Archive for February, 2008

Southern California's housing slump hit a new bottom last month, despite low interest rates, falling prices, and promises of government assistance.

According to statistics, less than 10,000 homes were sold in the six-county region. That's the first time that has happened since DataQuick began keeping records in 1988.  Additionally,  1 out of 4 homes sold had been foreclosed, putting additional pressure on home values.
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Those looking to buy a home today can find great deals as a result of the rise in foreclosure rates. Keep in mind, there are risks involved in buying these homes, but they can often be bargains.

You can search bank websites since banks often list their foreclosed properties for sale online.

You can also look up government-owned listings. The Department of Housing and Urban Development lists the foreclosed homes that it owns on its website as well as through local real estate agents.

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The number of homes facing foreclosure rose 57 percent in January compared to a year ago. Lenders are being forced to retake possession of homes they couldn’t unload at auctions, a mortgage research firm said Monday.

According to RealtyTrac, over 233,000 homes have recieved at least one notice from lenders related to overdue payments.  Nearly half of the total involved first-time default notices.

The worsening situation came despite ongoing efforts by lenders to help borrowers manage their payments by modifying loan terms,

Foreclosures keep skyrocketing (The Californian)
RIVERSIDE -- The number of foreclosures in Riverside County continued to rise at a meteoric pace in January, increasing the downward pressure on local home prices and flooding the regular home market.

You may think that foreclosures don't affect you, but the housing crisis could directly effect your home's value. There are 2,000 homes that have been foreclosed on in Butler County over the last three years.

In Butler County, there 2000 homes that have bee foreclosed on over the last 3 years.

At a sheriff's foreclosure sale for a house in Liberty Township's Falling Waters neighborhood, $230,000 is where the bidding will start.The home's appraised value is $345,000.

People who live in the neighborhood say it's not just homes in foreclosure that are going for less than the original purchase price.

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Government leaders and lenders are working together to help to all homeowners at risk of foreclosure, not just those with subprime loans.

A program called Project Lifeline would allow seriously overdue homeowners to suspend foreclosures for 30 days while lenders try to work out more affordable loan terms.

Six of the largest lenders will participate in the plan.

The same banks are taking part in the Hope Now program which was initiated late last year. That plan freezes rates on some high-cost subprime mortgages for five years. Read the story

The Bush administration has offered a hold on foreclosures to stem the widening housing crisis, with the help of several major lenders, including Wells Fargo. But the latest figures from 2007 show foreclosures in major urban areas increased nearly 80 percent last year, and local foreclosures continue to rise.

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The six-county Lexington metro area saw a sharp increase in foreclosures in 2007, but the local problem remains small when compared with larger metro areas. RealtyTrac, a California firm that tracks foreclosures nationwide, said 464 properties in the Lexington area were in some stage of foreclosure in 2007, compared with 210 in 2006. The increase was 121 percent. About one-fourth of 1 percent of ...Read the story

The Stockton branch of the NAACP is going to stay on the forefront of attacking predatory lending and will host a discussion on home foreclosures at its meeting Saturday.

Dwayne Kirkwood of the NID-Housing Counseling Agency will speak on how to save a home in a foreclosure situation. Read More

Despite the downturn in the housing market, many believe real estate sites are strong. Many investors use real estate sites to to pick up a bargain or determine how the market affects their home's value.

For example, Realtor.com is a great place to find a house. Realtor.com is the National Association of Realtor's official site and can provide access to multiple listing service (MLS) for free. Many homebuyers and investors use this site to see what homes are listed for sale in their area.

For real estate investors, Foreclosure.com is a great place to find extensive data on foreclosed homes. You can try their service free for 7-days.