The proposal – which would sell foreclosure homes, often in bulk, to private investors from government inventory – is set to go live in the “near term”, according to the Federal Housing Finance Agency. According to reports, the two government-sponsored enterprises will allow pre-qualification for investors and third parties who want to bid on foreclosure properties owned by the government. This effectively opens the doors for foreclosure investors to get in line for bidding and save time before the full allotment of government foreclosure listings becomes available.

Government foreclosures come from several sources, most notably Department of Housing and Urban Development (HUD homes) and the Department of Veterans Affairs (VA homes). These homes come under government ownership when the federal government – due to its role as the guarantor of the mortgage secured by the property in question – takes possession of the home due to the homeowner’s default.

The hope is that investors and private equity firms will want to capitalize on a large inventory of cheap residential real estate properties that can be converted into income-generating rental properties – which are in high demand and have been for the past two years from previous homeowners, those looking to avoid buying a house in this climate, and those relocating for jobs.

As it stands now, the rental market suffers from a lack of supply while the housing market suffers from a glut of supply – a glut that has kept prices going down more and more with each quarter.

Already several major private equity firms have thrown their hat into the ring and announced intentions to actively participate in the government program. Some estimate that the foreclosure-into-rental market could be worth billions in the long run, and could deliver economic benefits to the economy as a whole beyond the profits obtained by investors if mass purchases cause home values to rise throughout the country.

The timeline for the full implementation of the program is still unclear, but the FHFA is seeking to make this a reality sooner than later – especially given the political pressure from the White House to bring stability to the housing market before presidential elections in November. Chances are the housing market will be a key issue.

Federal Foreclosure-into-Rental Program Picks Up Steam is a post from: Foreclosure Magazine - Read more about how does foreclosure work.

The Map View

The number one reason to utilize Google Maps when looking for a new home outside of your area is that it is free. All you have to do is log onto Google Maps and type in the address for the property you are considering purchasing. Instantly you will see a map view of where your home is located, complete with street names and some of the surrounding businesses.

The great thing about this version of the maps offered by Google Maps is that you can often determine everything from the nearest grocery store to nearby schools. You can then click “directions” to quickly find the directions from the home you are considering and other areas of interest such as work, school, and shopping.

The Satellite View

Along with the map view of Google Maps, you can also click “satellite” on the upper right hand corner of the screen in order to see an actual satellite view of the area. Zoom in to see details such as the neighborhood layout. Plus, some addresses will even enable you to take a street view of the property providing you with a better idea of what your home looks like from the road.

While utilizing the satellite feature, you can also determine the general neighborhood condition, including the upkeep of nearby homes. However, when opting for the satellite version of the map it is important to remember that it does not stream live; as a result, the maps are often rather dated.

Join Features

Regardless of whether you are using the map view or the satellite view, you are able to use the plus (+) and minus (-) signs on the left size of the screen to zoom in and out. In addition, you can click on the “A,” which is the address you entered, and then click “search nearby.” By simply typing it something like “pizza” local pizza restaurants will appear. This search feature is a great tool to help you determine how far away the home you are considering is from places you visit frequently.

In the end, Google Maps is a great asset when looking for a new home.

How to Use Google Maps When Looking for a New Home is a post from: Foreclosure Magazine - Read more about how does foreclosure work.

Some housing market observers have asserted that the AGs from the 50 U.S. states should come to an agreement soon before the number of foreclosed homes and condominiums for sale increases further. Sources have revealed that there have been terms for which all AGs have agreed, but the monetary payment issue is one of the concerns that have yet to be settled. Reports also claimed that a number of attorneys have challenged principal reductions as a sound move.

In March, several federal agencies have formulated settlement agreements with mortgage service firms, with part of the undisclosed monetary amount that will be asked from the firms geared towards loan modification efforts which will help troubled homeowners prevent the loss of their properties to homes foreclosure auction. The investigation launched by attorneys general have gone on for almost half a year and reports claimed that the issue of monetary compensation has been the biggest hindrance when it comes to finalizing terms.

The investigation was prompted by reports that lenders are engaged in questionable foreclosure practices which have allegedly resulted in thousands of homes falling under nationwide foreclosure listings when they should not have been foreclosed on in the first place. The ensuing inquiry led to the formulation of various options that were supposed to help homeowners in various areas of the country avoid foreclosures.

