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

More foreclosure signs are popping up in front of houses across the country.
“Foreclosures went up an astounding 42 percent last year, reaching 1.2 million, according to RealtyTrac. Already in 2007, 2 million homeowners have been late making their mortgage payments, says Moody’s Economy.com”… read more:
http://abcnews.go.com/GMA/MellodyHobson/story?id=3155197&page=1&CMP=OTC-RSSFeeds0312

Tips for buying a foreclosed home
“Foreclosed homes have flooded the real estate market in the Twin Cities. The prices can be very attractive, but if you’re not careful, you may end up paying in the long run”… read more http://kstp.com/article/stories/S234758.shtml?cat=1

Tips for Buying a Foreclosed Home
“Foreclosures went up an astounding 42 percent last year, reaching 1.2 million, according to RealtyTrac. Already in 2007, 2 million homeowners have been late making their mortgage payments”… read more: http://newsguru.newsvine.com/_news/2007/05/10/711290-tips-for-buying-a-foreclosed-home


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CNN’s Gerri Willis offer tips on possible options if you are facing foreclosure.

http://www.cnn.com/video/#/video/business/2008/03/12/willis.top.tips.wednesday.cnn?iref=videosearch

CNN- Foreclosures Up

March 24, 2008

– CNN Personal Finance Editor Gerri Willis wraps up the latest foreclosure numbers. http://www.cnn.com/video/#/video/business/2008/03/13/willis.february.foreclosures.cnn?iref=videosearch

3/1 CNN Your Money: Talks of Great Depression Coming

 ““We found that going north on I-17 up to about Metro Center and then we found them on the urban rural periphery down about Queen Creek and that area,” says Sanders.””

Foreclosure Rates Depend on Location

http://ktar.com/?nid=6&sid=771598

 ” She said in an earlier news release that “aggressive action” is needed to help families avoid foreclosure, a problem she blamed for exacerbating the nation’s economic woes” ..

Clinton pushes for restructuring, new thinking on foreclosure crisis

http://www.freep.com/apps/pbcs.dll/article?AID=/20080324/NEWS07/80324028

March 19, 2008, RealtyStore.com – We have officially re-launched our website offering new foreclosure services.

Here are our new features:

Redesign:
We’ve updated the look and feel of our website and created an easy to use interface.

Listings Page:
You can now search for foreclosures by State, County, City and Zip with any difficulty.

Research Page:
We give users free access to any of the US 51 states Foreclosure Index.
Have a question about foreclosure Laws in you state? Well now you can view Foreclosures Laws by State.
Use our Foreclosure Glossary for a better understanding of foreclosures and the real estate industry.
We’re reinvented our Foreclosure Tutorial to add The Foreclosure Learning Center

News Page (updated daily):
Read up-to-date Mortgage News on our Finance page as well as find a loan program.
We’re tied in our Real Estate News data giving home buyers in-depth articles on the housing market.

LA-Times – Foreclosure rates hit new highs

“The foreclosure rate was somewhat worse in California, with 2.23% of mortgages in foreclosure compared with 2.04% nationally. The delinquency rate was marginally better, with 5.39% of mortgages past due compared with 5.82% nationally.”

Read more … http://www.latimes.com/business/la-fi-foreclose7mar07,1,3818444.story?ctrack=1&cset=true

 The New York Times – Mortgage Defaults Reach a New High

Defaults on home mortgages touched another all-time high at the end of the last year as foreclosures surged on adjustable-rate mortgages, an industry group reported on Thursday.”

Read more … http://www.nytimes.com/2008/03/06/business/06cnd-mortgage.html?ref=business

 “A total of 675 foreclosure filings were initiated in January and February, compared with 236 for the same period in 2007, according to data” …

Read more… http://www.ocala.com/article/20080304/NEWS/803040337/1001/NEWS01

“The Wellmans are not suffering alone. Ohio’s foreclosure rate is the sixth highest in the natio” …

Read more  http://www.nytimes.com/2008/03/04/business/04auction.html

Micheal J Jackson has been late on his payments for his Santa Barbra estate worth $24.5 million. His land and all belongings are going up for foreclosure auction on March 19, 2008

Read more here… http://news.yahoo.com/s/ap/20080229/ap_en_mu/michael_jackson

NY Times – Bill Would Set Foreclosure Moratorium

Bush administration unveiled a foreclosure plan which delays foreclosures for homeowners in distress for 30 days…

Read more at: http://www.nytimes.com/2008/03/03/nyregion/03foreclose.html

“A Philadelphia real estate investment trust won a $36 million foreclosure judgment related to the St. Pete Beach waterfront property where the mixed-use Corey Landings project has been planned.”

Source:  http://www.bizjournals.com/tampabay/stories/2008/03/03/story2.html


Note: More than 2% of homeowners defaulted on their loans in the Meadows, California … and most of those who went into foreclosure have owned their homes for less then 4 years… Some of these homes were auctioned at 50% less than the actual price and still no one bought those homes

CNN’s Open House addresses rising foreclosures

More Foreclosure Videos

Technorati Profile

NEW YORK (Reuters) – U.S. home foreclosures for January increased 57 percent from a year earlier, but the pace at least temporarily subsided… read more …

Los Angeles, Calif. – Feb. 25, 2008 – RealtyStore (www.RealtyStore.com) recently launched its Professional Network program (PRO Network) providing free advertising for real estate professionals. RealtyStore is taking online foreclosure listing search to a new level by making it easier for home buyers to find homes for sale. As of 2008 the real estate market has hit near rock bottom in sales. Across the U.S. home sales have dropped to their lowest in 9 years. California, Nevada, Florida, Ohio, Texas and Chicago have seen the largest increase in foreclosed homes. Every day more and more home owners are defaulting on their mortgage and are at risk of going into foreclosure.

