Foreclosure
By: John Cutts
The number of foreclosed and real estate owned properties increased in Des Moines, Iowa, last year compared with 2009 levels. The metro area posted an increase of over 10% from year-ago levels, with higher rates attributed mainly by analysts to the ongoing weakness in the job market.
Des Moines distressed properties and foreclosed houses totaled 2,964 in 2010, representing a 12.2% rise from the foreclosure total recorded in 2009. Compared with 2008 figures, the rise was a considerable 44.7%. Last year, the metro area has a foreclosure rate of 1.26%, still below the average recorded nationwide. Statewide foreclosure figures for last year were mixed, with some areas recording increases while others posted declining numbers.
The number of foreclosed and distressed homes in Iowa increased in several areas, including Cedar Rapids. A total of 961 households was under some stage of foreclosure in Cedar Rapids last year, up 53% from 2009 levels. The area had a foreclosure rate of 0.86% in 2010, much better than the rate of Des Moines. However, when foreclosure totals last year were compared with 2008 period, Cedar Rapids posted a jump of 44.7%, the same increase as Des Moines.
Meanwhile, the Quad Cities region had a different experience from Des Moines and Cedar Rapids in 2010. In the region’s cities of Rock Island, Moline, and Davenport, the number of real estate owned properties and foreclosed houses dropped by 0.98% compared with 2009 levels. In 2010, a total of 1,725 properties was under foreclosure in the area of Quad, giving the region a foreclosure rate of 1.04%.
However, when compared with 2008 figures, Quad Cities posted an increase of 35.7% in terms of number of foreclosed and distressed home listings. All three Iowa regions recorded a better foreclosure rate than the national average last year as 2.9 million properties fell into foreclosure all over the U.S. in 2010.
According to housing market experts, the record level of foreclosures and real estate owned properties recorded nationwide in 2010 was mainly due to the high unemployment rate of the country. They added that, in 2011, foreclosure totals will remain high in most areas and will likely topple the record posted in 2010.
Author Resource:-> DistressedPropertiesSale.com.
Article From Real Estate Pro Articles
Category : Blog &Foreclosure
By: John Cutts
The number of real estate owned foreclosures for sale in San Francisco, California, has increased last year compared with previous periods. Since the start of the housing market crisis around four years ago, the city has been able to keep its foreclosure numbers low, allowing it to have one of the lowest rates of foreclosure among all metro areas in California, a state that has been hit hard by the foreclosure crisis.
Foreclosed and repossessed homes in Fresno and in other metro regions of California have been some of the highest recorded in the U.S. in the past four years. Not so in San Francisco. The metro region was able to maintain a relatively stable housing market since the crisis started; but last year, signs have emerged that the San Francisco area is starting to feel the impact of the foreclosure problem.
California repossessed homes and foreclosures have declined in most markets last year, but have increased in the San Francisco metro. Majority of counties in the Bay Area where San Francisco is included posted lower numbers of foreclosures, with San Francisco going in the opposite direction.
According to housing industry experts, the rise in the number of real estate owned foreclosures for sale in the area has more to do with the economy than with bad loans. During the start of the foreclosure crisis, neighboring counties were hit hard as subprime loans failed in majority of these areas. San Francisco was not affected. Being a pricey neighborhood, its properties are not financed by subprime loans.
However, even a city as affluent as San Francisco is not immune from the impact of the recession. Analysts stated that the increase in the number of repo house for sale and foreclosures in the area is a late reaction to the recession that started a few years ago. Most residents of the metro area had the means to ride out the economic downturn, so the impact was not immediate.
This time though, most of them are out of options, and the downturn is starting to creep in to the high-income communities, leading to more real estate owned foreclosures for sale. Local data showed that high-priced properties have started falling into distress in the city in the past few months.
Author Resource:-> Repo-Homes.com.
Article From Real Estate Pro Articles
Category : Blog &Foreclosure
By: John Cutts
The number of foreclosed residential and commercial homes for sale jumped by a big margin last year in the area of Houston-Sugar Land-Baytown, Texas. The metropolitan area recorded the highest increase in foreclosure activities among the biggest metropolitan regions in the U.S. in 2010 compared with 2009 levels.
