Standard and Poor’s/Case Shiller’s index of home prices dropped by 18.6 percent from the previous year following an almost 18.7 percent decline in March. These figures are based on results of the Bloomberg News survey which also showed that consumer confidence increased to its nine-month peak in June.

Studies showed that the increasing unemployment rate, the highest in 25 years, has greatly contributed to the growing number of Bank Owned Foreclosures. The trend is expected to further put pressure on property values in the coming months.

Meanwhile, a slowdown in consumer spending is expected to hinder any economic recovery. According to experts, many Americans affected by the declining property prices are saving more, thus current consumer spending is sluggish.

Barclays Capital Inc. economist Michelle Meyer said that the housing market will continue to remain imbalance due to the flood of Bank Owned Foreclosures. She predicted that home prices will continue to drop in a slower pace even if the economy emerges from the current recession.

Meanwhile, a report from the Conference Board may show that the consumer confidence index rose by 55.3 percent, the highest since its peak in September the previous year.

On the other hand, the total number of foreclosure filings in May inched up by 18 percent. These figures include notices of default and auctions and property repossession. The May figures peaked at 300,000, with one out of 398 houses in some kind of foreclosure proceedings.

The decline in prices caused by repossession is helping strengthen and stabilize foreclosure homes on sale. Resale of homes increased by 2.4 percent last month to 4.77 million. Meanwhile, the median sales price dropped by 17 percent, the third biggest decline on record, according to the National Association of Realtors.

In Las Vegas, Nevada, foreclosures accounted for 73 percent of foreclosures sale last May, representing a 56 percent increase compared with the same month last year. Additionally, Bank Owned Foreclosures sales in California accounted for 51 percent of the total existing home sales, an increase of 40 percent from the previous year.

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Demand Up in Areas With High Bank Foreclosure Listings

By admin | July 1, 2009

Homebuyers could be seen flocking on areas where there are high Bank Foreclosure Listings. Encouraged by below market values, $8,000 federal tax credit for first-time homebuyers and low interest rates, more and more people are vying for foreclosure properties as aggressively as speculators during the peak of the housing market.

The flock of buyers could be seen in areas hardest hit by the foreclosure crisis, including counties of San Bernardino and Riverside in Southern California, Las Vegas in Nevada, South Florida and Phoenix in Arizona.

Already, multiple bids are common occurrence as buyers try to compete for properties on Bank Foreclosure Listings that are priced 50 percent below their original value.

According to data, properties on Bank Foreclosure Listings accounted for 40 percent to 80 percent of the inventory, with many of them sold at prices that were only enough to cover the construction costs.

Industry experts said that homeowners who want to sell their properties may find it difficult to compete with bank owned foreclosures.

According to the National Association of Realtors, distressed properties accounted for one third of the total sales in May which affected the median price of existing homes in the United States. The median home price dropped by 16.8 percent to $173,000 compared to previous year.

In 2008, sale prices in top real estate foreclosure markets declined by almost 30 percent based on several first quarter estimates, with Miami, Florida leading the sale price drop.

Meanwhile, properties in Bank Foreclosure Listings in counties of San Bernardino and Riverside are selling at prices comparable to the year 2000 values, while foreclosed homes in South Florida and Las Vegas are priced similar to that in 2003.

And recovery in the housing market is far from coming what with the projected second wave of foreclosures as unemployment rates continue to increase and higher resetting of adjustable rate mortgages are expected to further push down home prices.

According to industry experts, there are many qualified buyers for properties on Bank Foreclosure Listings in areas hardest hit by repossession, adding that most of them are willing to buy foreclosed homes more than their listed price.

And it is expected that banks will soon bring out their large backlog of property inventory that will continue to keep home prices low.

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Pennsylvania Foreclosure Help Plan Set Up by Governor, Wife

By admin | June 30, 2009

The foreclosure help initiative called Get Help Now Pennsylvania was launched by Governor Ed Rendell in partnership with his wife, Federal Judge Marjorie Rendell, last week to help troubled homeowners across the state.

The initiative involves bankers, lawyers, mortgage brokers and financial analysts, considered belonging to the most maligned professions because of their role in the foreclosure crisis and the resulting recession.

