Foreclosure Nation

Three Things That Won’t Help End the Foreclosure Crisis

Q1 2008 Nevada Foreclosure Report Released by RealtyStore.com

Santa Barbara, CA (PRWEB) May 14, 2008 — RealtyStore (www.realtystore.com), the nation’s leading provider of foreclosure listings, released its quarterly Nevada Foreclosure Report.

RealtyStore.com recorded 17,307 notices of default (NODs) statewide for Q1 2008. This was a 32% increase from those recorded in Q4 2007 and a 139% jump over Q1 2007. An NOD is filed by the lending institution, when a homeowner falls behind on mortgage payments. NODs provide important information about which homeowners have home loans they cannot afford. Nevada has maintained the nation’s highest foreclosure rate for nearly two straight years. For Q1 2008, 1 out of every 52 households in Nevada received a default notice, which is more than 7 times the national average.

“For almost two years running, Nevada has been plagued with the highest foreclosure rate in the nation. This is a result of the dramatic increase in speculative building starting in 2004 when home prices soared 47%,” said Tim Chin, CEO of RealtyStore. “Now, as the housing market corrects, investors are running for the hills as inventory mounts and prices rapidly decline.”

More than 90% of the foreclosures in Nevada are occurring in Clark County. Clark County, home of the gaming capital, better known as Las Vegas, started off the first quarter with 15,876 defaults. This was more than double the 6,651 default notices for Q1 of last year. The foreclosure problem in Las Vegas resulted from home buyers gambling on prices continuing to climb. Speculators used adjustable-rate-mortgages (ARMs) and sub-prime loans to get their foot in the door hoping to use the home’s projected appreciation to later refinance under more affordable fixed-rate loans. Unfortunately, the tide turned and Nevada’s housing market has crumbled.

With a huge wave of hybrid ARMs due to reset this spring, many Nevada homeowners will find their payments ballooning by as much as 50%. With property values dropping almost 20% since last year, distressed borrowers will have little opportunity to refinance into more affordable loans. Left to drown in their mortgage payments, an increasing percentage of homeowners will enter the foreclosure process. This will further suppress housing prices as bargain-priced foreclosures take a bigger share of the Nevada home sale market. In Las Vegas, nearly half of all homes currently on the market are foreclosures. With inventory increasing and home sales at their lowest levels in 13 years, the Nevada housing market will get worse before it gets better.

About RealtyStore.com: Founded in 2005, RealtyStore.com is the fastest growing, most trusted provider of foreclosure listings and information in the nation with over 1 million pre-foreclosure, foreclosure auction, bank-owned, and tax sale property listings. Collected from hundreds of public and private sources, RealtyStore’s proprietary database includes extensive property characteristics (including pictures and maps), default and tax information, comparable home values, and neighborhood demographics information. For more information, visit http://www.realtystore.com.

Foreclosure flood: 1,000 auctions per day in California

LA Times reports in April there were one thousand home auctions per day in California. “California’s foreclosure crisis passed another ominous milestone in April, when more than 1,000 foreclosed homes were auctioned off every weekday at courthouses across the state”.
http://latimesblogs.latimes.com/laland/2008/05/foreclosure-flo.html

New! RealtyStore Foreclosure Blog

Foreclosure flood: 1,000 auctions per day in California - LA Times

According to our California Foreclosure Report, California’s foreclosure activity has increased 38% in the first quarter of 2008. Our California foreclosure statistics is broken by county and shows the change from the fourth quarter of 2007 to the first quarter of 2008.

U.S. House Approves Democratic Anti-Foreclosure Bill

“The U.S. House of Representatives approved legislation to let the government insure up to $300 billion in mortgages to help homeowners avert foreclosure over White House objections the measure would force the government and taxpayers to take on excessive risk.

The House voted 266-154 for the housing package offered by Massachusetts Democrat Barney Frank. The measure would have the Federal Housing Administration insure refinanced mortgages after loan holders agree to reduce principal to make payments affordable.”

Read more:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aRtzYp_OzosY&refer=home

Foreclosure Website Announces Free Advertising for Real Estate Agents

RealtyStore (www.realtystore.com), the nation’s leading provider of foreclosure listings, today launched its Professional Network to connect Real Estate Professionals with thousands of home buyers actively looking for foreclosed properties. With over a million property page views per month, RealtyStore provides free, targeted exposure for members of the Real Estate Professional Network.
http://www.prweb.com/releases/real/estate/prweb919824.htm

Signing up is quick, easy and, unlike most real estate lead generation tools, it is completely free!
Sign up today - Real Estate Professional Network

Foreclosure Investors: $7000 TAX CREDIT ~ Senate Takes Up $15 billion housing fix

“The proposed measures include funding to help borrowers refinance unaffordable loans and help boost activity in neighborhoods with properties in foreclosure. Also in the bill is a tax break for homebuilders, as well as a new tax credit and deduction for homeowners and home buyers. The package also contains measures to make loans that are insured by the Federal Housing Administration - which helps borrowers with weak credit or little or no cash for a downpayment - more accessible.” Read more:

http://money.cnn.com/2008/04/02/news/economy/housing_bipartisan_draft/?postversion=2008040320

If your a real estate agent looking to gain from the foreclosure crises then check out:
Foreclosure Website Announces Free Advertising for Real Estate Agents

If your a homebuyer or investor check out:
RealtyStore - Find Foreclosures in your neighborhood

Former Baseball Star Jose Canseco has California Home Foreclosed

“Jose Canseco, the former AL MVP who made millions during his baseball career, has had his home foreclosed. “Inside Edition” that he walked away from his $2.5 million, 7,300-square foot home in suburban Encino because it didn’t make sense to continue making payments.

