Heightened house foreclosure activity in Illinois has been disturbing the residents of the state. From Chicago to Cook County to Kane County, the number of foreclosed homes has been increasing at a faster rate than expected. So much so that Chicago’s foreclosure rate has achieved one of the top five ranks on America’s largest metropolitan regions list.
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The UK has been hit by a similar housing crisis that it is affecting the US. Specialists have predicted that if the crisis is not stopped at the beginning it could be far worse than the US foreclosure crisis, as the British economy is more reliable on the real estate industry.
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The whole crisis in the US is giving hope to India. America is the number one outsourcer of India´s IT/ITeS business, and recent reports are showing that due to the cheap labour in India and the economy crisis that has hit the US by the high oil prices and the foreclosures recession, American companies are now moving whole sectors and operations to India.
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February statistics for foreclosure filings in Georgia were 7,631 including all homes in foreclosure such as ones that were sent default notices, or had been repossessed by the bank/lender, and had been sent the notice for auction sales. The fact that this number was lower by 28.5% as compared to January 2008’s filings was only remotely encouraging, because it was almost 5% higher than the number reported in last year February. The foreclosures by state rate for Georgia were 1 for every 494 homes.
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America is facing one of the biggest real estate foreclosure crisis ever and some have even compared the crisis to the great recession. The auto industry, builders, homeowners, lenders and students got hit by the crisis, and yet no resolution seems to be taken by the government. It looks as if the government is waiting for something to act, and why is that? Elections of course!!
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The foreclosure crisis has affected thousands of homeowners, lenders, builders, as well as students who cannot qualify for student loans due to the high standards posed by mortgage companies. It seems that now its time for the auto industry to be affected by the real estate foreclosure crisis. With banks and auto lenders tightening their loans and worried of getting caught by the recession, hundreds of American consumers are not being able to get the desired loans.
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As a result of the current real estate foreclosure crisis many lenders have repossessed more homes that they could afford, and as a result many homes are abandoned and vacant. The average rate of vacancy in the US is now at 3 percent and the problem is not only affecting lenders but are affecting the health of thousands of neighborhoods across the country. Recent reports show that many vacant homes are presenting health risks including many abandoned green-pool that are a handy nest for mosquitoes.
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The current real estate crisis in America is far from over and it is affecting thousands of lenders, neighborhoods, the building industry and especially home owners. But the effects of the crisis are even worse the present problems. Homeowners that are going through foreclosure today will suffer even more in the future by the bad credit, and most of them will have to wait five years to be able to get a new mortgage. The current foreclosure crisis is becoming the future credit crisis and it will have innumerous consequences to many sectors of our economy in a near future.
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Bank foreclosed home is one of the biggest nightmares for any homeowner and Miami seems be reeling under a long spell of foreclosure nightmare. Foreclosures in the state of Florida started to rise since 2005 and since then it has been taking huge leaps every year and here are some comparison statistics for Miami:
Foreclosure Auctions: Miami contributed to the national average recording some of the highest rate of foreclosures by state in 2008. The county that recorded an increase in foreclosures is Miami-Dade County where the number of foreclosure auctions in April 2008 was 882, which is a jump of 8.75% from March 2008. In March 2008, 811 foreclosed houses in the Miami-Dade County were auctioned and this is a jump of almost 160% since April 2007 when number of foreclosures auctioned was 339.
The total number of foreclosure auctions in Miami-Dade County in the first quarter of 2008 was 2231 as compared to 8877 in Los Angeles, 918 in New York City, while Seattle recorded a low of 385.
In Miami the foreclosure auctions scheduled in the first quarter of 2008 increased by a whopping 126% as compared to the first quarter of 2007. The foreclosures in Miami per household in 2008 were very high and were almost 5 times higher as compared to Seattle and 9 times higher than New York City. As a result on one hand investors are having a great time buying great homes at a low price while homeowners are paying a heavy price for taking ARM for buying their dream homes. Such is the state of affairs in one of the most beautiful cities of South Florida!
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San Diego police arrested four people related to a gigantic foreclosed home scam that tricked 400 home owners into paying rents and fees to a San Diego based group. The scam was based on a false foreclosure rescue plan where home owners would pay a fee to the company with the promise of help on getting their homes back, but the company did nothing to prevent the foreclosures.
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