Foreclosure Crisis

Bank Foreclosure Property, Recession Ravage a City

Recession has severely damage the economy of the United States. It created a flood of bank foreclosure property and massive layoffs. No place can better demonstrate the impact of recession and bank foreclosure property crisis than the city of Baltimore in Maryland.

One in Eight Homeowners Delayed or in Foreclosed Housing

One in eight homeowners across the nation was behind in mortgage payments or already in foreclosed housing in the first quarter, according to a report released by the Mortgage Bankers Association this week. MBA cited unemployment as the main factor.

A New Wave of Foreclosures Homes Expected in Sacramento

The Sacramento area has been generally considered by real estate analysts as a potential model for housing market recovery. But according to foreclosure tracking service ForeclosureRadar.com, over 20,000 distressed homes in the area can become foreclosures homes in the next several months. These distressed homes can slow down expected market recovery.

Foreclosed Homes Devastates Black and Latino Communities

For the past two years, foreclosed homes spread across the New York region at a rapid pace. According to the “New York Times” study of foreclosure filings and federal mortgage data since 2005, the foreclosure crisis caused devastation on the housing market in the New York region.

Counties Stressed by Foreclosure, Bankruptcy and Unemployment

In an Associated Press study of the stress effects of foreclosure, bankruptcy and unemployment on the nation’s counties, nearly 40 percent of all counties had a stress index higher than 10 in February.

Cleaning Services for Bank Foreclosed Houses

Bank foreclosed houses brought misery to thousand of homeowners but benefitted others such as investors and homebuyers looking for affordable homes and companies that provide cleaning services. But they are not just ordinary cleaning providers. They specialize in cleaning up foreclosure properties.

Michigan Attorney General Cox Helps Fight Foreclosed Homes

With Michigan battered with a foreclosure rate of 1 house in every 136 housing units, Michigan Attorney General Mike Cox organized a counseling workshop on Tuesday to help homeowners their houses from becoming foreclosed homes.

More Foreclosed Homes Expected in California Suburbs

More foreclosed homes are expected to flood the housing market in the suburbs of California’s Riverside County, according to housing tracking firm ForeclosureRadar, newspaper North County Times and California housing analysts.

Foreclosure Listings Still Growing Despite Hope Now Efforts

Despite large numbers of successful mortgage modifications, foreclosure listings across the nation are still growing, according to the Hope Now alliance. The alliance modified and refinanced almost 250,000 mortgage loans in February. Hope Now is a coalition of HUD-approved housing counselors, mortgage lenders, housing advocates and investors who are working together to stop the growth of foreclosure listings.

Homeowners Voice Out Opinions Against Foreclosures

Different independent organizations, churches, communities and families are rallying together to prevent foreclosures. Following the increase in New York foreclosures and in other areas such as California and Florida, more and more are being aware that having a foreclosed home is not entirely the homeowner's fault. In fact, foreclosure cases may well be an effect of the worsening economic crisis the US is currently facing.