Foreclosure Listings Canada – Foreclosures in Canada-Reasons and Tips to make a decision

26 October, 2011

Foreclosure Listings Canada is a great resource, but first let’s talk a bit of foreclosures. Reason for Foreclosures is simple. Home owners are not able to make mortgage payments. The reasons could be various- Job loss, divorce, ill health – in short, a change in financial situation. Further to the above reasons, it is the booming real estate market in prior years and global financial down turn and crisis. People have refinanced their homes by pulling out available cash for increased mortgage payments from their equity and are unable to make those payments for various reasons.

Foreclosed homes in Canada are sold in two ways:

Courthouse Auction sale: Check with the Courthouse assistant to verify available sales and dates. If the bids do not cover the mortgage balance, usually the bank or any other mortgage lender will buy out the property. But one cannot buy such a property as the balance of the mortgage payment has to be made on the date of the sale. House inspection is not possible prior to the purchase. You have to take it as it is. The highest bidder wins and gets to buy the property. Realtor or MLS Listings: Most of the foreclosed homes in Canada are sold by realtor even before the houses are listed on any foreclosure listings. The procedure is just like buying a regular property, the house can be financed, and you can do prior house inspection but need not pay any commission to anyone. To buy a home that is going into foreclosure, you make an offer to the home owner. If the offer does not cover the mortgage the bank has to approve the offer. If the house is already in foreclosure, you have to deal with only the bank. Check with the court house clerk/assistant to know if the house you want to purchase is already in the Courthouse Auction list

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Buying a foreclosed property is now a Smart Investment. It has become the fastest evolving trend in Canada now. It is important that the buyer considers every pros and cons before buying a foreclosure home.

Before starting on research on the foreclosure homes, the buyer should work on the plan. You must work out on the finances first- how much money you have and how much are you going to borrow. It is very important to understand and learn the buying and selling procedure of the foreclosed properties. You must decide on the best mode of purchase

It can be through bidding, through auctions or through negotiations. Once all the research is completed you can start the procedure with utmost care and caution. After the research, you have to understand what your needs and requirements are; start looking for a dependable source of property listing. It should be within your budget but should not end up in a compromising state. You can choose a local agent because they are the best as they know all about the location. You can then start looking for the foreclosure home listing. Apart from the above you need to locate a house where you can get necessary amenities and basic facilities of life. Choose a place where property rates will go up in the near future. This is an important point to consider if you are looking for a better resale value.

After you have short listed the foreclosure home, it is time to get on to the next step.

The next step is inspecting and viewing your future home. A thorough examination of every minute detail can show up things like utility dysfunction or structural weakness or damage. This validation inspection can cost you some but it is worth spending as it saves you from expensive repairs later.

Last but not the least- you must complete all the legal formalities and issues to save yourself from any unexpected future problems.

You have to have a realtor who is experienced and familiar with the area and location.

It is always easier to buy a foreclosed home from the bank direct than to buy at the courthouse auction. If you go in for a courthouse auction house, you have to deal with the unpleasant task of evicting occupants, house inspection and competitions from other eager buyers.

Joe Varling is the author for this article, as he is a Master in Foreclosure Homes in North America. Kindly visit M3REO GROUP to know more.

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John Alexander Foreclosure Fortunes – Beware The Risen People, Part 1 of 3: Global Banking – A Criminal Syndicate Of Tyrants And Thieves!

23 October, 2011

[On the evening before his execution by a British firing squad for his part in the Easter Rebellion in Dublin in 1916, Padraic Pearse etched a few lines from his own poem, “The Rebel”, on the wall of his cell…

Pearse’s words were directed at the rulers of the British Empire, but today they can be addressed to a cadre of criminal bankers and their political puppets who would impose financial slavery on us all.]

In a time of unprecedented global awakening, the peoples of the nations are rapidly becoming aware of how they’ve been kept in financial bondage for centuries. The veils of deception and fraud carefully woven by a malevolent Money Power[1] are being torn apart like spider web in a gale. The outrageous criminality imposed upon mankind for generations is finally exposed for all to see.

