The rise in Richmond and Big Island foreclosures and distressed properties in other metro areas of Virginia was somehow expected, some analysts have opined. They stated that when the housing market crisis hit, big cities were the ones expected to be affected. However, there are also smaller rural areas and towns that experienced considerable increases in foreclosures, while others saw their housing markets slumping as various factors hammer the sector.

The oversupply of houses under foreclosure listing in Virginia was largely blamed for the economic difficulty that continues to plague the town of Culpeper. According to local economists, the area experienced massive housing growth before the crisis, with thousands of new homes being built in former farm fields. When the housing sector tanked, a lot of people, particularly at the west side of the town, lost their residential properties to foreclosure. Now, homebuilders are reporting that they hardly had any home construction activity in the region for the past seven or so years.

With foreclosure listings nationwide projected to rise again within the year, a lot of local homebuilders have changed course and are now involved in property management or have totally turned their backs on real estate. A big number though, have opted to build rental properties, with most of the stock coming from foreclosed homes being sold at discounted prices in the town.

According to real estate market observers in the region, the massive supply of properties under foreclosed bank and FHA listings has resulted in decreases in property values and increase in the number of empty houses. The worst of it was that Culpeper is heavily reliant on the real property market in terms of the direction of its economy. With most analysts expecting the housing market to take at least two years to return to pre-crisis level, economists stated that this means that the town's economy may also take that long to stabilize.

Culpeper was not the only local market in the U.S. whose economy is driven mainly by the residential property sector. With foreclosure listings nationwide up for another increase in the coming months, most people expect the whole nation's economy to continue to drag its feet forward.

Foreclosure Listings Nationwide Affects Economy is a post from: Listings Foreclosures

Relative to other major U.S. markets, Long Island foreclosure listings, foreclosed property numbers in the Hudson region and distressed home totals in most boroughs of New York City can be considered manageable. However, the rise in foreclosure numbers was also felt in the region, with a big number of state residents leaving houses vacant and apartments empty of tenants.

Aside from the growth of foreclosure listings in New York, analysts stated that overbuilding during the real estate boom was also to blame for the surge in vacant premises in the mid-Hudson region, particularly in Orange County. The increase in the number of vacation dwellings in the region of Catskills also contributed to the rise in vacancy levels since these homes are considered empty when Census counts are made. As of last year, census reports showed that the three counties have a combined vacancy rate increase of 21.4% during the past decade.

Among the three markets, Orange County was considered the area most affected by foreclosures listings and overbuilding during the pre-crisis period. The population of the county surged by 9.2% during 2000-2010, while vacant homes increased by 39% during the same period. Census data also showed that over 8% of residential properties in the area were vacant.

Although New York had some of the lowest house foreclosures by state, residential property data showed that a big percentage of the empty houses in Orange County were accounted for by foreclosed and bank owned houses. The high level of distressed properties in the region, local realtors revealed, was due to overzealous developers who, prior to the housing market crisis, thought that by building more houses, more people will move into the region and more buyers will purchase these homes.

When the crisis hit, the area was left with an oversupply of over-priced dwellings that no one is willing to buy and not a lot of people can afford, with most of these unsold properties ending at foreclosures listings. Realtors also attributed the high vacancy rates to the recession that hammered the nation around two years ago which produced a more cautious attitude among consumers.

Increased Foreclosures Listings Resulted in High Vacancy Rate in NY is a post from: Listings Foreclosures

According to Housing Opportunities Made Equal (HOME), several companies operating in the state are encouraging borrowers to take steps that can lead them to financial troubles and might even be illegal. Housing counselors have reported that the rise in the number of Big Island foreclosures and distressed properties in various areas of the state has created a market for these fraudulent companies. Around 300 state homeowners have reportedly fallen victim to these firms' practices.

Meanwhile, HOME has reportedly investigated around 60 of these businesses that are believed to be targeting homeowners whose properties are under Virginia foreclosure lists. Most of the victims, reports have revealed, are borrowers seeking loan modifications. Reports also claimed that the companies get in touch with homeowners through phone and mail. Majority of the homeowners who have reported being approached by these companies are said to have paid upfront fees in exchange for assistance in their loan modification applications.

However, these companies have failed to deliver the promised assistance, with most of their supposed customers eventually seeing their homes included in foreclosure listing. Housing counselors have warned homeowners not to entertain such companies, particularly when they ask for upfront fees even before a service is rendered. They advise borrowers to instead get in touch with a housing agency that is certified by the U.S. Department of Housing and Urban Development or HUD.