 

RealtyStore has been at the front line of the foreclosure service industry and sees this sudden change in the real estate market as a way to help real estate professionals find new customers. RealtyStore has over a million home listings in United States with thousands of members searching for a house each day. Our Real Estate Professional program is designed for any real estate agent, realtor, lender, loan officer and any other real estate professionals’ dream!

 

RealtyStore is currently accepting free membership sign up to their PRO Network. Here’s how our program works. Sign up today at www.RealyStore.com for free. Once accepted, your company will be identified as one of our preferred real estate professionals in your territory. Your contact information will be listed in the “Resources” section in the property listings. Here’s an example of what it will look like: Pro-Network Sample on Foreclosure Listing

 

Want Free Exposure?
When our home buyers seek assistance before, during and after their home purchase, we will make your information available to them. Each home buyer will be able to contact you directly about the properties you’ll be representing.

 

 

Sign up today for free! Realtystore.com/getlisted.do

 

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Existing home sales hit 9-year low
By MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON – Sales of existing homes fell to the lowest level in nearly a decade in January while the median price for a home dropped for the fifth straight month.

The National Association of Realtors said Monday that sales of single-family homes and condominiums dropped by 0.4 percent last month to a seasonally adjusted annual rate of 4.89 million units, the slowest sales pace on records going back to 1999.

The median price of a home sold in January slid to $201,100, a drop of 4.6 percent from a year ago.

The drop in sales and the fifth consecutive decline in prices underscored the continued pressure facing housing, which is struggling to emerge from its worst slump in a quarter-century.

Sales were weak in all parts of the country except the Midwest, where sales posted an increase of 3.4 percent. Sales dropped by 3.6 percent in the Northeast, 2.1 percent in the West and 0.5 percent in the South.

Sales of both existing homes and new homes tumbled for a second straight year in 2007 as the housing industry was battered by a severe credit crunch that hit in August as major financial institutions began reporting multibillion-dollar losses on their investments in risky subprime mortgages, loans made to homeowners with weak credit.

The market for subprime mortgages has essentially dried up and other types of loans have become harder to obtain as lenders have tightened their standards.

Lawrence Yun, chief economist for the Realtors, said he believed the housing market may be on the verge of bottoming out with a rebound expected to start toward the end of this year.

“Subprime loans and other risky mortgage products have virtually disappeared from the marketplace, and over the past five months, this has been reflected in soft but fairly stable home sales,” he said.

He said he expected demand to be bolstered in coming months by congressional action on the economic stimulus bill to raise the caps on the size of loans that can be backed by Fannie Mae and Freddie Mac and the Federal Housing Administration.

But other economists were not as optimistic, noting that there is a huge overhang of unsold homes, which rose in January to a 10.3 months supply, meaning it would take that long to exhaust existing inventories. That is about double what the inventory level had been during the housing boom.

Analysts said this overabundance of unsold homes would continue to depress sales and prices for some time to come.

“Expect sales and prices to keep falling,” said Ian Shepherdson, chief U.S. economist for High Frequency Economics. “There is no end in sight for the housing disaster.”

The slump in housing that began in 2006 followed a boom period in which sales and prices had soared to record levels. Many economists believe that the sharp turnaround has severely depressed economic growth and boosted the odds that the country could fall into a full-blown recession.

Original article : http://news.yahoo.com/s/ap/20080225/ap_on_bi_ge/economy

Looking at the search trend data for last 12 months in U.S. According to online search trends in Google, foreclosure listing searches have increased to reach its highest in search volume in the past four years. The Real Estate industry has slumped to its lowest in the past 10 years. Home owners who default on their mortgages have no choice but to foreclose.

Foreclosure Listings Rise as Real Estate Industry Dives

Nationwide foreclosures have increased due to late mortgage payments by high interest rates. All these foreclosures mean more listings to be made available to the public. This year alone over 450,000 foreclosure filings in California have added to the highest number of home foreclosure filings. Many foreclosure analysts predict that now is the best time to purchase a foreclosed home. These foreclosure prices are very low, some reduced to 50 percent from a year prior.

Foreclosure Search Increasing

Since the fourth quarter of 2007 more people are searching for foreclosures online. According to Search Trends in the leading search engine giant Google these foreclosures search terms are receiving the highest traffic: foreclosure, stop foreclosure, foreclosure listings and foreclosure homes. These heavily searched words are showing more than just news bits and sales offers and has become seeded with web 2.0 media. Websites with videos, audio and podcasts are showing up in the search engine index. The next wave of real estate marketing will have to offer these media features or else loose out on targeted traffic. Five years ago real estate and video clips would never been considered in marketing. Change happens overnight for the internet, who knows what the next big web feature will be.


Foreclosure Nation

February 21, 2008

Foreclosure Nation

I’ve noticed that RealtyStore is expanding their learning center and now supports press coverage

RealtyStore offers a new feature, Professional Network, designed for real estate agents, mortgage brokers, general contractors, attorneys and appraisers. Join our Professional Network today for FREE!

http://www.realtystore.com/getlisted.do

Stay tuned for more foreclosure and industry news.