People are fast discovering how a cunning cabal of banksters[2] conned them into giving up their labour, their property, and their freedom. They now see how years of their precious energy and toil have been stolen from them by financial terrorists who have long kept humanity in a wretched state of debt, misery, and fear.

But now the tide of wakefulness is rising fast. A tsunami of anger and indignation is beginning to roll towards the banksters and their political camp followers. A worldwide revolution against villainy and corruption grows by the day. The masses are demanding truth and justice, and the cry of their fury is fearsome and foreboding.

Fraudsters beware! Beware of the hordes who are rising from their slumber. Beware of the people who have caught you pillaging. Beware of the wrath of the betrayed. Beware of the thing that is coming… tyrants… hypocrites… liars!

Fearful of the risen people, the criminal syndicates who run the world from behind the facade of governments and suborned global institutions are terrified of losing their ill-gotten wealth and privileges, and perhaps their lives.

Zbigniew Brzezinski, a Bilderberger and co-founder of the Trilateral Commission, recently addressed the Council on Foreign Relations in Montreal and warned his fellow elitist villains about this new “global political awakening”.

Brzezinski said: “For the first time in all of human history mankind is politically awakened – that’s a total new reality – it has not been so for most of human history.”

Brzezinski bewailed the fact that the whole world had awakened politically and was now “consciously aware of global inequities, inequalities, lack of respect, exploitation.” He lamented that an enlightened people would no longer tolerate financial slavery and serfdom nor would they allow the stealthy move towards a single world currency which would mean complete domination of the world by the international banksters.

More than a century ago Lord Acton said, “The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.”

That fight has now been joined.

In recent years, a growing number of people throughout the world are stumbling upon a massive deception that the banksters and their vassals have been fiercely trying to keep secret for years. It’s a secret so incredible that the mind will not accept the truth of it on a first hearing.

That may seem an incredible hypothesis.

But it’s true. In most loan transactions, banks do not lend out their money; first, they receive the full amount from the unwitting borrower himself, then they deceitfully loan it back to the borrower as if it had originally come from their own assets, and they charge punitive rates of interest to boot.

The idea is so preposterous that one’s first inclination is to dismiss it as hokum. But let’s have a quick look at the origins of modern banking before we explain how the borrower is, in all actuality, the lender. And at the end of this article we’ll show how you can lawfully get out of debt and have your loans written off; it involves challenging the banksters from a position of truth, knowledge, and personal empowerment.

There has been much dishonesty and trickery in the field of banking since the set-up of the Bank of England in 1694. Although misleadingly called the “Bank of England” it did not belong to the English Government or to the English people. It was a private bank that dealt in deceptive practices for private profit.

The Bank of England practised ‘fractional reserve lending’, a counterfeiting process which permitted the bank to lend out more money than it actually possessed. At the inception of the Bank of England, the fractional reserve ratio was set at 2 to 1. That meant it could lend out and collect interest on twice as much money as it really owned.

Fractional reserve ratios soon ran out to 3, 5, and 9 times the amount of bank reserves, and in some cases to many multiples of these amounts. Although modern capital reserves are generally set at a minimum of 8% (a lending ratio of 12½ to 1) some banks, such as those in Canada, Australia, and elsewhere have no requirements at all (see Wikipedia – Reserve requirement).

Fractional reserve lending is a gigantic confidence trick that allows banks across the globe to create money out of thin air and charge interest on it. Charging interest on money created out of nothing is a crime known as usury. Incredibly, governments permit it without question and a compliant judiciary accommodates banking fraud in the courts every day of the week. In bygone days, usurers were put to death; but today they live in opulence like emperors and consider themselves above the law.

