S. California Foreclosures Increase In Second Quarter Of 2008
August 22, 2008
Riverside, San Bernardino Have Alarming Number of Households Entering Foreclosure
Mt. Pleasant, PA (PRWEB) August 21, 2008 — Default Research, the premier provider of preforeclosure real estate data in Southern California, is reporting that Notice of Defaults and Notice of Trustee Sales, compared to the first quarter of 2008, were up 20 percent in the second quarter. Los Angeles County foreclosures lead the area with 24,968 Notice of Default and Notice of Trustee Sales followed by Riverside (24,968) and San Bernardino (19,829) counties.
“The percentage of households entering foreclosure in the area was almost as shocking a number as the Notice of Default and Notice of Trustee Sales,” said Serdar Bankaci, founder of Default Research. “In Riverside County 9.54 percent of the households entered foreclosure, while the number was slightly lower in San Bernardino at 7.45 percent. Considering that the national average is 2 percent, it is clear this area is still getting buried by foreclosures.”
The news was worse for Riverside which was also one of the top cities in the region for foreclosures, along with Los Angeles and San Diego. All over the region, inventories are increasing while median home prices are decreasing. However, as Bankaci points out, there is some positive news for people looking to invest.
“A volatile market ushers in the ability to make money,” said Bankaci, who offers foreclosure lists two to three weeks ahead of the competition. “Three words: Buy and rent. Rental homes are in demand due to the credit crunch in the area. There are literally thousands of deals out there for properties at discounted prices to be turned into rentals.”
The hardest hit counties with the largest number of documents per household are Riverside (9.54%), San Bernardino (7.45%) and San Diego (4.07%)
Below is a unique and accurate local look at how the Default Research foreclosure statistics affect your area:
Los Angeles Foreclosures - Hardest hit cities are Los Angeles (2423), Palmdale (952), Lancaster (920), Long Beach (572) Pomona (292), Santa Clarita (284) and Compton (268)
Orange County Foreclosures - Hardest hit cities are Santa Ana (689), Anaheim (508), Garden Grove (272), Orange (178), Fullerton (157)
Riverside Foreclosures - Hardest hit cities are Riverside (1304), Moreno Valley (1078), Corona (934), Perris (579), Murrieta (548) and Hemet (468)
San Diego Foreclosures - Hardest hit cities San Diego (1951), Chula Vista (763), Escondido (492), Oceanside (464) and El Cajon (290)
San Bernardino Foreclosures - Hardest hit cities are Fontana (953), San Bernardino (874), Victorville (693), Hesperia (508), and Rialto (455)
Default Research is California’s leader in foreclosure research, reporting Notices of Default and Trustee Sales Notices only days after being recorded. More information about Default Research foreclosure information can be found at its Web site: http://www.defaultresearch.com. For more detailed California foreclosure statistics listed by county, please visit http://market.defaultresearch.com.
REO News
August 16, 2008
REO brokers wishing to work with lending institutions are often frustrated by not being connected with REO Asset Managers. The best way to give you exposure is to be listed in a place where the asset managers can have fast access to listing brokers. ReoAllstars.com is a new site run by a REO manager who has been in the business for several years and you can sign up free. Many popular REO referral sites charge over $1,000 annually to be listed at the bottom of their lists where you may never get called. In order to promote ReoAllstars the manager has asked his co-workers to use the brokers listed there and the first brokers in each county will naturally get the most business. Try it…it’s free…you’ll love it.
60-Day Notice to Terminate Tenants: Effective July 8, 2008, a tenant or subtenant in possession of a rental housing unit that has been sold through foreclosure is generally entitled to a 60-day written notice to quit, not just 30 days. However, a borrower who remains on the property after foreclosure may be served a three-day notice to terminate. This law does not affect, among other things, rent-controlled properties with just-cause evictions. Effective on or about September 8, 2008, the lender, trustee, or authorized agent posting a notice of sale must also post and mail a specified notice of a tenant’s right to a 60-day eviction notice from the new owner, unless other laws apply. This requirement to notify tenants of their rights applies to loans secured by residential real property where the borrower has a different billing address than the property address.
Foreclosure Prevention Workshop to be held at Freedom Debt Management, Inc.
August 16, 2008
President Bush signed the “Federal Housing Finance Regulatory Reform Act of 2008″ on July 30th, making this workshop quite timely. Referenced as the “Hope for Homeowners Act” by many; FDM’s goal is to help people position themselves to take advantage of the program when it takes effect October 1st, 2008.
