Archive for February, 2009
San Antonio Foreclosures – A Brief
Wednesday, February 18th, 2009Data from a recently released report shows that there has been a 36% rise in filings for foreclosure auctions as compared to February ’08. The foreclosure auction scheduled for February 3rd is set to witness the auction of 1,248 real estate properties.
San Antonio foreclosures’ postings steadily increased in the fourth quarter of 2008, and the prices of homes within the region continued to weaken. A single family home within San Antonio saw a drop of about 4% in median prices in November ‘08, as per another report.
Since the selling of these homes has become harder for the home owners (given the fall in prices), many homeowners have no choice but to face foreclosure proceedings. While homeowners are surely not viewing this period with favor, prospective buyers are happy as they have a number of options to choose from.
The recent past has also witnessed a fair number of ‘short sales’ taking place in san Antonio. Once a home owner falls behind on the mortgage payments, lenders are often willing to let these homes be sold for slightly lesser than what is owed on the mortgage. This is because it costs a lender close to $40,000 to go through with the foreclosure proceedings on a home.
Lenders are also known to offer substantial discounts on foreclosed homes that they have to sell. This is because they otherwise have to spend a considerable amount of money in the upkeep of these homes.
If you do intend to buy amidst the San Antonio foreclosure properties, do try and go through all available resources (such as the internet, banks, real estate agents, newspapers, legal publications, etc.). Remember, the more the options that you go through, the better are your chances of landing a good deal.
Tampa Foreclosures – A Brief (January 2009)
Tuesday, February 17th, 2009December ’08 has been the fourth consecutive month to witness an improvement in home sales within the Tampa Bay area. This is primarily because an increasing number of buyers are looking at getting themselves some good deals.
Closings of sales saw an increase of 16% from December ’07 (1,597) to December ’08 (1,857), as per recently released data. A fair number of Tampa foreclosures feature on the total numbers of sales. Median prices of homes, on the other hand, have been negatively affected. During the aforementioned period, median prices have fallen by 27% (from $199,800 down to $145,700).
Therefore, if you can afford to buy a home and wait out this bad phase, buying a foreclosure affected home within the region could end up being a good deal in the long run. The reason that buying a foreclosure affected home makes more sense is that these homes are usually sold at considerably discounted prices.
Since foreclosure proceedings are generally carried out because of financial hardship on the owners’ part, you should ideally expect to find these homes in some need of repair. The extent of repairs that need to be carried out should tell you if the deal can be profitable.
With the large numbers of foreclosure affected homes in Tampa, carrying out an extensive search is essential. There are a number of resources you can go through such as the internet, real estate agents, banks, newspapers, legal publications, etc. Going through all of these resources is recommended.
If you can ensure that your search is thorough, and if you can be meticulous in the inspections of these homes, there is a very good chance that you can get yourself a great deal.
An Overview of Indianapolis foreclosures
Monday, February 16th, 2009With the prices of homes in Indianapolis continuing to remain low, and the talk to expected relief within the real estate sector getting louder, many of the region’s ‘on hold’ home buying plans are starting to take shape again.
Many of these prospective buyers are looking at Indianapolis foreclosures with particular interest. This is simply because these homes often end up selling for lesser than what they’re actually worth (their market values). With savings to be made, they do become feasible alternatives.
However, not all foreclosures sale turn out to be profitable for the buyers and you do need to go through the process with care. Some knowledge about the process is surely useful.
In buying a foreclosure affected home, you must expect the home to require some extent of repairs/renovation. This is simply because there is a good chance that the previous home owner did not have enough money for the upkeep of the home. This is also the reason that these homes should be inspected before you decide to buy them.
Inspecting a house would tell you how much you might have to spend in getting the house in the condition you want it in. This should play a key role in your reaching an offer price. Since the inspection stage is a critical aspect, taking the help of a professional is always suggested.
You should also spend some time in looking for these homes. There are many sources that you can turn to for lists of Indianapolis foreclosure properties. These include the internet, real estate professionals, banks, etc.
With there being an adequate supply of these homes in Indianapolis, you should ideally go through a number of options before closing in on any one deal.
Seattle Foreclosures – A Brief
Friday, February 13th, 2009While Seattle did well to avoid the foreclosure problem in ’06 and ’07, the region wasn’t as fortunate in ‘08. However, while the rate of Seattle foreclosures is up, it is still 3% lower than the national average.
Analysts within the region are of the opinion that while there has been a decrease in inventories, the median prices of homes have remained fairly stable. While they do expect 2009 to have increased foreclosure activity, they also expect it to stay lower than what many other regions of the country are experiencing.
Seattle foreclosure properties also stand to gain from the federal housing program passed by the government last year as well as cuts in interest rates in 2009, which could lead to a further reduction in foreclosure numbers.