The proposed reduction of borrowers' mortgages has reportedly been criticized by some AGs who argued that it will not help diminish the number of foreclosures and house repossession in the country and will just reward borrowers who have not paid their mortgages intentionally. Meanwhile, some AGs have asserted that the option of principal reduction has not been advocated by their group and was just one of the options that are being considered by the state attorneys. They also claimed that an agreement between AGs and banks still requires further study.

Despite attorneys general seemingly on a deadlock over the issue of mortgage reductions, reports claimed that several areas of the settlement have been ironed out and most of them address issues that will help alleviate the burden of the massive nationwide foreclosure listings in the U.S.

Terms for Owners Under Nationwide Foreclosure Listings Still Unclear is a post from: Foreclosure Magazine - Read more about how does foreclosure work.

Demographers stated however, that unlike before, people's selection of where to relocate is not reliant on weather and industrial development anymore, with most of them also considering places where cheap houses and condominiums for sale can be found. During the 2000-2010 decade, census data showed that the South grew its population by 14.3%, while the West gained 13.8% of new residents. Meanwhile, the Midwest only increased by 3.9%, while the Northeast posted growth of 3.2%.

According to population experts, the first half of the decade saw areas like Nevada, Arizona and Florida taking in the most number of new residents. The growth in population resulted in overbuilding and rapid increases in residential prices. When the housing crisis hit, these areas also posted the most number of foreclosures and distressed properties offered at home auctions. With too many homes to sell and not enough people with enough money to buy them, cities like Orlando, Phoenix and Las Vegas are now forced to deal with huge amounts of foreclosures and massive declines in housing prices.

Housing reports showed that even with the considerable amount of new residents arriving in these cities, foreclosure listings in these markets are way too high for the additional population to be able to cut the numbers down within a year or two. Demographers believe though, that Americans and immigrants who are planning to move are now looking at these areas which have some of the most affordable houses on offer.

For most U.S. residents, places with a lot of distressed homes for sale might be the favored destination in the short term. According to population experts, they expect housing activities to pick up in areas such as Nevada, Florida and Michigan where people can find some of the lowest-priced houses. Although long-term considerations might point towards more economically stable regions like Texas, analysts believe that for now, the main attraction is the prices of homes.

With foreclosure listings still elevated in majority of U.S. markets, demographers and housing analysts also expect homebuilding to remain poor. They stated that those who are looking for bargain-priced homes will dominate the home buying market for the rest of the year as they try to take advantage of the low prices.

Foreclosure Listings Changed Population Movement in the U.S. is a post from: Foreclosure Magazine - Read more about how does foreclosure work.

Housing analysts are hoping that further drops in mortgage rates during the third week of March will encourage more buyers to purchase single and multi family foreclosures and non-foreclosed dwellings. Rates for fixed mortgages declined during the week, while the 15-year mortgage declined from 4.15% to 3.97% in the third week of March, the first time in a full quarter that rates for such loans have gone below 4%.

According to housing market analysts, buyers of new homes and repo houses for sale are set to benefit from low mortgage rates in the coming weeks. They stated that rates are influenced by U.S. Treasury bonds which have declined following the disaster in Japan. Meanwhile, the rate for 30-year fixed loans also plummeted, dropping to 4.76% from 4.88% the week before. In November of last year, fixed loan rates recorded their lowest levels at 4.17% in 40 years. Analysts are expecting rates to remain low as Treasury bonds continue to drop.

However, most housing industry analysts are reluctant to predict that the drop in mortgage rates will encourage more purchasing activities in the non-foreclosed home market and in foreclosure listings since it has failed to do so in the past. Even during times when rates are starting to go down and prices of homes are plummeting, buyers were reluctant to enter the market and new home builders continue to suffer from weak demand.

The home building market took the worst of the impact of tepid demand, with housing starts also suffering from competition posed by low-priced distressed property for sale and foreclosures. In February, house construction activities declined to their lowest points in nearly two years, while home building permits dropped to a 50-year low. Homebuilders have stated that the recent drop in mortgage rates is unlikely to improve demand for new homes.

They stated that high supplies of foreclosure listings and restrictions in the lending market are preventing people from purchasing new residential properties. In addition, builders believe that the massive declines in property values are scaring people off from home buying, while majority just simply do not have the means to purchase due to unemployment.