Boca Raton, FL (PRWEB) August 16, 2008 — Freedom Debt Management (”FDM”), a 501(c)(3) non-profit provider of financial literacy and budget counseling will host a free “Foreclosure Prevention Workshop” for residents of Palm Beach and Broward Counties on Wednesday, August 20th, 2008 at 6:30PM. It will be held at FDM’s headquarters located at 941A Clint Moore Rd, Boca Raton, FL 33487
FDM has refocused a substantial part of its counseling resources to the housing crisis as South Florida is one of the hardest hit areas. Mr. Darish Still, Director of Education for FDM and author of their financial literacy guide entitled Your Money states “The biggest mistake people make is not communicating with their lending institution as soon as they recognize their ability to make the payments is threatened.”
President Bush signed the “Federal Housing Finance Regulatory Reform Act of 2008″ on July 30th, making this workshop quite timely. Referenced as the “Hope for Homeowners Act” by many; FDM’s goal is to help people position themselves to take advantage of the program when it takes effect October 1st, 2008. “It all starts with a budget” Mr. Still continued, “people need to begin tracking their income and expenses closely and if needed, seek help from a financial counselor to develop a workable budget or spending plan.”
Attendees will learn what it takes to qualify for the new aid, along with any other options that currently exist for those struggling with mortgage payments.
For Further Information or to receive a free copy of FDM’s Financial Literacy guide please call:
Darish Still
Director of Education
Freedom Debt Management
561-362-3011
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Distressed Markets in Las Vegas, Elsewhere
August 2, 2008
(Las Vegas, N.V.) With the real estate market around the country sinking into a downward spiral it seems that no state or city is immune. Property values are down and the number of foreclosures is up. Huge banks are scrambling to cover themselves with a great number of properties that are no longer being paid for and everyone is suffering because of it. Short sales (A short sale is a special transaction that allows a home owner to sell their property for less than they owe on it.) are also up during this period. It seems like this is the prevailing news around the country and the Las Vegas real estate market is no exception.
In 2007 the 89031 zip code in North Las Vegas had more foreclosures on the books than any other zip code in the country with 741 filings as of December. You might ask what zip code had the second most foreclosures? That would be the 89531 zip code, also of Las Vegas. So you can see just from these two simple statistics that even the great city of Las Vegas is not immune to the downturn in the housing market. Through the first 6 months of 2008 Las Vegas is still leading the way in the country when it comes to foreclosures with nine zip codes already in the two hundred plus range. This means that all of those adjustable rate mortgages, combined with falling housing prices, has made for a very sticky situation for many homeowners and investors in and around the Las Vegas area. A main driver of these foreclosures is the fact that housing prices have fallen so much. Many owners got into a home with an interest only loan and adjustable rate mortgage and are now upside down tens of thousands of dollars. Mortgage payments have doubled for some home owners. This situation is not unfamiliar when trading in a car, but can be very disturbing when selling a home.
Homeowners who are upside down on their home loans in the Las Vegas area are also the main class of people who are in line for a possible short sale of their home. A short sale of a home happens when a homeowner can no longer pay their mortgage, so instead of going into foreclosure or defaulting the bank allows them to sell their home for less than they owe and the bank considers the loan as even. Banks, quite understandably, are not real exciting about doing this, but it’s favorable to all of the headaches of foreclosure. Nearly ten percent of the properties listed in the MLS database in 2007 were short sales. For more information on Short Sales in and around Las Vegas visit: http://www.senasellsvegas.com/las-vegas-short-sales.php
Detroit Area Foreclosures Decline In Second Quarter Of 2008
July 29, 2008
Foreclosure Statistics Continue Steady Improvement
Mt. Pleasant, PA (PRWEB) July 29, 2008 — Default Research (http://www.defaultresearch.com), the premier provider of Detroit foreclosure listings, is reporting that 10,829 Detroit area foreclosures were recorded in the second quarter of 2008; this is down 3.5 percent from first quarter. The three hardest hit cities in the second quarter of 2008 were Detroit (3211), Warren (351) and Redford (302).
“It is positive news anytime foreclosures decline in a region,” said Serdar Bankaci, founder of Default Research. “However, something to be aware of is that market indicators show housing inventories rose in the past month along with a decline in median home sale prices.”
To compound that problem, Bankaci explained that the area may see an increase in foreclosures within the next twelve months as the U.S. auto industry is in the process of coping with the national fuel price crisis. He said, “With this area’s heavy emphasis on the auto industry, we may be seeing foreclosures increase in the future.”