The criminality of modern banking owes its origins to the double-dealing goldsmiths of the Middle Ages. The goldsmiths owned secure vaults where they would store gold and silver coin and bullion for their clients for a fee. When a merchant stored gold with the goldsmith he was given a receipt, or chit, for the amount of his deposit. Soon these chits were traded in the marketplace at face value; they were more convenient and safer than carrying gold around.

The goldsmith, also a money lender, began to lend out chits instead of his gold. At first, these chits were fully backed by an equivalent amount of gold in his vault. Then it wasn’t long before he cunningly progressed to lending out chits backed by his depositors’ gold – without the depositors’ knowledge or consent. Soon, the devious goldsmith found that he could get away with even more blatant skulduggery.

He noticed that only 10% of his depositors ever turned up to reclaim their gold from his vault. This observation led the audacious goldsmith to lend out 10 times more chits than he actually possessed in gold. That meant that nine tenths of his loans were backed by nothing of value, merely conjured up out of thin air. And if 10% of his depositors ever returned for their gold he would have enough on hand to satisfy their requirements.

Life was suddenly becoming very rosy for the wily goldsmith. By charging interest on non-existing gold he extorted a vast fortune from his clients. Just like modern banking today.

But greed begets greed and it wasn’t long before the avaricious goldsmith began to ponder on a method to loan out chits backed by no gold at all. If he could pull this off he would surely become master of the world. Regrettably, events show that he has indeed pulled it off, and he is indeed master of the world.

It might have begun this way…

The goldsmith purchased some bread and savouries in his local bakery and the bill came to five shillings. He didn’t have cash on him but the baker, knowing he was good for the money, agreed to accept his IOU for 5s. When the miller came to the baker for payment for flour he also agreed to accept the goldsmith’s five shilling IOU in place of cash. And the miller in turn paid the farmer for his wheat with the IOU, and the farmer paid his labourer, and the labourer paid the innkeeper for beer, and so on and on…

The shrewd goldsmith noticed that his IOU never came back to him to be redeemed for five shillings in coin but was accepted and perpetually transmitted as cash by everyone in the community. What had cost the goldsmith nothing but a scrap of paper and ink was exchanged for valuable goods and services by all who accepted it.

In fact, the goldsmith had effectively stolen the labour and the goods of the baker, the miller, the farmer, and the others. He had contributed nothing to the production of wealth in the community but had undeservedly shared in its benefits. In the animal kingdom, such a freeloader would be known as a parasite or bloodsucker. In human terms he would be called a thief.

The goldsmith became excited about his experiment with his IOU. If only he could compel the government to make his IOUs legal tender and force the people to trade exclusively with them he would be wealthy beyond comprehension.

As time went by, the mega-rich goldsmith became even richer and his decadent offspring eventually evolved into the international banksters we know and detest today. Through their immense wealth this criminal banking cabal has come to wield unwarranted control over heavily indebted governments, businesses, and individuals throughout the world.

Sadly, today, the global banksters have finally realized the vile aspirations of the goldsmith – to issue IOUs backed by nothing of value whatsoever, and all with government approval and enforcement. The process took many years of scheming and planning and included strategic goals of infiltrating governments and debasing politicians and the

Homes For Sale Foreclosure – Homes for sale foreclosure Tucson AZ: Steering clear of blunders

22 October, 2011

It’s obvious when you look at homes for sale foreclosure Tucson AZ that this part of the United States is one of the places that has been hardest hit by the downward spiral in the housing market, and that’s why it’s a fabulous idea to look for any kind of foreclosures that you can find in that area. These are generally good investments that will bring you an excellent ROI.

There are several things that you need to look for in Coalinga foreclosures or Arizona properties that will help you close a good deal where you can make some money, but there are other things that can steer you down a bad road if you don’t watch out for them.

For example, many people who are novice investors underestimate the cost of renovations for the homes for sale foreclosure Tucson AZ they are looking at. Although most people are honest, you cannot rely completely on the claims and disclosures of the seller. In some cases when you’re buying a house or the foreclosure sale that could include Coalinga foreclosures, you may not have the luxury of obtaining a thorough home inspection before handing over the cash, but you should examine the house yourself as much as possible.