Last week, 13 sites have already been set as locations of foreclosure help centers that would be open to troubled borrowers on Tuesday and Thursday afternoons until September 11 this year. Among the locations chosen are in Pittsburgh, Washington, Beaver and Westmoreland.

Borrowers of other loans will also be helped by the foreclosure prevention initiative, such as people troubled by credit card debts, bankruptcies and recession-related problems.

Almost 115,000 mortgage borrowers in Pennsylvania have defaulted on their home loans in the first quarter this year. Also, nearly 43,000 borrowers were in foreclosure last year, more than twice the foreclosure number in 2007. The number of bankruptcies and credit card debts also increased.

The governor’s office said there are already state resources that can help financially troubled families, but the governor’s newly crafted foreclosure help initiative hopes to reach more people. Consumers will be connected with lawyers, bankers and financial analysts who will analyze their financial conditions for free and then refer them to services that can make the necessary actions to help them avoid foreclosure.

Troubled borrowers are advised to call the toll-free number of the Pennsylvania Bar Association and ask the location nearest their residences.

The foreclosure help initiative was crafted and launched in partnership with volunteer bankers, lawyers, credit union officers, mortgage brokers and other financial service professionals.

The office of Judge Marjorie Rendell, the first lady of Pennsylvania, and the state Banking Department are also participating in the foreclosure help program. Professionals in the financial and legal service sectors are being called upon to volunteer for the program not only to help troubled homeowners and credit card borrowers but also to help enhance the image of their professions.

In a foreclosure report for the month of May, Pennsylvania is 32nd in a chart of state foreclosure rates, with one in every 1,252 housing units receiving a foreclosure notice and a total of 4,376 foreclosure filings.

Compared to states battered by foreclosures, Pennsylvania is not as clobbered, but still, the state of Pennsylvania wants to reach out to all troubled families with its foreclosure help initiative.

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Campaign to Contain the Rapid Growth of Repo Home Listings

By kevin | June 30, 2009

The growing number of properties on repo home listings has spurred several programs designed to help distressed homeowners from going into foreclosures.

Another campaign has been launched to help homeowners save their properties from repo home listings. This campaign, dubbed “Bringing hope home,” is spearheaded by NeighborWorks America , HOPE NOW Alliance and Neighborhood Housing Services of South Florida (NHSSF).

The campaign features Fernando Arau, Latino television host, and NBA All-Stars players Dwyane Wade and Alonzo Mourning. NHSSF counselors and clients, together with Wade, Mourning and Arau, will visit local businesses situated in Miami Gardens neighborhood in Florida.

The foreclosure prevention campaign aims to raise awareness of the repossession problem and available resources that could help distressed homeowners avoid foreclosure, including the Making Home Affordable Program of the federal government.

A bus tour, which is part of the campaign, will start at NHSSF. Marietta Rodriguez, deputy director for homeownership and lending at NeighborWorks America, said that the organization recognizes the growing number of distressed families whose properties are in danger of being placed on repo home listings and their difficulties in finding a reliable, reputable and certified resource that could help them deal with the problem.

She claimed that the organization wants to help homeowners find assistance easily and immediately and to inform those who are facing the danger of foreclosure that they could ask for help from skilled nonprofit housing counselors for free.

She added that these nonprofit housing counselors can help distressed homeowners understand their options and make informed decisions on how to save their properties from foreclosure.

An informal round table discussion will feature Arden Shank, executive director of NHSSF, counselors and clients, representatives from the Homeownership Preservation Foundation, HOPE NOW Alliance and Federal National Mortgage Association, Arau, Mourning and Wade.

The NHSSF is a local organization that aims to empower communities, revitalize neighborhoods and establish affordable housing opportunities for everyone in South Florida.

Meanwhile, the NeighborWorks America provides opportunities for people to strengthen their communities and improve their lives by providing access to affordable homeownership and rental housing. It also helps distressed homeowners across the United States to save their properties from being placed on repo home listings.

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Rising Delinquencies Means More Repossessed Homes

By kevin | June 29, 2009

More and more American homeowners are defaulting on their monthly mortgage payments but are not yet on foreclosure proceedings. About 1 million borrowers made up the backlog of delinquent loans making the prospect of recovery from repossessed homes impossible to attain.