Kingwood foreclosed homes, TX, and foreclosure-related filings in the rest of the Houston area totaled 35,816 in 2010. This represents a 26% rise when compared with foreclosure filings recorded in the period of 2009. Last year, one household out of every 62 was in some form of foreclosure in the Houston-Sugar Land-Baytown metro region. The region ranked first in terms of year-over-year foreclosure increase among metro areas with at least 200,000 residents.
Despite the rise in the number of Texas foreclosure homes in the metro, Houston is still doing better than other foreclosure hotspots like cities in California, Arizona, and Nevada. Other metro areas that posted considerable increases in foreclosure activities last year were Seattle, WA and Atlanta, GA. Meanwhile, areas that have the biggest declines in year-over-year foreclosure activities in 2010 were Washington D.C. and California metros San Diego and Riverside.
Although foreclosed residential and commercial homes for sale numbers have increased in some areas of Texas, their foreclosure rates remained manageable and far below the Las Vegas metro region’s foreclosure rate in 2010. The Nevada city had the highest rate of foreclosure last year at 10.9%, almost five times higher than the national foreclosure average.
According to housing industry experts, the problem of foreclosure will not abate until the labor market stabilizes and more jobs are created this year. They also stated that more investors buying home foreclosures for sale are needed to lower the unsold housing inventories of various metro markets. Collaboration between lenders and borrowers in terms of formulating alternatives to foreclosures is also necessary to get the housing industry out of the crisis.
For 2011, foreclosed residential and commercial homes for sale are expected to remain high in most areas of the country, with Texas and other mid-market locations expected to be much the same as the previous year. Majority of analysts have stated that 2012 is the time when improvements will happen in the housing market.
Author Resource:-> Foreclosure-Support.com.
Article From Real Estate Pro Articles
Category : Blog &Foreclosure
By: John Cutts
The number of foreclosed and bank owned properties jumped in several metro areas of Ohio in 2010 when compared with 2009 levels. Eight of the state’s metro regions were ranked inside the top 100 U.S. metropolitan areas with the highest foreclosure rates last year.
Foreclosed homes in Canton remained at elevated levels last year, giving the metro area a nationwide ranking of 79 among over 200 metropolitan regions in the U.S. with the highest rates of foreclosure in 2010. The good news is that among the eight metro areas of Ohio that ranked inside the top 100, Canton was seventh, with only Cincinnati having a lower foreclosure rate and ranked at 90th.
The number of Ohio foreclosed homes and initial foreclosure-related filings jumped in majority of the state’s biggest cities. The highest ranking for an Ohio metropolitan area last year was taken by Toledo, which was ranked 54th, followed by Columbus at 56th and Cleveland at 60th. Dayton was ranked 62nd, followed by Akron at 70th and Youngstown at 77th.
For one of the key areas of Ohio, Dayton posted a total of 8,917 properties last year that were under some stage of foreclosure. The figure includes initial notices of default, repossessed and bank owned properties, and those offered at foreclosure auctions. One household out of every 43 was under foreclosure last year in the Dayton metro area, with foreclosure filings jumping by 12.7% compared with 2009 levels.
All eight metropolitan areas ranked inside the top 100 recorded increased foreclosures last year, except for Canton. According to local residential market analysts, the rise in foreclosure activities, even among areas not previously known for their volatile housing markets, was mainly due to the high unemployment rate of the state and the rest of the country. They also stated that 2011 will be much the same as the previous year and might be even worse for some regions.
Analysts also stated that the housing market of the U.S. is unlikely to start a recovery this year, although most of them agree that majority of housing markets will hit bottom in 2011 and will gradually start their recovery in 2012. For the state of Ohio, most markets are expected to maintain high numbers of foreclosed and bank owned properties just like last year.
Author Resource:-> ForeclosureConnections.com.
Article From Real Estate Pro Articles
Category : Blog &Foreclosure
Commercial homes for sale under foreclosure posted a considerable increase in Houston last year The area…
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Foreclosed Commercial Homes for Sale Increased in Houston…
Category : Foreclosure