I do have a judgment on my home and it to me is very strange because it didn’t make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else,” he said in an interview that aired Thursday.

You know my life, this financial thing, is a very complicated issue. Obviously, when you make all that money, people think, `OK, let’s assume it is $35 million.’ People have to understand that $35 million, you’re paying the government 41 percent. That leaves you with about $17 or $18 million, not even. Then you’re taking care of your whole family.”

Yahoo, AP News http://news.yahoo.com/s/ap/20080502/ap_on_sp_ba_ne/bbo_canseco_foreclosure

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RealtyStore.com - Foreclosure Listings, Foreclosure Tools and Learning Center ~ The Easy Way to Find Foreclosures

California Foreclosure Activity Up 38 Percent in First Quarter of 2008

“RealtyStore, (www.RealtyStore.com) the nation’s leading provider of foreclosure listings, released its quarterly California Foreclosure Report for January, February, and March 2008.

The RealtyStore Quarterly California Foreclosure Report covers all counties and provides the total number of Notices of Default (NODs) statewide.

RealtyStore recorded 116,644 Notices of Default (NODs) statewide for Q1 2008. This was a 38% jump from those recorded in Q4 2007. An NOD is filed by the lending institution when a homeowner falls behind on mortgage payments. When analyzed regionally, NODs provide important information about which homeowners have home loans they cannot afford. California was subdivided into five regions: Southern California, the Bay Area, the Central Coast, the Central Valley and Northern California. All regions encountered double digit increases in Q1 defaults. Southern California (+ 52%), the Bay Area (+26%) and the Central Coast (+39%) were the hardest hit by the foreclosure crisis.”

California Foreclosure Activity Up 38 Percent in First Quarter of 2008

Bank of America aims to help 265,000 avoid foreclosure (AP)

“Bank of America Corp. said Monday after it completes its acquisition of Countrywide Financial Corp. it will modify or workout at least $40 billion in mortgage loans over the next two years to help customers avoid foreclosure.In January, Countrywide agreed to sell itself to Bank of America Corp. (nyse: BAC - news - people ) in an all-stock deal, which at the time of the announcement was worth about $4 billion. The deal is expected to close in the third quarter. Forbes.com - Bank of America aims to keep about 265,000 customers from avoiding foreclosure through the plan. Tenants living in properties facing foreclosure will be able to remain in their homes for 60 days after the completion of foreclosure proceedings, and will get $2,000 to defray moving expenses if they voluntarily leave.”

Bank of America is lending a hand to all those you have been hit hard by the foreclosure crisis.

Read more:
http://www.forbes.com/feeds/ap/2008/04/28/ap4941470.html

NPR- Bottom Line: Foreclosure Ride Along

Some of the worst foreclosure rates in the nation can be found in the California cities of Stockton, Riverside, Bakersfield and Sacramento.

Listen Now at:
http://www.npr.org/templates/story/story.php?storyId=89808305

Hundreds of Homeowners Bring the Foreclosure Crisis to Fed’s Front Door

“Every day 8,000 new families fall victim to the foreclosure epidemic
resulting from the sharp rise in predatory mortgage lending practices.
Paulette Colemon, a homeowner facing foreclosure from Champaign, Illinois,
described the nightmare of foreclosure, “It’s hard to buy groceries for my
five kids and grandson. I’ve gotten behind on other payments, like the
water bill. They shut off the water at our house earlier this week.” She
concluded, “When I bought a house I thought I would live out the American
dream.”

Hundreds of Homeowners Bring the Foreclosure Crisis to Fed’s Front Door

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/
www/story/04-14-2008/0004791742&EDATE=

1 McCain

2 Clinton

3 Obama

Who do you think and why?

Scant Support for Senate Housing Bill

“The plan combines large tax breaks for homebuilders and a $7,000 tax credit for people who buy foreclosed properties, as well as $4 billion in grants for communities to buy and fix up abandoned homes.
The measure, titled the Foreclosure Prevention Act, will be significantly redrawn by House critics who say it favors businesses such as home builders instead of borrowers.”

http://news.yahoo.com/s/ap/20080410/ap_on_go_co/congress_housing

This is very interesting article on how the US Senate plans to pass a bill supporting a home buyer tax break.