While the residential foreclosure market has been slumping for several years in the region, the commercial markets have held their position. The commercial market provides investors with another avenue for investing and Default Research provides the most accurate information for all segments of properties including commercial, industrial and residential.
Below is a unique and accurate local look at how the Default Research foreclosure statistics (June 2008) affect your area:
Wayne County Foreclosures - Hardest hit cities are Detroit (1224), Redford (121), Dearborn (99), Taylor (91), and Dearborn Heights (85)
Macomb County Foreclosures - Hardest hit cities are Warren (100), Sterling Heights (65), EastPointe (50), Clinton Township (45), and Macomb (40)
Oakland County Foreclosures - Hardest hit cities are Southfield (75), Pontiac (58), Farmington Hills (43), Waterford (38) and Oak Park (32)
Default Research provides Detroit foreclosure listings mere days after being recorded, and our statistical data contains all Trustee Notices that were filed. The statistics count each property only once in a 12 month period. More information about Default Research can be found at its Web site: www.defaultresearch.com. For more detailed Michigan foreclosure statistics listed by county, please visit http://market.defaultresearch.com.
N. California Foreclosures Increase In Second Quarter Of 2008
July 29, 2008
Households Entering Foreclosure are 2.34 Percent above National Average
Mt. Pleasant, PA (PRWEB) July 29, 2008 — Default Research, the premier provider of foreclosure real estate data in Northern California, is reporting that Notice of Defaults and Notices of Trustee Sales in the area climbed 21 percent in the second quarter, compared to the first quarter. According to Default Research (http://www.defaultresearch.com), the northern California region as a whole had 4.34 percent of households entering some sort of foreclosure and that is over twice the national average.
“In the past year, northern California has seen median home prices decline by almost 25 percent,” said Serdar Bankaci, founder of Default Research. “Home inventories seem to have steadied in the past six months.”
The worst foreclosure numbers in California came from the state capital of Sacramento with 11,470 Notice of Default & Notice of Trustee sales in the second quarter of 2008.
The three hardest hit cities were Sacramento, Stockton, and San Jose. On the flip side, San Francisco was the least affected by the foreclosure crisis with only 601 Notice of Default and Trustee Sales in Q2 and only .56 percent of homes entering into some stage of foreclosure.
Below is a unique and accurate local look at how the Default Research foreclosure statistics affect your area:
Santa Clara Foreclosures - Hardest hit cities are San Jose (1291), Gilroy (109), Milpitas (68), Santa Clara (54), and Morgan Hill (53)
Alameda Foreclosures - Hardest hit cities are Oakland (626), Hayward (400), Fremont (176), San Leandro (150) and Livermore (110)
Sacramento Foreclosures - Hardest hit cities are Sacramento (2051), Elk Grove (548), Citrus Heights (187), Antelope (151) and Rancho Cordova (144)
Default Research is California’s leader in foreclosure research, reporting Notices of Default and Trustee Sales Notices days after being recorded. More information about Default Research foreclosure information can be found at its Web site: www.defaultresearch.com. For more detailed California foreclosure statistics listed by county, please visit http://market.defaultresearch.com.
New Mortgage Foreclosure Law Information Hotline
July 25, 2008
Joseph Gross Host Of America’s #1 Mortgage Talk Show “Your Home - Your Future” has set up a hotline to broadcast his highly informative interview with NY State Assemblyman Darryl Towns.
Teaneck, NJ (PRWEB) July 25, 2008 — National Mortgage Expert, Joe Gross and Host of America’s #1 Mortgage Talk Show, “Your Home - Your Future” on 1160 AM WVNJ, has a new hotline, 212-461-2780, in which consumers can dial in and listen to his interview with Assemblyman Darryl Towns who sponsored the recent New York Law to prevent New York residents from losing their homes to foreclosure.
“The hotline was created for those consumers who cannot connect to the internet, or do not have the radio show broadcast in their area, or would like to hear the show again. I have given them an easy way to do so, simply by dialing 212-461-2780,” said Joe Gross. “Your Home - Your Future” Hotline is all about helping listeners get the tools and information they need to protect their home today and the future.
New York State Assemblyman Darryl Towns, the Chair of the New York State Assembly Banking Committee, broke down all the aspects and facts each consumer needs to know on how to protect their most valuable asset, their home. He has worked very hard to get this Bill passed and now it’s up to each consumer to understand it and do what’s necessary to save their house from foreclosure. He shared the information what every consumer needs to know on “How to Protect Themselves from Foreclosure Even if They Didn’t Pay Their Mortgage” and “How to Protect Themselves from Unscrupulous Mortgage Lenders”
“What we found were a large number of questionable lending practices such as interest-only mortgages made with little or no income verification. While these schemes have helped drive the homeownership rate in the United States to a record 70 percent, they have also placed millions of Americans, particularly in low-income communities and communities of color, at risk for foreclosure,” Assemblyman Towns said.