Never assume that you’re buying a place with a clear title either. There have even been cases where con artists move into a house and print up a phony title to sell to unsuspecting buyers. It’s even possible that a homeowner can try and sell you a property without telling you it has multiple liens against it. If you’re not 100% certain that the person who is trying to sell you the house owns it, experts suggest that you don’t buy the property at all.

It’s always a safe bet to look at our daily updated listings of foreclosures for sale here, at BuyForeclosuresSale.com.

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Second Mortgage Foreclosure – Affordable Bad Credit Second Mortgage Rates

19 October, 2011

If you have ever had bad credit, you know that there is a chance that you will have a high risk mortgage. The mortgagee will come with interest rates that are higher, closing costs tat are high and prepayment penalties.

To avoid all this, it would be advisable to repair your credit before you apply for a mortgage even if you are looking for a second mortgage. The first step to fixing your credit would be to go through your credit report and also your FICO score.

You might find that there errors in your credit report which when they are rectified, they will give you a chance to avoid .

Try and make you credit card payments on time so that you can improve your credit score. With time, the credit score will have improved in such a way that when you get a second mortgage it will not be termed as a bad credit second mortgage.

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If this is not possible, you can find other options that help you get a second mortgage even if you have bad credit. In the present day there are several bad credit mortgage service firms who will be willing to provide you with this service if you shop around carefully.

The first place to start would be to go online. The search of bad credit second mortgage firms online will show you that there are very many of them.

These firms have systems in place that can help you be able to get a second mortgage even when you have bad credit. Due to the high rate of internet fraud, you should be careful so that you don’t choose a fraudulent company.

Fraudulent companies are those that take advantage for people who have bad credit and instead of helping them, they swindle them of what little money they have left.

Once you have found one that has been vouched for and is known to be genuine, you can start the application process. Before you proceed down this road, you should make sure that you have several things at hand.

The first thing would be to ensure that you have a credit report and score that are accurate. Data of your income will also be needed and this too should be accurate.

The reason behind these two types of documents would be the fact that you can be able to prove to the bad credit second mortgage companies that you have a steady income. This will convince them to give you the mortgage.

Discover where to get affordable bad credit second mortgage rates online. Learn how to get low cost fixed second mortgage rates at my site.

Foreclosures Of Homes – Foreclosure List Homes in Virginia Fixed with Nearly $4B

19 October, 2011

homes in Virginia will be purchased, rehabilitated and sold by nonprofits and state and local agencies with a total of .92 billion in funding from the federal government under the Neighborhood Stabilization Program.The funding was approved by the federal government last year, but the facility to access and use the money will be made available only these coming months.The state of Virginia was allocated a total of .7 million, which the Virginia Department of Housing and Community Development is expected to distribute to nonprofits and local governments that will manage the acquisition, rehabilitation, resale or lease of foreclosure properties.The counties of Prince William and Fairfax applied separately for NSP grants and received .1 million and .8 million, respectively. The grants were approved based on the conditions of neighborhoods battered by foreclosures.In April, Governor Tim Kaine announced the approval of million in NSP grants and announced .4 million 4 months later. Chesapeake City was allocated with .5 million while the Virginia Beach Community Development Corporation was allotted .2 million.Alisa Winston, housing coordinator for Chesapeake, said the city has not yet received the money, but her team planned to buy around 12 homes in the neighborhoods of Western Branch and South Norfolk.She added that her program limits repair costs to ,000 for each house and ,000 for a property with lead contamination so that the money can be stretched to buy more units. Sales from repaired units will be used to buy additional foreclosures to repair.Mary Kay Horoszewski, head of the Virginia Beach CDC, said her organization will buy and repair foreclosure homes and then sell them to low-income and moderate-income families.Nonprofits and local government agencies are given 18 months to budget the money for their programs and 4 years to carry them out. Any excess funds must be given back to the U.S. Treasury.Based on data from the Virginia Department of Housing and Community Development, the state foreclosure rate has increased to nearly 2 percent in June 2009, up from only 0.24 percent 4 years ago.Over 28,000 homeowners in the state are in default or foreclosure and over 16,000 foreclosed units are vacant, according to the agency.The three cities with the biggest number of homes in Virginia are Virginia Beach, Chesapeake and Norfolk. Housing analysts cite the large proportion of subprime loans taken out by homeowners in the three cities during the boom.

