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The MetroMonitor study showed that the city of McAllen, Texas saw growth in output and employment during the first three months of this year despite the continuous increase in the number of repossessed homes.

Brookings Institute’s national study tracked various economic indicators in the country’s 100 biggest metropolitan areas.
According to the study, McAllen is the only city across the country that experience growth in the total value of services and goods during the first three months of this year, when recession was at its all-time low. The study tracked the performance of various economic indicators in 100 biggest metropolitan areas in the country.

The study showed that while there was no city that has not been affected by the economic downfall, recessional problems have been distributed unevenly across major cities in the country.

Brookings Institute researcher Howard Wile said that the effect of the economic recession in different areas suggests that they have different needs. He added that cities that have been severely affected by the recession need additional state funds.

The study monitored major cities? unemployment rate, employment, housing prices, gross metropolitan product, wages and the number of repo homes that remained on the market after the auction, to determine the area’s economic strength. Six cities in Texas made it to the top 20 metro areas that have positive economic performance.

Meanwhile , foreclosure home sales in McAllen fell below the previous year’s rate and the number of repossessed home filings continues unabated across the city’s real estate market. But the city’s overall performance is better off than others, indicating that the market is showing some signs of stabilizing.

The city outdid the national average in terms of economic indicator performance, except in unemployment which surged by 10.1 percent in January of this year, then started declining again until in May when it increased by 9.4 percent.

In May, job losses were reported mostly in production and manufacturing sectors while the city’s nonagricultural unemployment rate, inflation-adjusted sales in retail and inflation-adjusted wages continue to fall this year.

On the other hand, housing prices in McAllen increased by 2.3 percent in the first quarter of this year compared with last year. However, overall prices were still lower than their peak prices because of the flood of repossessed home in the area.

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The unemployment problem has been hindering the progress of the government foreclosures program, according to housing analysts, economists and foreclosure counselors.

The analysts said that the Obama administration’s Making Home Affordable program was crafted to address the issue of subprime lending, which was considered the main cause of the first flood of foreclosures.

But most borrowers applying to get help under the government foreclosures program are being rejected because their reduced monthly income do not qualify them for loan modification schemes.

Michael van Zalingen, head of homeownership services at the nonprofit group Neighborhood Housing Services of Chicago, said that the government foreclosures program was designed around the subprime lending model and not the unemployment model.

Van Zalingen said that while the government foreclosures program gives cash incentives to lenders to lower monthly payments to 31 percent of borrowers’ monthly income, around 45 percent of over 900 borrowers his organization had counseled in two recent events do not have adequate income to make their monthly loan payments. Even if the borrowers’ mortgage rates were reduced to 2 percent and their loans were extended to longer terms, the reduced monthly payments would still get unpaid because the borrowers do not have the income to make the payments.

Van Zalingen also said that around 27 percent of homeowners who called the Hope Now hotline from April to June were unemployed, an increase from the 9.7 percent of callers in last year’s second quarter.

Federal officials running the government foreclosures program said they are currently evaluating the program and are considering ways to address the unemployment problem.

One of the schemes being considered is a forbearance scheme that would enable homeowners to defer monthly loan payments while they find jobs.

Federal officials also said they are considering giving additional incentives to lenders to work out forbearance schemes for unemployed borrowers who have good chances of re-employment.

Other suggestions being considered are provision of short-term loans for homeowners who have been laid off, provision of funds for missed monthly payments for a limited period of time and provision of some leeway to borrowers who are getting re-employed soon.

However, despite the unemployment problem, according to Obama administration officials, the government foreclosures program has been getting positive results. They said over 200,000 mortgage loans have been modified and that 20 mortgage servicers have been increasing their efforts in working out affordable payment schemes for borrowers.

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More homes are expected to go to foreclosure auction listings in Wichita Falls this year, as the number of foreclosure filings in the first half this year has already exceeded last year’s first half total.

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The increasing number of bank owned homes foreclosures in Illinois is taking their toll on some cities that have to shell out money to keep these abandoned and vacant properties from becoming blights to neighborhoods.

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A free foreclosure prevention workshop is being offered to homeowners who want to save their home from REO property listing.

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Major banks managed most home loans that became bank foreclosure property in Wisconsin. Last May, one in every 731 houses in the state was in some kind of foreclosure proceeding. In 2008, the state?s foreclosure rate rose to 25,547 or 21 percent.

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The California city of Los Banos has been suffering from drought for three years and from a staggering one-in-five foreclosure rate, but it has not received the kind of government repo funding received by other cities which got extra attention from the media.
U.S. Representative Jim Costa of California claimed that drought-hit Los Banos did not [...]

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Foreclosure listing sales are increasing in affluent places in San Diego County such as Solana Beach, Rancho Santa Fe, Carmel Valley, La Jolla, Del Mar and Point Loma and other central San Diego gated neighborhoods, as shown in reports of San Diego County foreclosure listings in May.

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Foreclosed home list properties dominated residential auctions in May in California’s Riverside County, according to foreclosure sales data released this week.

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