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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.

In Collinsville, community service officers find it time consuming keeping track of abandoned and vacant properties and their unkept yards. Since last year, vacant properties with foreclosure notices are becoming a common sight around the city.

Community service officer Sheri Verstraete said that many homeowners just abandoned their homes. However, she pointed out that it is still the homeowners? responsibility to maintain their properties despite leaving it due to foreclosures.

So far, Madison County experienced a drop in bank owned homes foreclosures in 2009. But many cities have reported an increase in the number of vacant and unsightly houses once warmer weather starts to set in, causing a drain on taxpayers? money and manpower.

Madison Mayor John Hamm said that some families just walk away from their foreclosed homes, adding that the city could not attempt to clean the vacant properties until a hearing officer or judge says so.

In Granite City, officials have hired an outside firm to spray bank owned homes foreclosures for bugs, cut grass and remove trash.

Meanwhile, officials in Caseyville decided to close off the 500-acre Forest Lake subdivision after only one unit was sold. The subdivision became a haven for theft, dumping and graffiti. According to Caseyville Trustee Kerry Davis, Forest Lake will remain closed and locked until such time that sales in the subdivision pick up.

On the other hand, Mitch Blair, Collinsville assistant community development director, said that municipalities are attempting and trying various strategies to address the problems brought about by the increase in the number of abandoned and vacant houses. He added that municipalities have decided to become proactive in handling foreclosure-related issues.

Some municipalities use files by St. Clair County to keep track of foreclosure properties. The courthouse helps municipalities track down who were the last taxpayers, lenders or mortgage holders. Once they have established the persons or entities responsible for the foreclosure homes, they will contact them to do some work on the said properties within 7 to 10 days. If nothing will be done, the municipalities will file a lien.

The lien will ensure that once bank owned homes foreclosures were sold, the municipalities will be able to recover the funds they spent for maintaining and taking care of the yards of foreclosed properties.

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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.

In Brown County, majority of mortgage loans were owned by investors since last year, with the trusts managed by major banks. The most number of bank foreclosure property is reported by Wells Fargo Bank.

According to data released by Green Bay Press-Gazette Review, 69 out of the total 498 foreclosure homes in 2008 were made by Wells Fargo. The national bank is followed by Deutsche Bank in terms of the most number of foreclosure properties, reporting 38 houses and 33 for US Bank.

However, industry experts pointed out that most likely, these banks did not initiate many loans that were foreclosed. For example, Deutsche Bank did not sign any mortgage documents with homebuyers who reside in Green Bay. The bank most likely held the loans as part of investors? trusts.

In the case of Wells Fargo, the bank did not also issue loans but held them in trusts for investors. This means that the bank legally hold the loans but did not underwrite or initiate them. This is because most major banks are in the trust business and not lending.

Jason Wenke of Wells Fargo said that its bank foreclosure property rate is about 1.77 percent of mortgage loans which is lower compared to the 2.3 percent national average.

Meanwhile, research data showed that community banks in Wisconsin only have a handful of bank foreclosure property. Furthermore, Community Bankers of Wisconsin said that 280 community banks in the state reported combined 5.3 percent foreclosures last year. Denmark State Bank and Nicolet Bank each had 5 repossessions in 2008, 7 for Associated Bank and four for Baylake Bank.

Community Bankers of Wisconsin Chief Executive Officer Daryll Lund said that the low number of foreclosure properties on community banks? inventory only showed that they have developed a good working relationship with their customers.

On the other hand, out-of-state bankers accounted for about 63.2 percent of the total bank foreclosure property in the state.

Foreclosure filings in Wells Fargo took a share of 10.7 percent, 9.9 percent in US Bank, 8.2 percent in Deutsche Bank, 7.3 percent in Countrywide and 5.4 percent in JP Morgan Chase Bank.

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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.

The number of foreclosure homes sold through auctions in May increased to 2,180, an increase of 29 percent from April sales, but represented a drop of 39 percent compared to May 2008.

Housing analysts said the level of foreclosed home list sales is extremely low compared to numbers representing mortgages in default, houses with negative equity and properties already in foreclosure.

Because of the decrease in foreclosed home list units as seen in recent monthly year-over-year comparisons, some people in the housing industry believe that more mortgage lenders are participating in the Obama administration’s Making Home Affordable program.

While many homeowners complain that banks are not addressing their mediation requests and not modifying their loans, analysts cite data as evidence of the willingness of some lenders to work out affordable repayment schemes.

Nevertheless, since market data indicated that large numbers of trustee sale notices were posted in May, more foreclosed home list properties are expected to be auctioned off. In May, a total of 41,959 trustee sale notices were filed.

Another foreclosure study also reported that there were 10,784 home loan default notices, trustee sale notices and foreclosure notices filed in May, representing an increase of 17 percent from foreclosure filings in May 2008. Although the figure indicated a slight drop from filings in April, the May data included a large share of units which are already in bank-owned foreclosure inventories.

The Riverside-Bernardino metro area, which had one foreclosure filing for every 75 housing units, was also fourth in the nation in metro foreclosure rates.

Compared to other counties in California, Riverside County had the fourth highest ratio of foreclosed home sale per capita in May. According to foreclosure sales data, one foreclosed home for every 958 residents in Riverside was sold.

It was Merced County which topped the ratio chart, with one foreclosed home list unit sold for every 773 residents. Second and third in the chart were Stanislaus County, where one unit was sold for every 857 residents, and Yuba County, where one unit was sold for every 877 residents. The county with the lowest ratio was San Joaquin County, with one foreclosed home list unit sale for every 989 residents.

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Prudential Prime Properties Wolfson Cutler, a real estate agency based in Medford, Oregon, has recently been approved to sell repo houses for sale owned by the department of Housing and Urban Development.

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The country is being hit by a third ware of foreclosure homes, caused by job losses and lack of overtime work, according to economists working with Moody’s Economy.com. They said the first wave of foreclosure homes was caused by the subprime lending collapse and the drastic fall in home prices while the second wave was caused by the adjustment of mortgage rates and the consequent rise in monthly mortgage payments.

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More and more renters and younger first-time homebuyers are doing foreclosed home search for their home purchases. There are also more of them who prefer buying foreclosed homes than older homebuyers or current homeowners, based on a study released by RealtyTrac and Trulia.com.

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Potential homebuyers seeking low-priced foreclose homes for sale flocked to Las Vegas, Nevada where they try to have a part of the over 1 million properties in the city’s foreclosure inventory. In 2008, foreclosed properties in the city reportedly peak over 1 million and the figures are expected to reach 1.2 million in 2009.

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Housing starts climbed by 2 percent to a yearly pace of 520,000 in April despite a 32-percent rise in number of houses at risk of becoming forclosure properties, according to a survey of economists by Bloomberg News.
In April, RealtyTrac’s report showed that over 342,000 houses were hit with default notices, auction sale notices and foreclosure [...]

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The latest resolution of the Treasury Department regarding the housing crisis is believed to be more of a short-term relief rather than a permanent solution. Economists argue that reducing interest rate to 4.5 percent is not enough to improve home sales and decrease foreclosure incidences. Even worse, the proposition could cost $25 billion dollars yearly.

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Since decreasing mortgage duties, approving incentive packages, purchasing toxic loan-supported securities and restricting foreclosure have not been effective in evening out the housing markets, a new intervention is in need.
Fractional homeownership works the same way as having a business partner or an investor. The homebuyer now does not have to pay for the heavy [...]

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