New York has been suffering from a 25% increase in foreclosures and over 50,000 people will be foreclosed on this year. As a result, Assemblyman Towns took the initiative to bring forward this Bill so all New York citizens can, and will, be protected.
“It is very important in this Mortgage Market Collapse to provide consumers with all the information they need so they can make an informed decision,” says Joe Gross, host of “Your Home - Your Future”.
“This is a very important time for all people that own a home, or those that want to become homeowners, to do the proper research and get into a loan that will work for them today and the future. With the Mortgage Market Collapse lenders have been going out of business and constantly changing their guidelines so every consumer needs to be updated and kept informed as to what’s happening.” Gross says.
Joe just finished writing his book titled, “How the Greed of Wall Street, and your Mortgage Lender are destroying America’s Credit.” If you own a home, you must have this book. In the book he discloses the secrets every consumer must know to protect themselves. This book was just released and will hopefully benefit all those that are suffering from this Mortgage Market Collapse and are in danger of losing their home. Joe offers on his radio show an opportunity for those that want to get the Book FREE, so tune in Thursdays at 2:00 on WVNJ 1160 AM or www.saveyournewyorkhome.com.
Joe is available for interviews and welcomes your mortgage-related questions. He can be reached at 800-653-2684 or at http://www.saveyournewyorkhome.com
Media Contact: Please contact Theresa Consoli with any questions or interview requests: 800-653-2684:
Fax: 201-837-1128
Qualified Mortgage Inc.
1086 Teaneck Road
Teaneck, NJ 07666
New Foreclosure Online: Ohio Foreclosure Listings Increase Significantly
July 19, 2008
New Foreclosure Online, a source for real estate foreclosure listings on the Web, is seeing a dramatic increase in the number of foreclosed homes for sale in Ohio.
Columbus, Ohio (PRWEB) July 19, 2008 — The number of Ohio foreclosure listings has been increasing dramatically, providing affordable opportunities for buyers in the state. New Foreclosure Online, which provides real estate foreclosure listings throughout the nation, is seeing more affordable housing opportunities than ever in the Midwest. While it is unfortunate that people who were unable to pay their mortgages are losing their homes, the upside is that buyers can snatch up these homes for cheap.
The number of foreclosures in Ohio went up by 11 percent last month compared to the month of June, 2007, according to RealtyTrac. That means that approximately one in every 382 homes in the state are in various stages of foreclosure. Although New Foreclosure Online has seen the number of real estate foreclosure listings in Ohio increasing steadily over the last year, it has been more noticeable in the last couple of months. The increasing number of Ohio foreclosure listings gives the state the sixth highest rate of foreclosures in the country.
The best places to find foreclosed homes for sale at the moment are Nevada, California, Florida and Ohio, which have the highest number of total listings. Colorado and Arizona also have a high number of real estate foreclosure listings. Buyers can acquire these homes for very affordable rates because the banks are eager to unload them after previous owners were unable to make payments for extended periods of time.
For more information about Ohio foreclosure listings and other foreclosure opportunities throughout the country, visit www.newforeclosureonline.com.
About New Foreclosure Online:
New Foreclosure Online provides a helpful database of real estate foreclosure listings, which provides buyers with an inexpensive way to find a home. A large list of foreclosed homes for sale is perfect for those looking to invest in a virtually risk-free real estate opportunity. With a complete foreclosure listing, buyers can find the home of their dreams, or their next investment. The complete list can also provide information about each foreclosure, and in some cases, about pre-foreclosed homes and auctions.
Thousands of houses are foreclosed each day in the United States, and even more people are interested in buying one. As soon as a buyer finds the house that fits into their budget and preferences, they can buy it. The process is simple, but without this list finding the house is nearly impossible. By joining New Foreclosure Online, buyers can also find everything they want to know about this market, the legal steps of the process and the possibilities of investment.
Seattle Foreclosures Up 23 Percent in the Second Quarter Of 2008
July 18, 2008
Hardest hit city was Tacoma with 464 Notice of Trustee Sales.
