Foreclosure Connections Blog

Although Maryland has one of the lowest foreclosure rates in the nation, it still did not escape consequences of reckless lending. By the end of 2006, around 45,000 Maryland foreclosures were recorded. Baltimore, a thriving suburban city, is already experiencing a considerable and continuing increase in foreclosures rate, making residents worry. The data on these Maryland foreclosures showed what experts have known all along. Majority of the foreclosure homes have either adjustable rate mortgages or interest-only payment options.

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The high foreclosure rates experienced nationwide have created an opportunity for many buyers to hunt for potential bargains. For example, Louisiana foreclosures, sold at foreclosure auctions, now attract hundreds of bidders. It is a well known fact that a foreclosure auction is the best way a person can own Louisiana foreclosure homes. But bidders face plenty of risk everytime they participate in a foreclosure auction. If you are a first time bidder, you should follow these helpful tips.

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In 2006, the state of Kentucky was among the states with the highest foreclosure rates. One in every 57 homes entered into some stage of foreclosure, according to the Mortgage Bankers Association. The organization also believes that the slow job growth contributed to the increasing number of Kentucky foreclosures. Compared to the nation’s 2 percent job growth, Kentucky only posted 1 percent.

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Last March 2007, foreclosure filings in Kansas reached 447. Although the number of Kansas foreclosures may seem many, the state ranked 35th nationwide. In some places in Kansas, majority of the foreclosure homes resulted from divorces, illnesses or unemployment. Many homeowners are trying very hard to make mortgage payments and avoid foreclosure.

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It is bound to happen, according to experts. Although Iowa has a small percentage of subprime loans (2.9%), the state can expect its foreclosures rate to rise as ARMs reset this year. Many homeowners are talking things out with their lenders hoping to shift from the variable interest rate loans to fixed rate as well as considering re-financing or loan re-structuring, to avoid Iowa foreclosures.

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As the nation reels from the impact of 2006’s high foreclosure rate, most states are either passing new legislation or conducting studies to find a solution to their foreclosure problems. Indiana is taking control of its house foreclosure situation by creating free consumer counseling for homeowners having difficulties with their mortgage payments. Owners facing Indiana foreclosures now have a better chance of curing their mortgage default.

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To date, Missouri foreclosures rate increased by almost 240% compared to last year. From 1,753 homes, the number of Missouri foreclosures increased to 5,966 for January and February of this year alone. Now, the state even has a foreclosure help center called Missouri Homeownership Preservation network to help homeowners facing foreclosure cure mortgage default.

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It is not surprising that Connecticut foreclosures rate are still on the rise. The state is using the same underwriting and mortgage approval guidelines as the other states, which are also having trouble with their growing number of foreclosure filings. This means that like the other states, many homeowners are having trouble fulfilling their mortgage obligations especially with the rising cost of living, high interest rates and re-setting ARMs.

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It seems that Illinois was not spared when the effects of predatory lending practices and increasing interest rates swept across the nation. In 2006, Illinois foreclosures rate was 55 percent higher compared to the previous year. The considerable increase was even bigger than the 42 percent increase in foreclosure rates posted nationwide.

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In Washington D.C., foreclosure rates are slightly higher than the nation’s average. A healthy number of Washington foreclosures mean very good investment potential for buyers. Sellers, on the other hand, can benefit from the excellent consumer interest generated by these Washington DC foreclosures. So whether you are a buyer or a seller, you should look for a reputable real estate broker, which can provide expert assistance.

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