Measures such as these are encouraging many prospective buyers to buy a home before prices start to rise again. While this might not happen very soon, people who have the funds, and can afford to hold on to their new acquired property for some time, are looking at this as a good time to buy and keep.
Seattle foreclosures are finding favor with many of these prospective buyers. This is primarily because most of these homes end up selling for lesser than their estimated market values. Discounts of 10 to 20% are becoming fairly commonplace.
In buying a foreclosure affected home, you must remember that while many good deals are in the offing, some amount of caution must also be maintained. Foreclosure affected homes can be in different conditions, making it necessary to inspect these homes before committing to anything.
Since Seattle does have a fair number of home foreclosures, make sure that your search is extensive and well planned.
Austin Foreclosures – A Brief
Thursday, February 12th, 2009Recently released data by a California based foreclosure tracking agency shows that Austin is better off than many other areas within the country when it comes to foreclosures. The area stood at the 80th rank amid the top one hundred US metropolitan areas, with slightly lesser than 1% homes (5,737 homes) in foreclosure.
While these numbers do not indicate any immediate ramifications, many are hopeful of some respite in the market. With the prices of homes being adversely affected, cheaply selling Austin foreclosures are being looked at with interest by many prospective home buyers.
If you do intend to get yourself a bargain in buying a home, looking at the foreclosures homes within your desired neighborhoods could very well fulfill your ambition. However, make sure that you study the process before buying a home.
The foreclosure homes for sale in Austin include homes that have been foreclosed upon by banks as well as homes that have been through foreclosure because of different government agencies.
In buying a bank foreclosed home, you would have to interact with either the bank or a real estate professional appointed by the bank. Buying a government foreclosure home would require you to get in touch with a government approved real estate agent.
Looking for these homes is quite easy and you can start looking for these homes on the internet. Local real estate agents are also prone to having up to date leads when it comes to home foreclosures. You can also go through local newspapers to look for advertisements and notices pertaining to the sale of these homes.
Since discounts on homes can be had in either case, you should explore both these options before coming to a conclusion.
Dallas Foreclosures – A Brief
Thursday, February 12th, 2009As per a highly reputed home price index, the prices of homes in Dallas have fallen by 3.3% when comparing November 2008 with November 2007. The index further shows that this decline in Dallas’ home prices is the lowest in the country, with the nationwide drop being 18.2%.
With the drop in home prices within the region not being as high as in other parts of the country, home buyers within the region are increasingly looking at buying amidst Dallas foreclosures with the aim of saving money. Money can be saved in buying these homes because they normally end up being sold at discounted prices. This is why a fair number of the total home sales in Dallas constitute of home foreclosures.
If you plan to look at Dallas’ foreclosure homes, there are a few things you should keep in mind. Firstly, since financial hardship on the home owner’s part is the main reason for foreclosure proceedings to take place, it is important that you expect to find these homes requiring various degrees of repair work.
You should also check to see if there are any arrears such as unpaid taxes or secondary liens which are linked to the house you wish to buy. This is because, you, as the home’s owner, could be liable to pay these.
Buying foreclosed homes from banks is therefore often recommended to buyers because banks generally take care of these arrears once a home has been foreclosed upon.
Looking for foreclosures homes within Dallas is quite easy. You can get a real estate agent to help you with your search or you can do it yourself. The internet is a good place to start looking for these homes, and you can also approach banks to get lists of their foreclosed homes.
With there being an adequate supply of foreclosure homes in Dallas to choose from, you should ideally go through a number of options before picking any one home.
A Brief Overview about Saint Louis Foreclosures
Wednesday, February 11th, 2009Data released by one of the country’s foremost foreclosure listing service agencies indicates that the rate of banks repossessing homes in Saint Louis has seen a leveling off within the last three months of 2008, with some regions within Saint Louis even witnessing a drop.
As compared with figures from 2007, 2008 saw one in every 50 homes involved in foreclosure at some point, an increase of 40%. However, October, November, and December saw a leveling off as compared with the previous three months.
Many analysts are opining that most of the ‘troubled’ mortgages which were passed in between 2005 – 2006 have been foreclosed upon by now, and the market should therefore see its bottom point some time soon. What also needs to be taken into consideration though is financial turmoil that other sectors are facing.
However, many experts within the field are hopeful, pointing to properties being bought by investors and troubled homeowners receiving help with refinancing options. Many people are of the opinion that the housing market is showing indications of bouncing back and expect 2009 to show significant improvement.
This expected relief is prompting many homebuyers who had their buying plans on hold to venture into the market again. Saint Louis foreclosures are being viewed with particular interest by many of these buyers in the hopes of getting some good deals.
