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: News of Foreclosures - 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: News of Foreclosures - Read more about how does foreclosure work.

Foreclosures in Florida had a resurgence in May after slowing down significantly in the previous month. After falling by more than 18 percent in April month over month and by more than 25 percent year over year, foreclosure filings in the state jumped up in May by nearly 5 percent to 50,685. Of these filings, 21.6 percent or 10,941 units became foreclosed houses for sale.

Based on the percentage of residential units foreclosed by state, Florida was still among the top three foreclosure-clobbered states in May, ranking third again on foreclosure rate charts.

Among new efforts to help distressed borrowers prevent their homes from going into foreclosure listings is the plan by the Florida Housing Finance Corporation to spend the $418 million it received from the Obama administration’s $1.5-billion hardest-hit fund in helping unemployed and underemployed borrowers keep their homes as they look for jobs.

The housing agency proposed to spend $353 million to help distressed borrowers pay up to 9 monthly amortizations, $40 million to help qualified first time home buyers make their down payment, and $25 million to provide legal assistance to troubled homeowners who are resolving their mortgage problems through loan modification, mediation or short sale.

Another new foreclosure prevention effort is the decision by Fannie Mae and Citigroup to delay foreclosure actions on distressed homes in areas affected by the BP oil spill by three months. The Gulf Coast spill has triggered concerns about the impact of oil-hit coastlines on the tourism and fishing industries in the coastal region.

The extension of the completion deadline for home purchases with federal tax credits is another way to help the Florida housing market absorb its foreclosure inventory. Previously, homebuyers have until June 30 to close their purchases. Under the new plan, buyers now have until September 30 to take title to their homes.

With these new efforts, Florida residents hope that the surge in foreclosure listings would slow down.

New Efforts to Trim Down Foreclosure Listings in Florida is a post from: News of Foreclosures - Read more about how does foreclosure work.

Distressed Home List Contributed to Higher Sales in Myrtle Beach is a post from: News of Foreclosures - Read more about how does foreclosure work.

The foreclosure software enables users to search for repossessions, foreclosures and bank owned houses and mostly all residential properties for sale by area. If a prospective buyer stumbles upon a a certain foreclosed property, they can download all the information about that  property, even the contact details for the home realtor representing the property on their iPhone.

The application made huge waves only a week after its launch in March 2010 ranking seventh in free appilcations with the most number of downloads. The software is totally free and can be downloaded from iTunes.

Established only this year, RMS Public Relations iPhone App PR Department reaches out to mobile-software development companies to offer a platform to showcase their products. Visionary Apps founder Dan Burns claimed he was impressed with the speed with which RMS developed the software and tied it up with valuable connections that enabled it to gain substantial and strategic media exposure thereby bringing distressed property listings nearer to the markets. Some of the software’s major tie ins are the App Guide of PC World, the Wall Street Journal and Gear Diary. This enables the product launch for this clearly defined brand to be highly successful.

Also, RMS team has created a wide proprietary list of media representatives, bloggers and other channels of communication to establish a venue for developers like the software team of iPhone. There have been numerous iPhone applications developed for the market by RMS. The kind of exposure generated by RMS could cost upwards to $16 million in advertising costs.

The three mobile applications of the Complete Reality Suite features three main mobile software applications are called Homes, Rentals and Foreclosures or distressed property listings. It is the aim of the software to revoltionize people’s searches for bank owned houses, repossesions and other forms of housing available on the market. The software likewise empowers real estate agents and brokers to assist their customers better.

Distressed Property Listings at Your Fingertips is a post from: News of Foreclosures - Read more about how does foreclosure work.

Sales of bank-owned homes accounted for 49.3 percent of total home sales in Sacramento County in November, a still high percentage despite its drop from November last year when investors and first time home buyers snapped up bargain-priced foreclosures and pushed the share of foreclosure sales to more than 69 percent.

All in all, total home resales in the Sacramento region, which includes the counties of Amador, Nevada, El Dorado, Placer, Sutter, Sacramento, Yuba and Yolo, reached 3,183 units. Homebuilders, meanwhile, sold 341 of their units, comprising nearly 11 percent of total sales in the region. Overall sales however dropped from the October sales of 3,670 units.

The median price for resale homes in November in Sacramento was $177,000, a jump of $2,000 from the median in November last year. According to real estate analysts, the jump in the median price was the first year-over-year increase Sacramento has experienced since May 2006.

The analysts said that the median increase reflected improvements towards price stability, declining sales from list of foreclosed homes and higher sales volume for costlier properties.