Joseph Smith has been educating buyers on the finer points of Virginia Foreclosure Listings at ForeclosureListingsNationWide.com for over five years.

Foreclosure Property Auction – Foreclosure properties: Good investment For Buyers

17 October, 2011

A property comes under foreclosure proceedings when the home owner fails to repay his dues towards the mortgage loan due to monetary problem. The property is put up for sale under foreclosure proceedings when all the other option to repay the mortgage loan by the home owner fails. Foreclosure can also take place when the home owner fails to pay the property taxes or home owner’s association assessments or any other debts.

Foreclosure properties offer good bargain as the price of the homes is less than the market value. Buyers always look forward to such properties. A buyer can know about the sale of these properties from the newspaper, online websites of the lender and also from the county deed record office. The credit lenders or the bank sell off foreclosure properties at the earliest to bear minimum loss as they do want to bear the expenses towards the security, maintenance and upkeep of the property along with the loan amount.

It is more beneficial if you purchase a foreclosure property from the bank. The reason is the bank will already pay most of the dues like the property tax, HOA operating prior to sale. They will also clear the property title and vacate the premises before sale. Also the property is appraised to attract more buyers. Hence the property it is ready to move in.

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Definitely with all these expenses done the bank will also negotiate on the down payment, interest rate and selling price of the house. Therefore as a buyer you should be ready to afford the negotiation also if you want to purchase foreclosure property from bank.

Buying from the house owner before a foreclosure proceedings is also another option for a buyer. In this case all the three that is the mortgage lender, the home owner and the buyer can get the advantage. But as a buyer you should also be ready to put up with all the other dues on the property. Also due to financial problem there are chances that the house will not be well maintained and you should check the property for the existing repairs and faults and work out these expenses also. In this case you can always negotiate with the home owner about the entire deal based on all the expenses that you have to bear on the property. Once the agreement is done it is always better to get a local real estate legal professional for documenting it so that you do not have any legal trouble in the future.

Purchasing house from a foreclosure property auction is always considered very risky property investment. You will not get the chance to inspect the house and know about other dues the house holds. Moreover you do not know if it is ready to move in or not. The problem with a foreclosure house is they are usually “as in”. So you have to pay for the necessary repairs apart from other debts. Adding to it you also have to pay the total amount of the deal in cash in a short time. Therefore it is advisable that you check all the angles of the expense before taking the decision.

Help Stop Foreclosure – Help Stop Foreclosure Before It Is Too Late

16 October, 2011

Foreclosure is a legal term referring to an action when a borrower does not pay the monthly payment. If the borrower does not pay even if two months have passed, the lender can begin foreclosure proceeding. The borrower will be required to pay all the balance or have the home taken within months. The good news is that there is some help to stop foreclosure.

If you do not want someone to foreclose on your home, do not just sit and wait for the results. Ask the lender if he can forgive you for not paying on time. State all your reasons; these must be true and reasonable. The lender may think again and give you possible options. One option may be that the lender would require you to pay half or less of the current past due balance and pay all the remaining debt in the following months. Another option is to modify the contract’s terms and make a new contract that will fit you and the lender. If you and the lender agree on terms, then the foreclosure will be withdrawn.

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If the lender will not agree to giving you viable options to foreclosure, then seek the help of foreclosure services. These could be private organizations or government offices that will provide you information on how to resolve this. They may be able to by giving legal assistance and loaning that will suit your budget.

