Archive for June, 2007
New York Foreclosures Situation to benefit from Bearn Stearns Debacle
Friday, June 29th, 2007According to the New York Times editorial last June 28, the current foreclosure crisis that the state is suffering from may benefit from the Bear Stearns hedge fund debacle. These hedge funds, which almost collapsed a couple of weeks ago, were believed to be tied to numerous subprime mortgages. These mortgages are being blamed for the rise in New York foreclosures rate. And to ensure that there is no danger to the financial system; Congress has decided to intervene on behalf of Wall Street.
Foreclosures Situation in Arkansas: Better or Worse?
Thursday, June 28th, 2007Arkansas now has the 16th highest foreclosure homes rate in the nation, two places lower from April’s result. Upon closer look, the state recorded 87 REOs for that month while for May; there were 235 homes that entered the final stage of foreclosure. Despite the decrease in Arkansas foreclosures rate, many analysts are worried that the situation is in fact, worsening.
Utah Foreclosures Rate Drops
Wednesday, June 27th, 2007The improving economic condition has resulted to less Utah foreclosure homes. Nationally, foreclosure homes rate has surged by almost 20 percent while the state escaped the trend and posted a negative percent change for the month of May. Since the current house foreclosures situation has been linked to subprime mortgages, it is not surprising that the situation is looking good for Utah. Compared to other states, the subprime lending share of Utah is considerably smaller.
Missouri Foreclosures still holds the 17th Spot for May
Tuesday, June 26th, 2007Although Missouri has the 17th highest foreclosed houses rate in the nation for two consecutive months, the state still experienced a 20.87 percent increase in foreclosures rate compared to April and a whopping 93.32 percent rise from May of last year. Among the many cities, Saint Louis and Kansas are the most hit with most of the Missouri foreclosures coming from the subprime market.
Illinois Drops to #13 as National Foreclosures Rate Increases
Monday, June 25th, 2007Not every state experienced the same foreclosure homes trend that swept the nation. Illinois is among the lucky ones, which did not only managed to have any foreclosures rate increase but also enjoyed moving out of the top ten states with highest foreclosures rate. According to the latest foreclosures report released last May, Illinois foreclosures rate is the 13th highest, down 4 places from last April’s data, with one filing for every 717 households.
California Foreclosure Filings at Highest Level
Friday, June 22nd, 2007After almost ten years, the number of foreclosure filings in California has reached its highest level during the first quarter of this year. Experts are blaming it on flat appreciation, mortgage resets and sluggish sales. Most of these foreclosure filings were default notices that originated from loans taken two summers ago until May last year. Loans that went into default were 15 months old on the average. Most of the primary mortgages in default have owners who have failed to make mortgage payments for an average of five months, resulting to the large inventory of California foreclosure homes.
May Foreclosures Rate: Florida Climbed to 4th Place!
Thursday, June 21st, 2007Suffering from a 51.59 percent increase in foreclosure homes rate from April, the state of Florida comes in at number four for the month of May, with one filing for every 336 homes. The total number of filings for this state reached 21, 704 households. If you compare it to last year, it was a whopping 143.92 percent increase. Almost 17,000 of these Florida foreclosures filing were due to default while 1,521 homes became real estate owned properties.
Texas Investors Delighted with 15% Foreclosures Rate Decrease
Wednesday, June 20th, 2007For the months of April and May, Texas boasts of negative foreclosures rates despite the nationwide 14 percent increase. This turn of events could be the signal of more golden opportunities for real estate inventors who have been waiting patiently by the sideline all this time. If market trend continues to increase, these Texas foreclosures will be grabbed from the market immediately before foreclosure home prices go up.
Foreclosures Rate of New York Slowed Down by 3 %
Tuesday, June 12th, 2007Comparing the New York foreclosures rate recorded this April to that of last year during the same period, you will observe a 3 percent decrease. But from last March’s report, the state’s foreclosures rate increased by almost 11 percent. Among the 4,099 foreclosure filings, there were actually just 298 New York foreclosures or real estate owned with the rest in different stages of foreclosure.
Foreclosures Rate in Wyoming Still Among the Nation’s Lowest Despite 100% Increase!
Monday, June 11th, 2007For April of this year, Wyoming came in at the 46th spot with a foreclosures rate of one filing for every 11,193 households. This month saw 8 Notice of Trustee Sale (NTS) and 12 Real Estate Owned (REO) filings, bringing the total to 20 Wyoming foreclosed homes. The state’s foreclosures rate remains one of the lowest in the nation although it has increased by 100 percent compared to last March.
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