Foreclosure

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.

Holiday Time-out for Florida Foreclosures

With foreclosures on the rise, it seems like a lot of homeowners will be facing a bleak holiday season this year. However, Gov. Charlie Crist is considering to give a Christmas gift for his constituents and put a holiday moratorium, albeit temporarily, to Florida foreclosures.

Addressing Foreclosures Key to Bleeding US Economy

The US economy has continued to bleed causing a major crisis to the housing, insurance and automotive industries. But the highest impact to economy right now is in the area of real estate which has been beset with soaring rates of foreclosures in several states. Economists, organizations and individuals have been frustrated with the seemingly lack of action from the government and financial giants to stem the flow of foreclosures.

Getting to Know Foreclosures

Included in the great American Dream is home ownership. But if you do not have sufficient cash to purchase one, you will instead take out a mortgage loan. Failure to pay monthly mortgage dues will likely result to a foreclosure and basically, this was the fate of millions of homeowners across the country.

Foreclosure 101: Negotiating with Lenders

Last week, the implementation of the government’s $300B housing rescue program finally started. This certainly gives hope to a significant number of troubled borrowers. Of course, the success of the mortgage relief program lies in part in the successful negotiations with the lenders.

Foreclosures Still Rising

Last Monday, a report released by ForeclosureS.com showed that the number of foreclosures is still rising based on the August data. Most of the homes in trouble were primarily located in three states: Florida, California and Arizona.

Housing Data: Possibly Distorted by Foreclosures

Real estate analysts who have been watching the market closely for any signs of recovery from the foreclosure crisis are worried that the data being collected is not as reliable as one would hope. This is because there could be a considerable number of foreclosed properties being left out. In addition, the fire-sale prices of these foreclosure homes can be affecting volume figures.

Facing Foreclosure? What to Do Next

Right now, there are literally millions of homeowners who are struggling with their mortgage payments. Their situation might be the result of different reasons but they all have to understand that the step they will take after knowing that they could lose their home to foreclosure is the most important decision in their lives.

Foreclosures: Buying Low and Selling High

Foreclosure investing has become even more popular, thanks to the enduring crisis in the housing market. Although opportunities abound in this business, being successful is not really as easy as it may look. You should know that the key is being able to find foreclosure homes being offered at very low prices and after repairs and renovations, can still be sold for a considerable profit.

Renters Warned Against Foreclosure-Related Scams

California is among the states hardest hit by the current foreclosure crisis. Hundreds of thousands of distressed homeowners ended up losing their home to foreclosure. In addition, hundreds of mortgage lenders have even declared bankruptcy when the rising number of mortgage defaults became overwhelming.