If the assistance of these organizations does not work, then try selling your house. You can use the money to pay the entire debt from your lender. The good thing about this is that it will give you time to find another living situation.

If everything fails, you may be able to declare bankruptcy. This is not an option that works for everyone so be sure to talk to a bankruptcy attorney about what your possible options are. Many will do a free initial consultation.

Before it is too late, start fixing the damage. Do not hesitate to ask for help if you cannot do this alone. In the future, you might pay all your debt and live your life with fewer worries.

You can get help to stop foreclosure on your home but you do need to act quickly. Be sure to find a solution before it is too late. Get more free help at http://www.Stopping-Home-Foreclosure.com/HelpWithForeclosure.html

Foreclosure Condo – Real Estate Foreclosures in Puerto Vallarta, Mexico

16 October, 2011

By: Jim Scherrer

 

Foreclosure, by definition, is the legal procedure for satisfying claims against a mortgagor in default who has not redeemed the mortgage; satisfaction may be obtained from the proceeds of a forced sale of the property.

 

There are many reasons why mortgagors may fall into default but historically it happens when the mortgagor loses his job, loses his health, or for some other reason is unable to make his mortgage payments in a timely manner.

 

Today, the majority of reasons for default are totally different. Many recent mortgagors were able to obtain loans with little or no credit history and little or nothing as a down payment. They received adjustable rate mortgages and if they were ever able to afford their monthly payments, they were no longer able as soon as the interest rate increased and consequently the mortgagee was forced to foreclose on the buyer. As the foreclosure rate in a given region started to increase, so did the availability of distressed property sales. Of course, an increased volume of distressed properties in the neighborhood resulted in a rapid depreciation of the neighboring properties. With the value of a given property well below its mortgage payoff balance, many mortgagors merely elect to abandon their property and walk away from their mortgage; thus the mortgagee is forced to foreclose on these borrowers as well.

 

This vicious circle of foreclosure events is currently occurring at an unprecedented rate in the US. Headlines such as “US Foreclosures Up 24 Percent in 1st Quarter “,” US Banks Step Up Home Foreclosures “,” Las Vegas Tops Foreclosure List”, “Sun Belt States Lead Q1 U.S. Mortgage Foreclosures” and “Foreclosures May Hit 1.5 Million in U.S. Housing Bust” are seen in the news on a daily basis.

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Okay, know that we fully understand the cause for and frequency of the recent foreclosures and knowing it’s a buyer’s market, perhaps, if you still have a little money left over after the recent stock market sell off, you might be considering shopping for a foreclosed property at a distressed sale price in a resort such as Puerto Vallarta, Mexico. If so, you might as well forget it; you’ll not see a foreclosure sign in Mexico!

 

The following is taken verbatim from Condo.com, one of the major websites dealing in worldwide condo sales:

Mexico Foreclosures – Condo.com is the best way to find free foreclosures listings in Mexico. Find foreclosed condos, foreclosed condos, foreclosure properties and other foreclosure investment opportunities in Mexico. Search bank foreclosures, REO properties, preforeclosures, HUD homes and more foreclosures in Mexico. Sorry! There are no search results found.  No For-Sale listings available

Well, that pretty well sums up your opportunity to “steal” a nice condo in PV! There are numerous reasons why foreclosures are essentially nonexistent in Vallarta however the primary reason is that up until just recently, all purchases were done strictly on a cash basis. Mortgages are now available in Mexico but only with a substantial down payment. With a solid credit history and income stream, one might be able to purchase a property in Mexico with only 20% down, however most of the mortgages are with down payments approaching 50%. As you can imagine, it takes an awfully good reason to walk away from a property when you have that kind of investment in it! Consequently, with 98% of the properties owned outright and the remaining 2% with well funded mortgages, there are virtually no foreclosures in Paradise!