* If your looking for tax credit help for foreclosures visit www.hud.gov

CNN Money - The Big Risk in The Foreclosure Fix

“FHA, a formerly obscure federal agency, is now at center of many plans to fix the housing market. But it may not be up to the task - and that could cost taxpayers a bundle…”

http://money.cnn.com/2008/04/10/news/economy/fha

All throughout 2008 we”ll see a major decline in housing prices, which for some could be a great way to invest in property

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Eagle Tribune: Foreclosure registration law set to be approved

“City councilors are poised to pass a foreclosure registration law tonight as part of an ongoing effort to crack down on vacant properties before they fall into disrepair…” http://www.eagletribune.com/punews/local_story_098025435.html

Washington Post: A Pro-Foreclosure Bill

“We know that legislation can involve a certain amount of moral and intellectual corner-cutting. But is it too much to ask that a bill called the “Foreclosure Prevention Act of 2008″ not contain a provision that might, at the margin, encourage home foreclosures? Apparently so, because the bipartisan Senate housing relief package includes just such a measure….” http://www.washingtonpost.com/wp-dyn/content/article /2008/04/06/AR2008040601727.html

As of April 7th, 2008, US homeowners haven’t seen big bother stepping to aid distressed house owners. According to the Washington Post and Eagle Tribune we should began to see government assistance in this foreclosure crisis very soon!… Help is coming.

ABC News- You Asked, We Answered: How to Report Predatory Lenders, Understand Foreclosure

“questions about quick sales vs. foreclosures, how to report companies you believe to be predatory lenders and more. Foreclosure lawyer Jessica Attie provided insight…”

http://www.abcnews.go.com/WN/story?id=4603715&page=1

ABC.com tells all on short sales verses foreclosures… Take 2 minutes and read through this while you ponder what will happen in the next 8 to 10 months

Next CNN talks about how its a buyers market with thousands of investors looking to profit off foreclosures:

Stop by and view what other people are talking about in the foreclosure industry.

http://www.topix.com/forum/business/foreclosures

AP - Housing Crisis Goes Rural - Farmland Foreclosures 

http://www.yahoo.com/s/849085

FED Offers Free Foreclosure Hotspot Map

Dynamic Maps of Nonprime Mortgage Conditions in the United States

: FED Offers Free Foreclosure Hotspot Map http://www.newyorkfed.org/mortgagemaps

If your looking for foreclosure properties by state map then search RealtyStore Foreclosure Map here.

Stalled housing bill moves forward in Senate
“bill would, for the first time, allow bankruptcy judges to reset mortgages on primary residences. It would also provide $4 billion for local communities to buy and refurbish foreclosed properties; provide $200 million for counseling to help homeowners avoid foreclosure…” read more
http://www.cnn.com/2008/POLITICS/04/01/congress.housing/?iref=hpmostpop

In the latest news, the US Government plans on selling 45% of the gold reserve to in attempts to help homeowners recover their foreclosed homes. As of today 1.34 trillion dollars will be used to help all those affected by the nationwide foreclosure epidemic. More information can be provided by

http://www.usa.gov/shopping/realestate/realestate.shtml

Foreclosure Fear - Video… Interesting how CNN uses “fear” .

http://money.cnn.com/video/#/video/news/2008/03/18/
news.dornin.031808.foreclosure.cnnmoney

How did we get into this foreclosure mess?
“I have lived through three foreclosure crises, although I missed the big one during the Depression, when in 1933 the country was facing 1,000 foreclosures a day. In the 1980s, the problem was fed by the savings and loan scandals; in the late 1990s, the scourge known as “flipping” was to blame. The present crisis is the result, in great part, of the explosion of subprime mortgages….” http://www.baltimoresun.com/news/opinion/oped/bal-op.foreclosures30mar30,0,4693643.story

 Fla. city opens foreclosure help center

“In a state where foreclosures are up nearly 70 percent from a year ago, this South Florida city is doing what it can to help keep people in their homes. The city on Tuesday will open a foreclosure assistance center in partnership with the U.S. Department of Housing and Urban Development to help homeowners renegotiate mortgage payments, repair damaged credit, and, in some cases, provide a direct payment of $10,000 to people behind on their loans….”
http://www.businessweek.com/ap/financialnews/D8VOI9V00.htm

“Housing and Urban Development Secretary Alphonso Jackson said his resignation will take effect on April 18. The move comes at a shaky time for the economy and the Bush administration, as the housing industry’s crisis has imperiled the nation’s credit markets and led to a major economic slowdown.”.. read more:

HUD chief quitting, cites family reasons

http://news.yahoo.com/s/ap/20080331/ap_on_go_ca_st_pe/hud_chief 

Yahoo News- Congress Readies Activist Housing Agenda

“With foreclosure signs prevalent and a Wall Street rescue reverberating, majority Democrats want the government to step in and back up to $400 billion in troubled loans. The goal is to help strapped borrowers and thaw a credit market plagued by uncertainty about the value of subprime mortgages made to people with spotty credit or low incomes. ” .. Read http://news.yahoo.com/s/ap/20080329/ap_on_go_co/housing_help