April 27, 2010
NATIONWIDE
A Synopsis of the Foreclosure Scenario as in April 2010
As of March this year, nearly 7.4 million mortgage borrowers, representing 12 percent of US households with a mortgage were stated to have missed at least one month of payment or in foreclosure already – according to Lender Processing Services Inc.
The statistics for April 2010 are encouraging though. Nearly 334,000 US households reported new foreclosure filings in April, one in every 387 housing units, which is a decrease of more than 9 percent from March and lesser by 2 percent compared to April 2009, and a record decline for the first time in 5 years. Read More..
Suburban Areas of small Cities and Towns are the hardest-hit by foreclosure – Why?
American life-style prefers – working in cities and living in suburbs. Most of the residential properties were located in suburban neighborhoods for decades. These residences were long paid off in full and passed on from father to son for generations. Serene Atmosphere, easy commuting facilities with bigger cities, clean and pollution-free environment, big and spacious accommodation facilities compared to pigeon-hole apartments of downtowns etc. were the most attractive features of these properties once. Read More..
LENDERS & SERVICERS
DAG’s Real Estate Default Symposium
To find out more about these events, or to find out how to have a DAG Real Estate Default Symposium in your city, Click here
COMMERCIAL
Usurping Foreclosure
The commercial short sale may well be the most suitable alternative to commercial foreclosure however, things are not as they seem. With the spectacular weakness in the US property market over the past 4 years, and the demise of the sub-prime mortgage market, regulation has emerged as the voice of economic reason into the future.. Read More
Dallas Commercial Foreclosures tend to cut County Funds
Commercial foreclosures are ones, which can wreak havoc not only to the owners and lenders, but also to the government exchequer as well, by way of reduced revenues. The money value of a commercial property is ordinarily much more than a residential property. But when the foreclosure process is taken into consideration, it is no different from a residential foreclosure – a delinquent property undergoes the same treatment, namely forfeiture from the defaulted owner. Read More..
MARKET UPDATE – SAN FRANCISCO BAY AREA
Double Digit Price Increases in SF Bay Area
The San Francisco Bay area housing market shows a double-digit price increase along with smaller metros in the Northeast and price gains in the Midwest housing markets. Read More
Fall in foreclosure filings reported for April in Santa Clara and San Mateo Counties
Foreclosure Radar, a Discovery Bay company, reports that foreclosure filings have come down by 30 percent in April, compared to same time last year and this is a strong sign that the housing bubble is easing up, if not altogether vanished.
The foreclosure activity for California as a whole is showing a decline by 41 percent compared to April 2009. The total default notices issued to borrowers, upon their falling behind mortgage payments by few months, is reported to be on 27,832 properties – down by 16 percent from the previous month of March 2010. Read More..
Unemployment increased in Bay Area by government staff cut
On the one hand the increase in unemployment rate is pushing foreclosure crisis into deeper trouble, experts say, and pressurizing government to announce foreclosure mitigation programs and on the other the budget cuts in Bay Area counties cause the reduction of staff strength and increasing unemployment. This maze-like situation is brought to light by the database compiled by the Bay Area News Group. Read More
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