According to industry experts, the growing number of delinquent borrowers threatens to further push down home prices and hides the extent and depth of the foreclosure crisis. On the part of lenders, the rising number of delinquent borrowers could mean more financial losses to them.

IHS Global Insight economist Patrick Newport said that the delinquency trend could only mean repossessed homes rate will keep on rising. Some economists said that the increasing mortgage delinquencies is at the root of the economic crisis, adding that an economic recovery is not achievable if the housing market will not recover first and home prices remain unstable.

They also pointed out that delayed foreclosures could be a blessing to others but to some troubled homeowners, it only prolong their financial distress and delay their prospect of moving away from their repossessed homes.

According to Inside Mortgage Finance data, seriously delinquent homeowners who were not yet on foreclosure proceedings increased by 3.04 percent or $227 billion total loans during the first three months of this year. Compared the previous years, seriously delinquent loans totaled $97 billion during the same period. In 2007, the rate of seriously delinquent loans was lower than 1 percent during the same period.

On the other hand, some mortgage payment backlogs reflect the inability of lending institutions to keep pace with the increasing volume of delinquent properties.

According to housing industry consultant Howard Glaser, lenders are experiencing a hard time handling the volume of delinquent properties. He added that lenders are torn between short sales, loan modification and foreclosures.

However, some of the mortgage delinquency backlogs reflect the slow pace of foreclosures as the industry and the federal government intensified their efforts to help distressed homeowners who want to protect their properties from foreclosures.

On the other hand, the oversupply of foreclosure properties in the country has already pressured home prices to go down drastically. Last May, existing property prices declined by 16.8 percent compared with the previous year figures.

Zetabid Chairman Bob Bellack predicted that the increasing number of delinquent properties not yet on foreclosure will push the repossessed homes rate to surge in the second half of this year.

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Grassroots Efforts to Deal With Repossession Properties

By john | June 26, 2009

Grassroots efforts have started to sprout in several cities across the country to revive neighborhoods blighted by repossession properties.

In Louisville, Kentucky, a neighborhood association took matters into its hand and transformed a neighborhood of unsightly rows of abandoned, vacant and foreclosed homes into a poster child of urban renewal.

Boarded-up foreclosed houses were renovated and new homes were built on weed-infested lots. Also, a communal vegetable garden and a small park were created to provide green space in the neighborhood.

Many community groups and local governments in cities such as Cleveland, Pittsburgh, Detroit and Philadelphia are fighting to revive neighborhoods blighted by repossession properties. They worked together to purchase lots, demolish decaying buildings and houses and create parks to make the neighborhoods welcoming to prospective homebuyers and investors.

Brookings Institution’s nonresident senior fellow Alan Mallach said that over 1.2 million repossession properties were posted in 2008. The increase in foreclosures has created a large volume of bank-owned property inventory which caused a drastic decline in home prices. Industry experts claimed that the unabated foreclosures also contributed to an increase in crime rate and low tax revenues.

Meanwhile, the National Vacant Properties Campaign provides guidance to help counties, cities and states revive vacant and foreclosed properties.

The campaign, funded by government and private grants, estimated that chronically abandoned and empty properties reached millions in numbers. And industry experts pointed out that the possibility for an immediate decline in the number of vacant properties is not viable as millions of houses are projected to go into foreclosures in coming years.

Meanwhile, the Green Up Pittsburgh initiative is converting empty properties into green spaces. The city of Pittsburgh is providing horticultural consultants to test soil. It also provides funds for initial plantings. A group of public works employees and volunteers help maintain the properties.

On the other hand, Cleveland city officials have launched the initiative Re-Imagining a More Sustainable Cleveland to revitalize vacant lands and convert them for commercial or residential use.

Additionally, some communities in the city are asking assistance from land banks to manage the growing number of idled properties in the area. Land banks are created to develop and manage tax-repossession properties.

Michigan Suburbs Alliance executive director Conan Smith said that having large blocks of land can be used by a city to attract developers.

