Foreclosure Crisis
Commercial Property Investments Turn Sour
The problems of the commercial property sector are getting worse, according to Real Capital Analytics, Deutsche Bank and other commercial real estate analysts.
Unemployment Drove Foreclosed Properties to Rise in Nevada
The metropolitan areas of Reno-Sparks in Nevada saw a sharp rise in the number of foreclosed properties in the first six months of this year. The quick rise of foreclosure-related activity in Reno-Sparks earned the area the 13th position among metropolitan areas nationwide with the highest number of foreclosed homes.
Refinancing Problems Hinder Foreclosed Property Program
Since the launching of the foreclosed property prevention program, only around 13,000 home loans have been refinanced under the loan refinancing scheme.
Why Foreclosure Homes Still Abound
Despite the claim by two federal agencies that more than 185,000 home loans were modified in the first quarter of this year and that more than 50 percent of the modified loans resulted in lower monthly payments, the number of foreclosure homes in many areas of the country is still increasing.
Demand Up in Areas With High Bank Foreclosure Listings
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.
Rising Delinquencies Means More Repossessed Homes
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.
Renters in Bank Foreclosure Homes Increasing
Renters are the latest casualty in the ever-growing foreclosure crisis in California. More and more tenants are scrambling to find cheap places to stay after they discovered that the properties they are renting are bank foreclosure listings.
Increase in Prime Loans on Bank Foreclosure List
The pace at which prime loan borrowers are going into Bank Foreclosure List is accelerating, particularly in states where unemployment rate is mounting and property values are dropping like hot potatoes.
Repossession Property Prices Fall, Affordability Rises
Home affordability has reached record levels nationwide as new home prices and repossession property prices continue to go down. According to a study by IHS Global Insight on U.S. homes prices, the average house has lost value by 12.2 percent.
Impact of Foreclosure Properties on Lowe’s and Home Depot
The sales performances of home improvement retailers Lowe’s and Home Depot CEOs are closely tied with various stages of foreclosure and the number of foreclosure properties, according to the chief executives of the country’s two largest home improvement retailers.