 

Because there are no foreclosures, there has been no significant depreciation of values in Puerto Vallarta. That’s not to say that there’s not been a leveling off in prices or that the developers are not more inclined to “negotiate” today than they were a year ago. To the contrary, prices on newly constructed condos have never been better than they are today and bargains can be found throughout the city. This is to some degree due to over building during the past ten year boom period and partly due to the reduction in prices of steel and other construction materials as well as the decrease in construction labor rates as the Peso recently devalued by 30% relative to the US Dollar.

 

For the reasons regarding foreclosures outlined above, you should never see your investment value plummet in Vallarta as it has in many desirable locations throughout the US. Because the North Americans have been recently hit so hard financially combined with the fact that the local developers have overbuilt, Puerto Vallarta is a true buyer’s market. There are 1,000´s of new condos currently on the market in PV and with interest rates at an all time low, the time to buy will never be better. So, why wait; come on down and explore the possibilities; just don’t look for any foreclosure signs! Any North Americans still holding cash will never find a better time or place to invest it; besides, where else can you live in a climate better than Hawaii, 2-4 hours from home, all the amenities of home, as many or more activities than at home, and at a fraction of the price?

Jim Scherrer has owned property in Puerto Vallarta, Mexico for 25 years and resided there for the past eleven years. The mission of his series of 50 articles pertaining to retirement in Puerto Vallarta is to reveal the recent changes that have occurred in Vallarta while dispelling the misconceptions about living conditions in Mexico. For the full series of articles regarding travel to and retirement in Vallarta as well as pertinent Puerto Vallarta links, please visit us at Puerto Vallarta Real Estate Buyers‘ Agents

Foreclosure Filings – Have Foreclosure Filings Really Dropped?

15 October, 2011

The headlines are everywhere! ‘April Foreclosures at 40 Month Low’, ‘Colorado Foreclosures auction sales down 11.1% in April’, ‘Foreclosure Activity Continues Free-Fall in May’.

Is there really a downturn in Foreclosure activity? There is a saying ‘Numbers Don’t Lie’ – but in this case, they sure are masking the situation. Foreclosure numbers ARE down, but they aren’t down for the reasons we would hope. As reported in RealtyTrac.com’s June 16th press release () the amount of foreclosure filings were down 2% nationally from April and a 33% decrease from May 2010. Rather than a positive signal though, what we are REALLY seeing is a cosmetic decrease. The banks have decreased the amount of filings not because of a reduction in deliquent payments, but because of an internal decision to slow down or stall the process.

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

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So what does this mean for us? We really need to ignore the news about Foreclosure statistics. Instead, look around at the other statistics being provided and your local neighborhood. The economy produced only 18K jobs in June 2011 and the national unemployment rate stayed at 9.2%. This followed an increase of only 25K jobs in May. Economists had expected an increase of 125K in June. The unemployment rate has risen steadily from 8.8% in March 2011. 

 

“It is about as bad as anyone could image,” said Nigel Gault, chief U.S. economist for IHS Global Insight.

“On face value it does suggest we are grinding to a halt,” he said.

How is there to be a housing rebound if the economy isn’t performing?

Let’s take a look around the State Of Colorado. According to the US Department of Labor the State unemployment rate in May is the same as it was in June 2009, fluctuating between 8.7% and 9.2% during that time.

How many homes are still facing foreclosure in your neighborhood? In Colorado 1 in 518 housing units received a filing in June (http://www.realtytrac.com/trendcenter/co-trend.html).

In the counties immediately surrounding Denver (Denver, Arapahoe, Adams, Jefferson and Douglas) there were 2154 foreclosure filings in May. 

Nationally prices have reached their lowest point since March of 2009. Prices In Colorado have fallen .01% in June and .05% since the end of the first quarter. Year over Year the average home price has fallen 7.6%. With prices still falling a slowdown in foreclosure processing is bad news for housing recovery in our State. Housing expert Celia Chen, a housing market analyst for Moody’s Analytics, says all the negative data doesn’t bode well for a recovery

As the servicers sort out their processing issues and staff up a little that means these homes will end up on the market as a distress sale and that will cause home prices to fall further. It delays the problem. It extends the recovery in the housing market.

