The Association of Hawaii Bankers is informing home owners’ part of foreclosure homes, that the Mortgage Rescue Fraud Prevention Act which was signed in June by Governor Linda Lingle, is to offer protection to home owners from falling prey to frauds, who approach them with offering help with homes facing problems with either house foreclosures or loans.
The statistics publicized in a daily news site reveal that the Connecticut foreclosures activity was one percent down in June and three percent down in the month of March. This also indicated that the foreclosures activity have also declined around 32 percent in comparison with the June 2007 numbers.
There was a 7.6% drop in single family home’s median price in the second quarter of 2008 as compared to the first quarter across the nation, said a report released earlier this week. It added that foreclosure properties involved in bank sales accounted for values of homes going down in around seventy five percent of the cities in U.S.A.
Just like in several states across the country, California is not having a great time either due to the increase in California foreclosures. Even through 2007, California was among the top 10 in as far as number of house foreclosures are concerned and even in 2008, California is still among the top 10. So nothing seems to have changed for California and some of the places that are suffering the brunt of this include San Diego, Los Angeles, Long Beach and Irvine. Irvine Foreclosures has been increasing steadily and it is not just homes that have become the victims of rising interest rates and foreclosures. An 18-storey tower called the Marquee Park Place is now listed in the types of foreclosures in Irvine.
When a house is foreclosed upon, it means that a lender has taken back the property from the home owner because of the inability of the home owner to pay the mortgage. Legalities in buying foreclosed houses do vary from state to state.
Phoenix Foreclosures activity has increased by almost 35% as a result of which, the foreclosure crisis in Arizona seems to be deepening by the moment. In January, 2008, Arizona saw a huge increase in foreclosure filings with almost 9,000 homes being recorded. In fact, investors have also started to say that there are too many Phoenix foreclosure homes to choose from. Arizona foreclosures can take relief from the fact that nationwide the foreclosures dropped by 3%. In Arizona though the rate of foreclosure was one per 201 homes and thus the state now has the third highest foreclosure rate. The rate of foreclosure in Arizona is almost 2.5 times the national average.
When a house is foreclosed upon by a government agency, the title of the home is passed to the Department of Housing and Urban Development. These government foreclosures are then put up for sale.
California is to receive federal funding in excess of $1.2 billion within a month. While Los Angeles’ share is not clear yet, the funds are to be rolled out in accordance to needs around the state.
Orlando is located in Orange County, Florida. Due to the turmoil in the mortgage industry, home foreclosures are on the rise in the whole state, and the Orlando foreclosures are no exception. In the year 2007, it was reported that more than 11,000 homeowners in and around Orlando were undergoing the foreclosure process, and many more were expected.
Foreclosure filings in Weld County have fallen 4% in the second quarter of 2008 as compared to 2008’s first quarter.
However, if the first half of 2008 is compared with the first half of 2007, homes ending up on foreclosure listings have gone up by 23%.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||
You are currently browsing the Foreclosure Connections Blog weblog archives for August, 2008.
Copyright © 1998 - 2007 Foreclosure Connections Blog Corporation | All Rights Reserved - Online Foreclosure Homes Database
| 