However, the median price for newly-built and pre-owned homes in Sacramento remained 5.4 percent less than the median price in November 2008. The other counties in the region also posted drops in median sales prices compared to November last year.

In six counties in the Bay Area, the median home sales price in November rose to $387,000, the second consecutive month that the price increased from last year. In six counties in the Los Angeles area, the median home sales price was $285,000, matching the median in November last year and marking the first time the median did not fall on a year-over-year basis.

In Sacramento County, total sales for new and pre-owned homes reached 1,900 units with the median price dropping by more than five percent to $175,000 from November last year.

In Placer County, a total of 549 units were sold, with the median falling by more than seven percent to $305,000 from last year. El Dorado County posted sales of 201 units at a median of $289,000.

The median sales prices also fell in Yolo, Yuba, El Dorado, Nevada, Sutter and Amador, which had lower sales in November than Sacramento and Placer, despite a decline in the percentage of properties sold from lists of foreclosed homes.

Sales from Lists of Foreclosed Homes in Sacramento Still Up is a post from: News of Foreclosures - Read more about how does foreclosure work.

According to Sandra Ferguson, head appraiser of Carroll County, the number of foreclosure homes could reach 990 units this year if the current pace of defaults continues.

Carroll realtor Rett Harmon said that the rise in foreclosures has been pushing home prices further down. He added that he sees some distressed mortgages being modified by lenders and some short sales being completed, but there are still a lot of troubled mortgages falling into foreclosure.

Ferguson explained that many bank repossessions now are not caused by the default of toxic mortgages, but by loss of jobs. In October, the jobless rate in Georgia soared to a seasonally adjusted rate of 10.2 percent, up from the adjusted September rate of 10.1 percent.

For the first time in 2 years, the jobless rate in Georgia matched the nationwide rate of 10.2 percent in October. Most job losses occurred in the manufacturing, retail, trade, construction, business services and professional sectors.

According to Ferguson, from January to the end of September, the county processed more than 1,000 repossession deeds and handled the resale of 639 properties in foreclosed lists. In contrast, there were only 305 properties sold in non-distressed sales.

Ferguson further explained that the owners of recent foreclosure sales were responsible people. They did not buy large homes, did not use exotic loans and did not default deliberately like other borrowers. She said that these homeowners lost their jobs, wiped out their savings and could not borrow to save their mortgages.

A lot of business enterprises also closed in Carroll County, further worsening the job situation in the area. So far this year, 26 businesses already shut down, a jump from the 15 business operations that closed last year.

In 2008, final owners of closed and foreclosed businesses were a bit luckier because they were able to sell their assets near market value, but final owners of foreclosed businesses this year have been finding it hard to find buyers as commercial and residential foreclosures continue to drag down property values.

As shown in another report from a California research firm, the state of Georgia is still struggling with foreclosures, posting a total of 12,468 foreclosure filings in October, including 4,434 properties already in the foreclosed lists of banks.

Foreclosed Lists Growing in West Georgia due to Job Loss is a post from: News of Foreclosures - Read more about how does foreclosure work.

The stipulation has surprised a lot of buyers, raising concerns that the banks’ stipulation violates the U.S. Anti-Tying Law, which prohibits the linking of the approval of a home loan to the purchase of a certain residential property.

However, according to Joseph Vincent of the Washington Department of Financial Institutions, banks are not violating the anti-tying law if they are just requiring prospective buyers of their distressed properties to obtain their loans from them. Vincent further explained that banks only violate the law if they make additional conditions, such as requiring buyers to use property management firms, home inspectors, home remodeling companies that they are affiliated with.

Vincent also added that a bank requiring a home loan applicant to buy a specific real estate property to be able to obtain a property loan from the bank is violating the anti-tying law. He cited a legal case involving Security Bank and Trust Co. in which the bank made it compulsory for a loan applicant to buy from its available real estate properties so he can get a real estate loan from the bank. The customer sued under the anti-tying law and won.

Mortgage broker Tom Lasswell is one broker who is surprised by the new stipulation for distressed home listings. He said that he had a highly-qualified pre-approved buyer for a certain bank-owned property, but the bank advised him that his buyer can only acquire the property if he agrees to obtain his financing from the bank. The bank further warned that it would accept the next purchase offer if it does not receive a positive response within a certain period.

As of the end of 2008, there were around 871,000 bank-owned foreclosed houses throughout the U.S., an increase from 414,000 as of the end of 2007. Over five percent of all active residential mortgages were already delinquent by two months or more.