In addition, counselors have stated that companies that promise that they can definitely put a stop to foreclosures are most likely fake. They also warn homeowners with properties in pre foreclosure listings not to stop paying their mortgages if a company approaches them and asks them to give the payment to them instead. Victims of these fraudulent businesses have also reported that they were sometimes asked by such firms to provide fake information on their loan modification application documents.

With a lot of homes ending in foreclosure listing in Virginia, housing counselors asserted that it is not surprising that there are those who will take advantage of homeowners' plight. They advise borrowers to report to local authorities if they had been approached by any of these fake businesses.

Rise in Foreclosure Listing Resulted in More Fake Rescue Firms is a post from: Listings Foreclosures

For March 2011, Chicago foreclosure listings expanded further as more residences entered the foreclosure process. A total of 10,821 residential units in the metro area were under some stage of foreclosure during the month, representing a surge of 23% compared with February of this year. Statewide, month-over-month figures were also up, although March foreclosure totals were down from one year ago.

Foreclosure listings in Illinois increased in March 2011 when compared with February 2011 figures. A total of 12,053 residential units were under some form of foreclosure during the month, up by 25% from February. Among these properties, 7,428 received default notices, while 1,919 were scheduled for auction. A total of 2,706 houses, on the other hand, were repossessed by banks and were classified as bank-owned properties. When compared with March 2010, the total actually declined by 15%. However, analysts stated that this is not a sign of an improving housing market, but is more a result of delayed processing as lenders try to deal with backlogs.

According to analysts, judicial states like Illinois were affected by the processing delays more so than non-judicial regions. The best foreclosure listings in Illinois showed that 20,991 homes were issued default notices during the January-March 2011 quarter, while 4,014 residences were scheduled for auction. Meanwhile, 8,068 were taken back by lenders during the three-month period.

The huge year-over-year drop in the number of bank and VA foreclosures in Illinois and in other judicial states showed that lenders are taking their time foreclosing on properties, analysts have stated. The documentation controversy that temporarily halted foreclosure actions in the latter part of last year also led to federal investigations which, in turn, prevented foreclosure actions from getting completed. This, analysts further asserted, was the cause of the lower foreclosure numbers.

For the rest of 2011, analysts are predicting that the best foreclosure listings will rise again as lenders work through their backlogs and more distressed properties enter the market. Housing market observers are predicting that lack of homebuyers, depressed housing prices and tight lending standards will continue to hurt the residential market of the state and the whole country.

Best Foreclosure Listings in Chicago Offered More Homes in March is a post from: Listings Foreclosures

Although Las Vegas foreclosure listings and distressed property listings in other Nevada markets are showing signs of slowing down, the state still has the highest rate of foreclosure filings in the whole U.S. In February of this year, filings for foreclosed properties declined in Nevada by 22% compared with January 2011. However, this did not prevent the state from becoming the top U.S. region in terms of foreclosure filings for the 50th month in a row.

A total of 9,953 housing units entered Nevada foreclosure listings in February 2011. According to housing industry analysts, the statewide decrease in foreclosure filings was largely aided by several local markets that posted huge drops in foreclosure numbers. One example was Washoe County which posted a 28% month-over-month decline in foreclosure and repossession numbers during February. For the second month of the year, Washoe posted a total of 991 foreclosures, down from the January 2011 total of 1,379. Compared with February 2010, the drop was around 25%.

Although Nevada is still the primary option for people buying properties on foreclosed home listing, signs are emerging that the foreclosure crisis is somewhat diminishing in the region. However, improvements vary from one section of the state to another. The metro area of Las Vegas-Paradise retained its number one position among U.S. metropolitan regions in terms of foreclosure rates, with the area having one filing for every 106 housing units in February.

Foreclosed fixer upper listings and distressed housing listings in other Nevada regions also maintained high levels despite recent statewide declines. In Reno-Sparks, the foreclosure rate for February was one for every 184 residential units, ranking Reno-Sparks ninth nationwide. Analysts asserted that although Nevada is still at the center of the foreclosure crisis, numbers are demonstrating that foreclosures are easing. However, they stated that high unemployment levels are hindering the region from achieving faster recovery.

Analysts also added that fewer people are buying properties on foreclosed home listing because of tight credit conditions. They stated that more foreclosed property buyers are needed to clear out the considerable amount of distressed property supplies that the state currently has. They added that unloading these foreclosures is the only way for the region to start its climb towards recovery.

