Foreclosure Rates
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.
Nationwide Foreclosures Soared 25% From 2007
Nationwide, the number of foreclosed homes increased by 25% to nearly 280,000 in October this year from October 2007, according to foreclosure tracking firm RealtyTrac. One unit in every 452 homes was in a foreclosure proceeding.
Seattle Foreclosures Still Below Other Cities’ Figures
Foreclosures in the Seattle area increased in October this year but were still below foreclosure figures in other cities, according to RealtyTrac, a leading foreclosure property marketer.
Bay Area Home Prices Fall; Home Sales Rise
It would seem that buyers are no longer holding back on their decision to enjoy the great opportunities offered by these foreclosure homes in San Franciscoβs Bay Area. With home prices declining even further for the month of July, foreclosed properties have become even more affordable.
Great News for Homeowners
Government officials and top level real estate industry executives are on their feet now to tackle the slow market caused by foreclosure homes. New initiatives have been designed and implemented to check the increasing number of foreclosure homes in New Jersey. Much of the initiative focuses on helping the homeowners retains their homes by assisting them in re-doing their finances. There are collaborations between banks and public welfare organizations to decrease the rate of foreclosure homes.
Developer?s Mortgage Terms Result to High Foreclosure Rate
In a small Texas neighborhood, homeowners are worried about the unusually high foreclosure rate. It seems like families are constantly moving in but do not stay long and end up facing foreclosure.
Australian Lending Situation Has Parallels in United States
An interesting development in the Australian housing market could be a lesson to lenders and legislators here in the states. Australia’s housing market is in no way in the poor shape that America’s is, as they experience a much lower rate of default and foreclosure than we currently do. However, due to the new introduction of non-bank lenders in the country in the past few years, the banking industry has seen the margin borrowers pay has slipped. While in the past borrowers paid around 4% above the cash rate, only one year ago that figure had fallen drastically to nearly 2.2%.
Boise Sees Growing Rates of Foreclosure Homes
Boise, Idaho has been no stranger to the effects of the national foreclosure surge, and it seems that things may be getting worse for the city. Ada County, of which Boise is the seat, saw 200 foreclosures in April of 2008, while in April of 2007 there were only 42. This represents over a 400% [...]