Mt. Pleasant, PA (PRWEB) July 18, 2008 — Default Research (http://www.defaultresearch.com), the premier provider of Seattle foreclosure data, is reporting that King, Pierce and Snohomish counties saw Notice of Trustee Sales increase to 3,379 in the second quarter of 2008, up from 2,743 in the first quarter. The three hardest hit cities in the region were Tacoma (464), Seattle (412), and Puyallap (191).
“There are a few markets in this tough economy that continue to be solid areas to invest, and Seattle is one,” said Serdar Bankaci, founder of Default Research. “Key market indicators are positive with a marginal increase in median home sale prices and a decline in inventories in the past month. If I had a choice of national regions in which to invest, this would be it.”
Bankaci points out that in the Riverside and San Bernardino area of Southern California foreclosure rates per household are close to 10 percent. The Seattle area, in comparison, is a great place in which to invest as the foreclosure rates in the major counties are King (.58 percent), Pierce (1.39 percent) and Snohomish (.87 percent).
“The best strategy to put profit in your pocket is to buy properties in the Seattle area at reduced rates and then rent immediately,” said Bankaci, whose foreclosure lists arrive two three weeks ahead of the competition. “Additionally, there are great retail and commercial properties available in the preforeclosure market. Default Research is our clients key to this information as well as the residential information.”
Below is a unique and accurate local look at how the Default Research foreclosure statistics (June 08) affect your area:
King County - Hardest hit cities are Seattle (147), Federal Way (49), Kent (47), Auburn (37) and Renton (31)
Pierce County - Hardest hit cities are Tacoma (151), Puyallup (51), Spanaway (38), Gig Harbor (20) and Lakewood (18)
Snohomish County - Hardest hit cities are Everett (63), Lynwood (33), Marysville (29), Snohomish (22) and Lake Stevens (18)
Default Research provides Seattle foreclosure listings, reporting Trustee Sales Notices mere days after being recorded. The foreclosure statistics are a count of the number of Notice of Trustee Sales filed. Properties are counted once in a 12 month period. More information about Default Research can be found at its Web site: http://www.defaultresearch.com. For more detailed Washington State foreclosure statistics listed by county, please visit http://market.defaultrsearch.com.
Metro Atlanta Foreclosures Reach a Record High in July 2008 Up Over 47 Percent
July 16, 2008
Equity Depot LLC, a service of Notivus reported that pending foreclosures hit a record high this month with 7659 properties scheduled to be auctioned in the metro Atlanta 13 county area. In the first 6 months of 2008, the number of scheduled sales has increased 47% over 2007.
Atlanta, GA (PRWEB) July 16, 2008 — Equity Depot LLC, a service of Notivus reported that pending foreclosures hit a record high this month with 7659 properties scheduled to be auctioned in the metro Atlanta 13 county area. In the first 6 months of 2008, the number of scheduled sales has increased 47% over 2007. Notivus is reporting that its customers are seeing increasing impact on their 2nd mortgages which are wiped out when a 1st mortgage holder forecloses . “2nd mortgages are always at risk if a more senior holder such as the 1st mortgagee forecloses them out . This is driving increased demand for Loan Guard our mortgage monitoring and alert service,” commented Mark Sulimirski, COO for Notivus.
BREAKDOWN OF JULY 2008 PRE-FORECLOSURE DATA FOR METRO ATLANTA COUNTIES
BARTOW COUNTY FORECLOSURES — 124
CHEROKEE COUNTY FORECLOSURES — 243
CLAYTON COUNTY FORECLOSURES — 710
COBB COUNTY FORECLOSURES — 773
DEKALB COUNTY FORECLOSURES — 1414
DOUGLAS COUNTY FORECLOSURES — 247
FAYETTE COUNTY FORECLOSURES — 118
FORSYTH COUNTY FORECLOSURES — 159
FULTON COUNTY FORECLOSURES — 1804
GWINNETT COUNTY FORECLOSURES — 1295
HALL COUNTY FORECLOSURES — 173
HENRY COUNTY FORECLOSURES — 410
ROCKDALE COUNTY FORECLOSURES - 189
RECORD TOTAL FOR 13 COUNTY METRO ATLANTA - 7659
About Notivus
Notivus, a leader in real estate information services based in Alpharetta, GA, has been providing critical information on foreclosures to real estate investors, real estate agents, law firms, mortgage lenders, U.S. government agencies and the media for over 15 years. The company provides foreclosure listings services through its on-line service, Equity Depot.net, data licensing, monitoring and alert services, address/file standardization services and enterprise case monitoring systems. To learn more about Notivus, visit the company’s Web site at www.notivus.com or www.equitydepot.NET.