Fewer Choices for People Buying Properties on Foreclosed Home Listing is a post from: Listings Foreclosures

As foreclosure property listings in Charlotte continue to grow, prices also continue to fall. Among the 20 markets tracked by the S&P Case-Shiller Home Price Index, 11 metro areas, including Charlotte, posted their lowest index levels during the 12-month period that ended in January of this year. The report revealed that residential property prices in the region dropped by 4.8% when compared with 12 months ago.

Although foreclosure property listings in North Carolina have remained manageable when compared with hard-hit areas like Florida, Nevada and Arizona, the region was still unable to avoid the impact of the housing market crisis. In Charlotte, prices of homes also recorded a drop month-over-month, with January 2011 selling prices declining by 1.1% compared with December of last year. The metro area though, was not the only one suffering from considerable housing price declines.

With lists of foreclosures houses and distressed properties remaining high in most of the 20 biggest area markets, it is not surprising that the S&P data showed price declines in 18 of these regions. Only Washington D.C. and San Diego, California posted an increase in housing prices during the period covered by the report, with the former recording a 3.6% gain, while the latter recorded an almost statistically inconsequential price increase of 0.1%.

Home foreclosures by state figures mostly reflected the trend in housing prices as the S&P data showed that metro areas with the biggest foreclosure totals also recorded some of the biggest declines in prices over the 12-month period. Phoenix, Arizona had the worst home price performance during the period, with prices dipping by 9.1% in the region. Detroit, Michigan was ranked second with an 8.1% price decline, while Portland, Oregon came in third with a 7.8% fall in housing prices.

According to housing industry analysts, the continuous rise in lists of foreclosures houses and the consecutive months of declining prices showed that the U.S. housing industry has yet to get out of the crisis. They stated that things could get even worse in the coming months as more foreclosures are expected to enter the market.

Expanding Lists of Foreclosures Houses Continue to Depress Prices is a post from: Listings Foreclosures

Foreclosure listings in Miami and distressed property numbers in majority of Florida areas continue to depress prices and the overall housing industry. However, in areas like Naples, buyers of vacation or second homes have left the sidelines and have now entered the real estate buying market. The improvement in Naples started last year, analysts have reported, when sales of houses increased by 10%, giving the region its first sales increase in five years.

Although properties in Florida foreclosure listings still account for a huge percentage of total sales in most markets; in vacation hotspots like Naples, more expensive homes are selling faster, with median prices for houses priced at least $300,000 recording a jump of 4%, according to reports from the Naples Area Board of Realtors. Real estate agents in the region also reported that almost 50% of for-sale dwellings in the metro area are accounted for by second houses or vacation homes. The price difference between last year and the 2006 peak price period was around 25%.

Housing analysts explained that, although foreclosed home listings will continue to be top sellers in most of the state's markets for another year, areas of Florida where the affluent usually go will be the most likely to recover first. They stated that wealth usually determines the condition of the housing market and regions like Naples are where the rich usually goes for vacations.

Meanwhile, it is not only Naples' more expensive housing segment that is outpacing repo homes listings, but also most of the resort towns in the state. According to realtors, sales of existing homes in areas like West Palm Beach, Boca Raton and Jupiter have increased by 32%, while condominium sales jumped by 40% in February of this year compared with year-ago levels. Market analysts believe that part of the reason for the surge in sales in these markets is the strong performance of stocks and the decision of the administration not to implement tax hikes.

Meanwhile, others believe that the cold weather in the Midwest have encouraged a lot of vacation home hunters to seek properties in Florida. Analysts also stated that they will not be surprised if prices of houses in Florida outpace the nationwide rate in 2011 despite the huge amount of foreclosed home listings in the region.

Foreclosed Home Listings Still High, But Things Are Looking Up in FL is a post from: Listings Foreclosures

Locally, Richmond home foreclosures are in danger of rising further for the rest of 2011, just like most U.S. areas, as the region also suffers from huge numbers of underwater loans. During the October-December 2010 quarter, 11.1 million homeowners are believed to be paying a higher rate on their mortgages than the value of their residential properties. Underwater mortgages are considered factors behind foreclosures since those with negative equity or underwater loans are unlikely to be able to sell their homes, an option often considered by homeowners who are having difficulties paying their monthly mortgages.

Virginia foreclosure listings and foreclosed property listings all over the U.S. are expected to grow in 2011 as the number of properties with negative equity accounted for over 23% of total mortgaged houses during the last quarter of the previous year. Compared with the third quarter of last year, nationwide underwater loans for the fourth quarter represented an increase as July-September 2010 figures showed that more than 22% of total mortgages were underwater during that period, which was equivalent to 10.8 million residential properties.

