Listings Foreclosures - Read the Latest Foreclosure Listings News.

In San Diego County, foreclosed home list prices and other home list prices increased again in June, with the median sales price surpassing the $300,000 level.

As the home sales price increased for the third straight month, some housing analysts are hoping that the market is approaching the road to recovery.

The median home price reached $314,250 in June, the highest price level since October last year. It marked a jump of 6.5 percent from the median sales price in May 2008, but it is still far below the median sales price in June 2008.

Housing market analysts in the San Diego area explained that the median price has jumped up because the pace of properties getting into foreclosed home list inventories has slowed down.

However, housing analysts contend that the slowdown is only temporary, as several foreclosure moratoriums were implemented in California. The latest foreclosure moratorium is the three-month notification regulation for defaulting mortgages.

Nevertheless, most large lenders in California have already earned the right not to implement the foreclosure moratorium regulation because they already have crafted loan modification schemes that passed the standards of state regulators.

State officials ruled that lenders can get exempted from the new three-month foreclosure moratorium if they have already developed and are already implementing state-approved loan modification schemes.

A lecturer at the San Diego State University explained that the gain in the median sales price and in the foreclosed home list price in June was an encouraging sign, but it is not a definite sign of approaching market recovery. He also mentioned that home purchases traditionally increase during summer because it is the time many parents move closer to their children?s schools.

In June, home sales reached 3,692 units, an increase of 14 percent compared to sales in May and an increase of 20 percent compared to sales in June last year.

Based on the same data, the median resale price in June, including median foreclosed home list price, was $350,000, an increase of 7.7 percent compared to May this year, but represented a drop of 13.6 percent compared to June last year.

The median sales price for pre-owned condo units was $210,000, marking a jump of 5.5 percent compared to May this year and represented a drop of 19 percent from the May 2008 price.

According to an economist at the National University System Institute for Policy Research, the jump in median house prices, especially foreclosed home list prices, is an indication that the market is nearing the start of its recovery. Many struggling Californians hope so.

The first seven months of this year saw a dramatic increase in the number of commercial foreclosures on REO property listings. In Denton County, commercial foreclosures jumped by 156 percent from January to July, compared with 66 for the same period the previous year.

REO property listings are swamped with foreclosed office buildings, retail centers, apartment buildings and industrial buildings. Industry experts noted that Denton County experienced tremendous foreclosure increase in four commercial property types, with some going from zero postings the previous year to a significant gain this year.

Experts noted that some commercial foreclosure postings involved small and nondescript properties that were not in prime locations. They pointed out that commercial distressed foreclosures in Denton County were not that remarkable compared to other Texas counties, including Tarrant and Dallas.

However, the pace of foreclosure in Denton is faster than the other counties, experts explained.

For the first seven months of this year, the number of commercial foreclosures on Collin County?s REO property listings rose by 76 percent. According to industry experts, both Denton County and Collin County experienced significant increases in residential and commercial real estate markets for the last 10 years. That growth, they added, made these two counties the biggest contributors in the state?s foreclosure problem.

Meanwhile, REO property listings of undeveloped land properties showed that lending institutions have become selective in their issuance of loans for new development projects. Because of this, many development projects were delayed or stopped because land owners could no longer afford to finance these projects.

Two decades ago, majority of commercial foreclosures were prime real properties. Today, industry experts noted that an increasing number of properties owned by small businesses were on REO property listings.

On the other hand, note-purchasing of commercial repo property foreclosures increased this year. Results of a market survey showed that an average buyer could purchase these commercial and residential foreclosures for about 60 centavos on the dollar.

Industry experts agree that in order to control foreclosure, there is a need to control first the rising unemployment rate, which they do not expect to happen anytime soon.

REO property listings from January to July 2009 showed 13 apartment buildings, 8 office buildings, 25 retail centers, 5 industrial buildings and 68 land properties.

Market data showed that the number of short sales on repo home listings jumped by almost 55 percent in June, from 38 percent. The figures caused alarm on some industry experts who predicted that as many as 10,000 units will soon enter the foreclosure market.

But the U.S. Foreclosure Index for the second quarter showed a drop in the number of properties on repo home listings. Foreclosures dropped 11 percent to 205,301 from the first quarter of 2009. Industry experts are not sure what triggered the nationwide foreclosure decline last month, whether it is because of the moratorium, the government bailout or the loan modification program of the Obama Administration.

But in Clark County, California, the foreclosure numbers were less upbeat as they rose to 2,686 last month compared with 2,397 in May. Last month?s figures were also below previous June?s foreclosures when 2,867 properties were on repo home listings.

Meanwhile, June preforeclosure filings, including notices of default and foreclosure auction, declined drastically to 5,443 from the peak of 8,107 the previous month. The figures were higher from the 5,103 posted the same month last year.

For the first half of this year, the total foreclosure in Clark County jumped to a whopping 23,588 from last year?s 12,800. Furthermore, preforeclosures also rose by 34.8 percent or 47,467 units from last year?s 30,922.

Meanwhile, nationwide data showed that preforeclosures dropped by 10 percent from April to June to 494,078, with Midwest showing the largest decline by 42 percent.

However, some industry experts caution against reading too much from the foreclosure declines posted in the second quarter. They said that the current trend is just a temporary lag, citing the 10,000 to 20,000 distressed properties that banks have been intentionally holding off the market. The number of REO homes in all property listings dropped from 51 percent in January to about 39 percent in June.

But what really bothers some industry experts was the increase in the number of short sale deals. Some experts find the trend disturbing considering the deteriorating employment market and poor performance of economic indicators.

They warned that the foreclosure problem is far from over as banks are expected to unload their inventory of REO properties on repo home listings.

June sales of existing and repossession properties in Las Vegas, Nevada reached 4,702, the highest since the June 2004’s 4,414, according to the Greater Las Vegas Association of Realtors.

A summary of foreclosed home search results across the country indicates that foreclosures persist in many areas because of high unemployment rates. However, some housing markets are recovering, with upticks in average sale prices and volumes of home sales.

The cry of homeowners struggling with the foreclosed home crisis has definitely touched a lot of Democratic senators as shown in their open letter addressed to U.S. Treasury Secretary Timothy Geithner.

The Boston Community Capital, a nonprofit agency targeting to build stronger neighborhoods and communities in Massachusetts, is seeking stimulus funds to help expand its assistance program for residents facing REO property listings.

Foreclosure list prices have pushed down the prices of New York City apartments, according to real estate analysts and appraisers in the city.

The Mortgage Bankers Association has lowered its previously announced home loan refinancing forecast despite expectations of increased refinancing under President Obama’s repo property prevention program.

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.