According to information management firm TransUnion, the percentage of residential delinquencies will increase through the rest of 2009 as more pay-option adjustable rate mortgage borrowers default. The firm said that around $321 billion worth of ARMs are set to adjust to higher rates before 2012, driving the number of bank-owned houses in distressed home listings to over 2 million.

Distressed Home Listings Offered by Banks with Stipulation is a post from: News of Foreclosures - Read more about how does foreclosure work.

Officials explained that the continued rise in low-priced foreclosures and pre-foreclosures in Jacksonville had improved affordability levels in the historic neighborhood, facilitating home sales and increasing funds for further development.

The Springfield neighborhood, which was founded in 1869, has 1,800 historic houses which are undergoing restorations.

Realtors said that home prices in the neighborhood have dropped from $450,000 to $200,000, giving home buying opportunities in Springfield for people who previously could not afford to buy in the historic community.

In the first 6 months of this year, Jacksonville had more than 13,500 foreclosure postings, indicating that one household was hit with a foreclosure filing out of every 43 households. The foreclosure pace in the city grew by more than 25 percent compared to the last 6 months of 2008 and grew by more than 59 percent compared to the first 6 months of 2008.

In addition, about 68 percent of all housing units sold in the areas of Springfield, downtown Jacksonville, Trout River South and Paxon over the 12-month period ended August this year were either foreclosed list sales or short sales.

Local realtors even contended that the percentage may have even reached 75 percent in Springfield alone.

Nonetheless, the realtors said that despite the seemingly grave situation of the housing market in Springfield and in Jacksonville, the much improved affordability level has been enticing more people to consider living in or returning to historic Springfield.

Because of the relatively fast pace of improvement and restoration efforts in Springfield, the neighborhood will be featured in Southern Living Magazine as one of the comeback stories of the magazine for its January 2010 issue, along with North Chattanooga of Tennessee and the Patterson Park neighborhood of Baltimore, Maryland.

Realtors said that the beautiful streetscapes, the beautiful park in the southern part of the community and the positive attitude of residents have been attracting prospective home buyers to Springfield.

The restoration of the neighborhood has also encouraged builders to build new homes in the area, such as SRG Homes & Neighborhoods, which has already constructed 80 homes.

According to Louise DeSpain, head of the Springfield Preservation and Revitalization Council, which was formed in 1974 to spearhead the revitalization of the neighborhood, lower foreclosed list prices have made home prices in Springfield affordable to more people.

Foreclosed List Prices Helping Jacksonville Restoration is a post from: News of Foreclosures - Read more about how does foreclosure work.

It is expected that the board, which is made up of five members of the city council, will consider approving the proposal.

Under the proposal put forward by officials of the redevelopment agency, nearly $900,000 would be contributed for the neighborhood stabilization program which will be managed by the Riverside Housing Development Corp., a nonprofit housing corporation.

The Riverside Housing plans to spend around $2.8 million to purchase about 15 foreclosed homes in Lake Elsinore. The money contributed by the redevelopment agency will be used to finance the rehabilitation of foreclosed houses that will be purchased.

The renovated properties will then be sold at reasonable prices to potential buyers who will agree to live in the houses.

Chairman of the Lake Elsinore’s agency board Thomas Buckley is confident that the goal would be easy to accomplish given the huge number of repossessed properties available for sale and their reduced costs. Revenues generated from the sale of renovated properties would be invested back on the process.

Buckley has expressed his hope that the program would accomplish more than the target number of 15 distress foreclosed properties.

The program will focus on purchasing properties that have been damaged by vandals or on the brink of deterioration because they have been abandoned and vacant for so long. Not included in the program are well-maintained houses that banks could easily sell without any rehabilitation.

City officials said that the program will transform an abandoned, empty and vandalized foreclosed house into an owner-occupied. They added that the goal is not to help out-of-state landlords but to assist neighborhoods hardest hit by the foreclosure crisis and to put people into empty homes.

The renovated properties will not be counted as affordable houses, though they will be sold at affordable prices to low-income and moderate-income families chosen based on a federal formula. Classifying these properties as affordable house would put a limit on their market values and future potential buyers.

Houses under the program would be excluded from Lake Elsinore’s legal mandate of a balance housing. They will be geared toward the prevention of decay in neighborhoods brought about by abandoned and dilapidated foreclosed properties.

Redevelopment Agency Plans to Buy Homes on Foreclosure Lists is a post from: News of Foreclosures - Read more about how does foreclosure work.