Housing industry analysts claimed that the state most likely to experience further increases in the number of properties on foreclosure list is Nevada as the region has the highest percentage of underwater mortgage loans. Around two-thirds of residential properties in Nevada have underwater loans as of the fourth quarter of last year.

Those states that have the highest number of foreclosed and pre foreclosure listing properties also happened to be the areas with the biggest percentage of underwater loans, analysts have said. Other states in the top five were Arizona, California, Florida and Michigan, with underwater percentages in these markets hovering near the 50% mark. Meanwhile, Oklahoma posted the lowest percentage of underwater loans during the last quarter of 2010, with the area only having 5.8% of its total mortgages considered as underwater.

Despite the decline in the number of foreclosure filings in February, analysts stated that the housing market is still far from a recovery. They stated that underwater mortgages pose huge problems since they can eventually end up as properties on foreclosure list. Further rise in foreclosure numbers can bring another wave of massive home price declines, analysts have added.

Properties on Foreclosure List Expected to Rise Further is a post from: Listings Foreclosures

Houses under Phoenix foreclosure listings and distressed home listings from across Arizona accounted for 49% of the total number of residential properties sold during 2010. The state was second only to Nevada, which posted a 57% foreclosure sales last year. Despite the high number of foreclosed property sales, local housing industry analysts are seeing some positive signs for Arizona as the figure declined from the 2009 peak of 54%.

The fourth quarter of 2010 contributed to the almost 50% foreclosure sales of the state for the full year as Arizona foreclosures listings accounted for 59% of all residential purchase transactions completed during October-December 2010. The figure represented an increase from the 2010 third quarter, when 54% of total home sales were attributed to foreclosures. Nationwide, the percentage has declined from the previous year, but remained higher than 2008 levels.

Residential properties at foreclosure homes list got 26% of total U.S. housing sales last year, down from the 2009 level of 29%. However, it was still much higher than the 23% recorded in 2008. A total of 831,574 REO and foreclosed properties were sold in the U.S. during the full 2010 period.

The volume of properties under list of bank foreclosures that were sold last year represented a decline of 31% when compared with 2009. Although the percentage of distressed property sales for last year was higher than the percentage recorded in 2008, the 2010 sales volume still represented a decrease of 14% from two years ago. The impact of distressed properties on non-foreclosed home sales remained significant though, as non-foreclosure sales dropped last year by 19% when compared with 2009 and posted a decline of 27% compared with 2008.

Real estate analysts stated that properties in foreclosure homes list will continue to impact the non-foreclosed housing market and it will take some time for the inventory to ease down. Prices of homes are expected to remain low in 2011, mainly because of foreclosure oversupply.

Foreclosure Homes List Accounts for Almost Half of Arizona Sales is a post from: Listings Foreclosures

Sacramento foreclosed homes listing and distressed property listings in most areas of California continue to account for a large percentage of the state's home sales, resulting in lower dollar sales equivalent. However, some markets like Orange County posted higher luxury home sales last year despite tough competition from low-priced dwellings. The county reported a 25.7% sales increase of million-dollar houses in 2010, although overall housing unit sales in the region declined from 2009 levels.

The percentage of home sales accounted for by California foreclosed homes listing properties has been increasing in the past few years. However, Orange County did well last year by selling over 3,000 houses that are worth at least $1 million. The figure was the highest total recorded for the segment in the past three years and also the first time in a five-year period that houses within this price range recorded a sales increase.

For the whole state, properties under foreclosed home listings still accounted for a huge percentage of total residential property sales, but more expensive homes seemed to be making a comeback. Statewide statistics showed that 22,529 dwellings priced at least at $1 million got sold in 2010 in California, with some selling for as high as $50 million.

The figure for luxury home sales in 2010 represented a 21% increase from the previous period and was the highest recorded in the state since 2008. The peak of million-dollar home sales in California was in 2005, when over 54,700 of such units were sold. Although low-priced properties like those in fixer upper listings still sold at high numbers last year, the luxury home market did gain some ground over such properties.

Analysts stated that the rise in sales of multimillion dollar houses does not mean that homebuyers will be turning their backs on foreclosed home listings. They stated that foreclosures will continue to account for a big part of total housing unit sales in the region in the next few years.

Expensive Homes Gained Ground Over Foreclosed Home Listings is a post from: Listings Foreclosures