While foreclosure affected homes are know to offer some great deals, buyers should ensure that they know exactly what they are getting into. If you do intend to buy amidst Saint Louis foreclosure properties, make sure that you go through all options before making a decision.
Remember, you will know what’s on offer only if you look, and an extensive search will surely lead to better deals.
Los Angeles Foreclosures – An Overview (January, 2008)
Wednesday, February 11th, 2009As per the data released by a leading foreclosure listing agency, Los Angeles foreclosures have seen a rise of 69% in the fourth quarter of 2008 as compared to the same period in 2007. However, in comparison to the third quarter of 2008, there has been a decline of 29%. The number of foreclosure auctions in the third and fourth quarters of 2008 stand at 15,673 and 11,232 respectively.
These figures though are chiefly being linked to the foreclosure law that was effectuated in September, 2008. The high numbers of foreclosure properties in December ’08 (an increase of 110% in comparison with October ’08) are a clear indication of this.
However, not everything is glum and the state of California is set to receive the second largest sum of money as part of the housing aid program (around $529 million), with $33 million earmarked for Los Angeles.
The Los Angeles Housing Department’s head, Mercedes Marquez, said that members of her office have been contemplating on how the funds can be best utilized for quite some time now. She also said that a fair amount of money has been spent in purchasing data and then making comprehensive Los Angeles foreclosure maps so that they can focus on areas that have been affected the worst.
Their main aim, she went on to say, was to buy foreclosure homes, rehabilitate them, and then sell them to low income families, while also providing these buyers with mortgages.
While this might not seem like enough to rectify the ongoing situation, more relief is expected in the form of sterner measures being taken by the new administration. Many are of the opinion that this is a good period to buy amidst the usually cheap Los Angeles foreclosures.
If you do intend to buy amidst these homes, make sure that your research and search is thorough. With more homes continuing to join the already long list, you can do well do exercise some restraint.
Phoenix Foreclosures – Auctions Galore
Tuesday, February 10th, 2009While the rising numbers of Phoenix foreclosures continue to bring down property prices; this is being viewed as a good time to buy a cheap home by many prospective buyers within the region.
Banks within the region have put close to 1,000 home foreclosures up for sale at auctions. These homes have big yellow colored signs on their garage doors, and you might very well have come across a few by now. Many feel that these homes could end up selling at 50-60% below their currently valued prices.
Some of these homes stand out in particular. A house at Piestewa Peak’s base, which is valued at close to $2 million is to see an opening bid of $360,000. Another located in the central area of Phoenix center which was valued at $700,000, will see a starting bid of $99,000.
While most of these auctions do witness a bidding frenzy, the homes still usually end up selling for considerably lesser than their valued prices. And the participants at these foreclosure auction sales are a fairly steady mix of investors and first time buyers.
One of the most important aspects of buying at these auctions (besides the actual bidding process), is the inspection of these homes, even if they come with property reports. This is because, it is better that you have first hand information about what to expect in terms of costs to be incurred in repairs and renovation.
Once you’ve inspected a home, decide on an amount at which you would stop bidding. This is important because there have been instances where buyers have overbid on homes in the heat of the moment.
With a number of Phoenix foreclosure properties set to face the hammer soon, it could be well worth your while if you partake in them.
A Brief about Miami Foreclosures
Monday, February 9th, 2009While foreclosure numbers in Miami continue their upward spiral, home buyers within the region have some reason to be happy. The negative impact that the foreclosure problem has had on the prices of homes within the region is being seen in positive light by prospective buyers.
Miami foreclosures are being viewed with particular interest. This is due to the fact that the selling prices of these homes are increasingly being associated with discounts. This is the reason that foreclosure affected homes account for a reasonable number of the region’s overall home sales figures.
If you do intend to buy a foreclosure affected home in the hope of getting a good deal, some knowledge about the process is necessary.
Foreclosure affected homes can be put up for sale during different stages of the foreclosure process. During pre foreclosure, you would have to buy a home from the home’s owner; at foreclosure auctions, you would have to place bids for these homes along with other bidders; and home foreclosures can be bought through banks/lenders.
Looking for these homes has become quite easy with the wide spread usage of the internet. There are a number of foreclosure related websites which offer lists of these homes, and foreclosure homes within Miami feature on almost all these websites. Other options for looking for these homes include real estate agents, banks/lenders, newspapers, county courts, etc.
Also important in buying a foreclosure home is that you inspect the home before making your offer. The inspection should tell you if the home is worth the price that is quoted for it.
Since there are a number of options to choose from, given the number of foreclosure homes within the region, it would be best if you considered all you options before coming to a decision.
OR Search By Zip Code
HUD Fair Housing Equal Opportunity