Low Mortgage Rates Fail to Spur Interest in Foreclosure Listings is a post from: Foreclosure Magazine - Read more about how does foreclosure work.

More and more Americans are opting to rent houses instead of buying them and most home sellers have also shifted allegiance. Those who were keen on selling home and condo foreclosures a year ago are now converting these properties into rental dwellings to take advantage of increased number of renters. The strength of the rental housing market is demonstrated in landlords' confidence to raise rates, when a little over a year ago, these same landlords were offering concessions and incentives just to attract tenants.

Market analysts stated that the growth of the rental market is the result of the housing industry downturn. With most people wary of going into homeownership and not even willing to buy foreclosure auction houses despite their low prices, the only option available is to rent. The number of renters has increased considerably in the U.S. in the past year, resulting in demand outpacing supplies in most areas. This imbalance also resulted in increased rental rates.

Last year, rental rates increased by around 4.2% all over the country. This was in contrast to 2009, when foreclosed property listings dominated the market and landlords had no choice but to offer discounts just to have their units occupied. Rents fell by almost 6% in 2009. For 2011, rents are expected to increase again as tenants battle for limited number of available units.

A number of hotels and bank owned houses for sale had also been converted into rental dwellings, with most areas already raising rents at the start of the current year. Analysts cited the Greenville metropolitan area in South Carolina as an example, where rents rose by 11.2% last year to an average of $669 per month. The rise was the biggest recorded in the whole U.S. in 2010. Vacancy rate also declined in the area to 7.7% in 2010 from 9.5% a year earlier.

For the current year, more properties in foreclosed property listings are expected to be purchased by investors with the purpose of converting them into rental houses. Rental rates are also projected to increase in most metro areas as people continue to stay away from homeownership for fear of further declines in property values.

Foreclosed Property Listings Compete with Rental Market is a post from: Foreclosure Magazine - Read more about how does foreclosure work.

According to the NAR report, sales of existing residential properties, such as federal homes, townhouses, condominiums and single family dwellings, rose to an adjusted yearly rate of around 5.36 million for January 2011, representing a 2.7% jump compared with December 2010, when the revised figure showed a sales total of 5.22 million. Compared with a year ago, the increase was 5.3%, with the January 2010 figure pegged at 5.09 million.

Although sales of properties at foreclosure auctions and existing houses have recorded three months of consecutive increases, January was actually the first time in a seven-month period that a year-over-year increase was recorded. Analysts stated that the rise in sales is a good sign for the housing market. They also claimed that the increase is due primarily to the improving job market and national economy.

Housing industry experts also stated that confidence among homebuyers is improving. It also helped that homes have become very affordable, particularly those properties in home foreclosures list stage. However, most buyers are reportedly hindered by tight lending standards, which could also be the reason for the rise in the number of all-cash transactions during the past few months.

The NAR report also showed that first-time homebuyers are starting to gain confidence as January figures showed that 29% of existing dwellings sold during the month were purchased by first-timers. Although this is lower than the 33% recorded in December, when more first-time buyers took advantage of the low-priced bank owned for sale homes, the number was still high, considering the current condition of the economy and the housing industry.

Buyers still found it difficult to secure financing though, even those who were purchasing low-priced dwellings in home foreclosures list. All-cash transactions accounted for 32% of the total January 2011 sales as buyers try to secure deals despite difficult lending conditions.

Sales of Properties in Home Foreclosures List Jumped in January is a post from: Foreclosure Magazine - Read more about how does foreclosure work.

With most areas of the country suffering from huge supplies of bank foreclosures, including Wells Fargo foreclosure homes for sale, most government officials and advocacy groups believe that homeowners, and even renters, will make their election decisions based on how bad they were affected by the housing market crisis.

Some analysts even stated that voters can even pass off voting. The housing market problem is worse now than it was a couple of years ago, with foreclosed and repossessed properties expected to reach over three million in total by the end of the year. This will make 2010 foreclosure numbers 30% higher than in 2008 if the projected total is reached.

Under the U.S. election law, voters are required to register in the area where they live, which means that where a person will vote is decided by his home address. This poses a problem for candidates in cities and counties with long lists of foreclosures, particularly incumbent candidates.