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Housing Market Far From Recovery in Repo Properties Crisis

By kevin | June 24, 2009

Spring is traditionally the busiest buying season in the real estate market in Greater Hartford, Connecticut. However, this season proved to be not as busy as previous buying seasons but still not that disappointing to home sellers, especially in the mid-range priced homes.

The number of single-family homes awaiting sales increased for two consecutive months of April and Mary. However, industry experts cautioned that signs indicating a slowing sales decline do not mean that the housing market is on its way to recovery from repo properties crisis.

Real estate specialists looked at the increase in pending sales and the slight drop in the number of repo properties for sale as signals that the housing market is moving away from the buyer’s market trend of previous three seasons.

However, they are one in saying that the current housing market is far from achieving a real recovery. For one, prices and the total number of completed home sales continued to drop in May.

Economists said that a significant momentum in housing sales gain may be seen next year but it is still too early to tell if it will lead to a stable housing market, free from repo properties crisis.

Data from the Greater Hartford Association of Realtors showed that there were about 2,092 pending home sales in the area in April and May, representing an increase of 3 percent from same period the previous year.

The April/May figures were still 31 percent lower from the high of 2,670 during the peak of the housing market in 2004. According to real estate agents in the area, many prospective buyers are scouring the market for condominiums and houses with low interest rates. They added that first-time homebuyers are also taking advantage of the $8,000 federal tax credit.

However, most buyers still remain cautious that was why the performance of the spring market in Greater Hartford did not match agents’ expectations. In May, the total completed sales for single-family homes declined by18 percent in the area compared with same month the previous year. Meanwhile, the median home price slide by 10 percent.

Naroff Economic Advisors’ Joel L. Naroff warned that the few signs of improvement in the housing market are expected to be hampered by growing unemployment which is certain to drive the number of repo properties at another record level.

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Lawmaker Helps Contain Foreclosures Homes in Brooklyn

By admin | June 23, 2009

Brooklyn was clobbered by foreclosures in 2008, with more than 5,000 of its housing units becoming foreclosure homes and about the same number of families evicted from their abodes.

Now, the number of foreclosures homes is expected to increase as the joblessness rate in the area has surpassed the 9 percent level. What exacerbates the problem is that many troubled homeowners are too afraid or too embarrassed to ask around for help.

To help distressed families and reduce foreclosures in Brooklyn, Congressman Edolphus Towns organized a foreclosure prevention session at Pratt Institute.

Towns focused first on the two Brooklyn neighborhoods with large numbers of foreclosures homes – Bedford-Stuyvesant and Fort Greene. Both of these neighborhoods are in the tenth congressional district represented by Towns.

Towns, chairperson of the New York House Committee on Oversight and Government Reform, said that the government needs to reach out to troubled homeowners and guide them to the right resources so they can avoid foreclosure.

If distressed homeowners are allowed to be taken advantage of by fake foreclosure prevention enterprises, their homes will ultimately become foreclosures homes, devastating families and neighborhoods.

Charles Hynes, district attorney of New York city, also spoke to homeowners at the session. He told participants that his newly created Mortgage Fraud Unit will take calls from homeowners who want to check if their paid foreclosure prevention counselors are legitimate or if they have been victimized by bogus loan consultants.

Hynes reiterated that fraudulent foreclosure counselors prey on homeowners who have low credit scores and weak employment histories. He added that these predatory individuals make promises that they can save houses from becoming foreclosures homes for a fee.

According to Hynes, the most commonly used tricks are lease buybacks, home equity stripping and sale of freely available information.

Rhonda Lewis, president of the Bridge Street Development Corporation, also added that Brooklyn is among the areas in New York with the biggest number of foreclosures homes. She said her organization is working to reduce the area’s foreclosure rate.

Among the participants in the workshop were JPMorgan Chase, the Pratt Community Council, Chicago Partners, Brooklyn Legal Services Corporation and Brooklyn Bar Association Volunteer Lawyers Project. At the workshop, speakers also explained the steps of loan modification and HUD-accredited counselors and mortgage loan specialists advised homeowners.

Homeowners determined to save their homes from becoming foreclosures homes are advised to call the office of Congressman Town and the offices of the Bridge Street Development and Pratt Area Community Council.

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