Foreclosure Rates
Foreclosures Decline By 25 Percent in January
As of last January, foreclosures all over the United States have dropped by over 25 percent with majority of the severely hit states witnessing declines in the quantity of homes reclaimed by lenders. On the national level, completed foreclosures have plummeted from 97,841 last December 2008 to 72,694 this January 2009, the lowest number of completed foreclosures ever since April 2008.
Foreclosures Considered in Setting Tax Values
Georgia foreclosures have continued to soar through the past months, causing real estate properties including foreclosure homes to have very low sale prices. This has pushed the state’s legislators to act on a bill to control the situation. Senate Bill 55 states that foreclosure sales should be considered in setting the tax values of homes and other related properties.
Florida Foreclosures Could Increase by 100 Percent in 2009
South Florida foreclosure rates are expected to increase between 50 percent and 100 percent in 2009 based upon the efforts of the federal government to help homeowners of distressed properties, according to Jack McCabe, a real estate analyst and chief executive officer of McCabe Research and Consulting.
SB 1137 Caused California to Set Foreclosure Records this 2008
Notices of default deliveries slowed down in September after the passing of SB 1137, asking lenders to give delinquent payers 30 days grace period before the actual foreclosure process begins. But it seems that this legislative effort to reduce foreclosure is a failure according to Sean O’Toole of ForeclosureRadar.
Home Buying Activity in California Surged With Foreclosure Rate
After experiencing decline in the past several months, California foreclosure incidence is on a surge once again. This is a clear proof that the housing market has not fully recovered yet. Despite the increase in average home sales, the housing industry is still in turmoil as proven by the high foreclosure rate.
Glut of Unsold Houses in South Florida Despite Decrease in Foreclosures
Despite a decline in South Florida foreclosures in October compared to September, the backlog of unsold houses in the area still increased to the time-equivalent of eight months in October.
Foreclosures to Continue By Next Year
According to RealtyTrac, an estimate of 1 million property owners may be at risk of foreclosure by 2009.
Increased in Foreclosure Rates Affected Homeowners' Holiday Plans
Christmas is the season to be jolly because families gather together and give gifts to each other. However, with the economic crisis that caused home foreclosures and layoffs, many Americans feel that this Christmas will not be as jolly as they would like it to be.
US Median Home Prices at its Lowest Since 2004 due to Foreclosures
Homes were sold in the US last September at their lowest levels in four years due to the increase in inventories of foreclosed properties. According to official numbers from the US Department of Commerce, the median price of single-family homes dropped to $218,400, which is 9 percent lower than last year’s price.
Existing Home Sales Decline in October
Given the current situation of the economyβdeteriorating economy, rising unemployment, and collapsing stock-market, a lot of prospective home buyers get out of the market, causing the decline of the existing home sales and home prices in October.