Nationally there are still over 3.7 million homes are in a late stage of foreclosure. Unless these homes are processed in a timely fashion we will continue to have negative pricing pressure in the market. 

This is what frees up the economy to make forward progress and allows home prices to rise,” said Michael Englund, chief economist at Action Economics. “It will probably take about another year to work our way through the foreclosure mess.”

All together this data isn’t very promising. I am of the opinion that the foreclosure mess won’t be over for at least 2 years. Until the unemployment rate begins to fall we won’t see a housing recovery. The real concern now is whether this jobs data represents a double dip in the economy and a worsening of the housing picture.

If you are facing foreclosure in the Denver area please call my good friend Eric Nesbitt of the Nesbitt Law Offices at (303) 741-2354 to discuss you options. He offers a free 30 minute consultation and has helped many homeowners over the last few years.

Darren Hunter is the VP of Acquisitions for Venator Properties LLC, A premier Denver Luxury Short Sale Investment Company. Please contact Darren at info@venatorproperties.com or call us at (720) 381-3435 to discuss your Denver Short Sale.

www.venatorproperties.com

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Government Foreclosure Auctions – Government Foreclosures

14 October, 2011

A government foreclosure house is a home that is owned by a government agency; such as, Federal Housing Administration and Housing and Urban Development. When a government home is foreclosed upon it becomes awarded back to the appropriate government agency and then listed as a government foreclosure house to be resold to the highest bidder at a public auction. This is prime meat for most investors and home buyers alike.

There are many awards for purchasing a government foreclosure house. One of the greatest benefits is saving thousands of dollars off of the market value for the home. Another includes making a significant profit from the home. However, before choosing to invest in a government foreclosure house become completely aware of the regulations for that government agency. An investor or home buyer should also be familiar with the bidding process and purchasing procedures.

One common misunderstanding when investing in a government foreclosure house is that only low income or certain people can qualify to purchase the home. The truth of the matter is that almost anyone can purchase a government foreclosure house. Another common misunderstanding is that an investor or home buyer can buy a government foreclosure house for little to nothing. This is not the case. Though there are some lucky buyers that may find a great home for forty percent below market value the average savings is usually twenty to thirty percent below market value.

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It is important to be prepared to make the purchase when the time comes. That may mean already being pre approved for a government home loan or have the money to purchase the home. Though purchasing a government foreclosure home is a time consuming process being prepared to make the purchase is a smart and organized start. If an investor or home buyer considers financing the home he or she may qualify for zero down home loans and or special government financing. Government foreclosure auctions accept many payment options. It is wise to find out which payment options are accepted for an auction near you.

Here are a few tips to assist an investor or home buyer in finding a government foreclosure house auction: The three most available options are the Internet, magazines and news paper listing. The Internet is a great starting place. It can lead you to thousands maybe millions of connections.

You may also want to visit certain government agencies to find out more information. Visit the Housing and Urban Development or Federal Housing Association website. Here they may have information about auctions in your state and other valuable information. The Internet offers many search options. You can view listing by state, banks, county, and much more, making your search easy as pie.

While visiting several sites it is a good idea to sign up for updated and the latest listing to either be emailed to you or mailed to you through the postal service. This way you get thousands of listings everyday. Several real estate magazines offer listing pertaining to the state in which the magazine was purchased and articles on how to choose the perfect bank foreclosure real estate for you. News Paper like magazines offer similar information. The above search methods will prove to be beneficial and is the beginning of an awarding investment.

Sal Vannutini is the author of ” The 8 Power Profit Secrets To Making More Money With Less Risk In Real Estate, ” a free strategy report for investors. Get your complimentary

copy at www.FastFixerUpperProfits.com today.