Foreclosure Crisis
Average Home Prices Affected by Sluggish Foreclosed List Sales
If you look at the volume of foreclosure filings last year, there is no doubt that the programs launched by the federal government made very little difference. By the end of 2010, there were 2.39 million filings, including 1.01 million homes which found themselves in foreclosed list sales.
Listings of Bank-Owned Homes Pull Down New Home Sales in November
Growth in listings of bank-owned homes continues to take its toll on new home sales all around the U.S. For November 2010, the number of new residences sold was fewer than what economists projected for the month. According to industry experts, aside from foreclosures, new housing sales are also being hit by the high unemployment rate.
Review of Foreclosure Home Auction Processing Revealed Mistakes
Allegations that lenders in the U.S. are sending properties to foreclosure home auction using faulty documents prompted several major lenders to conduct a review of their procedures and put a temporary hold on the sale of foreclosed properties. Recently, one of the major lenders that conducted a review but did not halt foreclosures admitted that mistakes were indeed committed in some cases.
Processing of Foreclosure Bank Owned Properties Still Under Scrutiny
The method by which lenders processed foreclosure bank owned properties is still being examined by regulators and the central bank, according to U.S. Federal Reserve Chairman Ben S. Bernanke. He stated that results of the investigation will be available by next month.
Homes in Repossessed Property Lists Topped 100,000 Mark in September
Repossessed property lists all around the U.S. posted their highest totals in September 2010. For the first time in years, the number of bank repossessions went beyond 100,000. Lenders took back a total of 102,134 houses during the month, adding further to the July-September 2010 total which is already at record levels.
Unemployment Fosters Reluctance Among Buyers of REO Homes for Sale
Unsure of whether they will still have a job by next day, most sellers and buyers of REO homes for sale and other types of residential properties are afraid to make a decision on whether to buy, sell or wait. For the unemployed, the main concern is for how long they will remain so and whether they will even find a job.
Home Auctions for Sale Getting More Attention From U.S. Buyers
Increased buyer interest in home auctions for sale, including existing and foreclosed, is reflected in the rise of pending sales for the month of July 2010. According to the latest U.S. housing market data, the number of signed buyer-seller contracts jumped by 5.2% in July when compared with the previous month.
Free Workshops Address Bank Owned Property Listing Problems in Indy
The state of Indiana is addressing bank owned property listing and foreclosure problems by holding a series of talks for free. These events are meant to provide homeowners with advice on dealing with foreclosures and they also aim to educate residents on the nature of the housing market crisis.
Distressed Houses Listings Declined in Southwestern Illinois
Distressed houses listings declined in Southwestern Illinois in February this year, based on foreclosure data compiled by the Illinois Association of Realtors and local realtor associations.
Bank Owned Properties Still Soaring in Manatee Area
Bank owned properties are still surging in the Manatee area, based on a foreclosure report released by a California real estate firm.