However, proceedings governing foreclosures can make deciding a voter's address confusing. This is because some people still live in a home that is already a foreclosure property at auctions, while others relocate but still maintain a redemption right on their properties. Still others are living in temporary dwellings or are relocating from place to place.

Political analysts are citing the 2008 elections as a case in point of how big a role foreclosure can play in the political arena, with swing states having some of the highest rates of foreclosures two years ago. Some analysts have speculated that people who have lost their homes to foreclosures are the most likely to change allegiance.

They also recounted the incident when Barack Obama's group filed a lawsuit against the Michigan Republican Party to prevent them from using lists of foreclosures to challenge and single out voters. However, no similar development seems to be happening in this year's election.

Lists of Foreclosures Expected to Affect Midterm U.S. Elections is a post from: Foreclosure Magazine - Read more about how does foreclosure work.

According to state-based firm Foreclosure Listing Service, unlike the residential property market where foreclosed Dallas fixer uppers and single family dwellings continue to post record numbers, the commercial foreclosure market is actually in a much better position if previous economic and housing market downturns are to be used as basis for comparison.

Local real estate market observers have stated that as various types of residential foreclosures, including Citibank foreclosures for sale, continue to post higher numbers than previous crisis periods, the commercial property market is actually doing better than it was during the market crisis of the 1980s.

In those times, market observers reveal that more than 8,000 commercial bank owned property foreclosures were recorded in just a single-year period. Furthermore, the commercial property sector of the Dallas-Fort Worth area during the 80s is only half the size of the current commercial market.

The latest real estate statistics also showed that commercial properties listings in Dallas and Fort Worth are way below residential foreclosure totals, with foreclosed home filings totaling almost 48,000 during the nine-month period of the current year. When broken down into types, commercial foreclosure filings are mostly accounted for by apartment foreclosures.

Data showed that 376 apartment properties have received a foreclosure notice during the 2010 period which represents a 22% rise when compared with the first nine months of 2009. However, the biggest rise in posting totals can be found among miscellaneous commercial properties and land or those that are categorized as Class C buildings and properties.

When it comes to the location with the highest number of filings for commercial foreclosures, Dallas County takes the prize. The county has a total of 1,052 filings for the January-August 2010 period. However, the biggest increase can be found in Collin County, where foreclosure postings jumped by over 70% in 2010.

For the September 2010 foreclosure auction, the Dallas-Fort Worth area is scheduled to offer commercial properties listings comprised of 285 structures. The number is considerably higher than the 180 foreclosure offerings recorded in September 2009.

Foreclosed Commercial Properties Listings in D-FW Surged is a post from: Foreclosure Magazine - Read more about how does foreclosure work.

However, Nevada's repossession houses list might soon get shorter as the latest program launched by the state seemed to be producing significant results. The program, called Nevada Foreclosure Mediation, aims to bring troubled homeowners and lenders together to negotiate an alternative to foreclosure.

The latest statistics showed that over 90,000 property owners in the state, including residents of fixer upper homes for sale, have received default notices in 2010. Among these homeowners facing potential foreclosure, 11,000 signed up for the Nevada Foreclosure Mediation effort. So far, 4,000 households enrolled in the program are able to retain their properties.

The law that established the program was approved in 2009, the year when foreclosures in Nevada started to reach a number that pushed the state towards the top of the ranking of areas with the highest foreclosure rates. Local officials have stated that the program is expected to achieve greater success in the coming months as long as mortgage lenders are willing to negotiate with their borrowers.

Officials and homeowners are hoping that this expectation will prove to be true and that they will soon find foreclosure listings getting shorter in the area. According to program officials, the primary role of the mediation effort is to provide a platform for both borrower and lender to come up with a mutually agreeable term that can help prevent foreclosure.

They also added that the program works because Nevada has a law in place that will not allow lenders to refuse to participate should the borrower decide to use mediation to address the problem. For those lenders who decide not to negotiate, they will not be allowed to foreclose on the property.

Although Nevada is one place where people can find foreclosure listings with thousands of entries, local officials and residents are optimistic that the latest program will make a significant impact and will help lower foreclosure rates in the area in the coming months.

Latest Efforts Find Foreclosure Listings Getting Shorter in NV is a post from: Foreclosure Magazine - Read more about how does foreclosure work.