Foreclosed Properties Data Articles

Cheap home foreclosures in Marion County, Florida have been attracting buyers, according to an online real estate research company and the Marion County Association of Realtors.

The average home price in Marion has fallen in September to $128,304, a decrease from $138,086 in August. The median home sales price dropped by 27 percent from September last year to $98,677 this year.

Because of the increasing level of home affordability, home sales have been rising in Marion. Over the past 4 months, the number of houses sold averaged 310 units, a sharp increase of 34 percent compared to the same period last year.

Bert Meadows, head of the realtor association, said that people who are still waiting for home prices to go down may be waiting too long. They may be missing great opportunities to buy at great prices. He also reiterated that bargains are not available forever.

Meadows also explained that the major factor for the price declines is the still high number of cheap home foreclosures entering the Marion market. In September, a total of 731 foreclosures were posted, an increase from 886 in August. Over the last 12 months, the highest number occurred in April, when 1,019 were filed.

Throughout Marion County, there are currently 4,758 residential units in foreclosure, with most of them in Ocala. Ocala has been battered most among Marion areas, with a foreclosure rate of one in 176 homes. Based on sales data, the average home sales price in Ocala in September was $98,168.

Additionally, Meadows explained that more and more local banks have been welcoming back home loan applications and re-examining their restrictions. While other banks still reject a lot of refinancing and purchase applications, these smaller banks are now willing to review qualified applications.

Credit scores have been a problem for many because of the downturn, but local banks have been looking at other factors to evaluate eligibility for home loans. According to Bert Meadows, loan refinancing accounted for majority of mortgage applications in September.

Based on data from the Mortgage Bankers Association, more than 67 percent of all home loan applications in the week ended October 9 were home refinance applications. This share marked an increase from 66.3 percent in the previous week.

But according to analysts, many refinancing applications from distressed homeowners are not approved because of financial difficulties, ultimately leading to the entry of more cheap home foreclosures into the market.

Cheap foreclosed homes are in abundance in Detroit for investors who have cash. Because of the extremely low price levels of houses for sale in some parts of the city, sellers have been favoring cash bids.

Besides, banks have been rejecting loan applications with amounts lower than $35,000. Having been burned by speculators in the past, banks now are very selective in the kinds of home loans they are providing, tightening the credit environment and making cash-low investors or home buyers unable to buy bargain-priced properties.

According to realtors in Detroit, the image of the city is now changing from its identity as Motown and Red Wings, from its rank as the fifth largest city in the U.S. and from its position as a major U.S. manufacturing hub to an image of bargain-priced foreclosed homes.

Now, the news is full of stories of Detroit homes being sold at $6,900. Realtors in the city talk about getting calls from other countries asking about cheap foreclosed homes.

But in addition to the cash requirement, investors planning to buy bargain houses in Detroit need to be prepared about repair costs. Despite the cheap home prices, opportunities for flipping in the city no longer abound. In comparison to other cities with cheap foreclosures such as Las Vegas, Detroit has a lesser chance of price appreciation in the near future, so flipping is no longer an investment option. The city has dropped sharply from its ranking as fifth largest in the country to eleventh.

The investment strategy of buying, fixing and renting out a home is now what is viable in Detroit’s real estate sector. Buyers need to be prepared to spend at least $15,000 for repairs, in addition to closing costs.

Smart buyers need to bring a contractor with them when inspecting cheap foreclosed properties in Detroit. They need to be able to obtain an accurate assessment of repairs to be done and the total costs of repairs, so they would know the overall amount of money they are going to invest in a certain property.

Out-of-state buyers also need to contact reputable agents and rental managers and talk with nonprofit redevelopment agencies in Detroit so they can avoid investment mistakes that could burn them.

Additionally, prospective investors are also advised to drive around Detroit neighborhoods to look at areas that have positive prospects for redevelopment. Cheap foreclosed homes near hospitals, universities or commercial areas have better prospects for higher rentals.

The pace of foreclosed property listing in the Seattle metro area grew in September, compared to the previous month, based on a foreclosure report released by an online real estate research firm. The month-over-month increase bucked the national trend of decrease from August.

The pace of foreclosure in the metro Seattle-Tacoma area grew in September by 37 percent compared to September last year and by 6.5 percent compared to August.

The rate of increase in foreclosure filings in September, which included default notices, foreclosure notices and bank repossessions, were higher than the 29-percent nationwide rate. In September, the national rate dropped by four percent from August.

In the July to September quarter, foreclosure postings throughout the Seattle metro area increased by nearly 38 percent compared to the third quarter in 2008, but dropped by more than 11 percent compared to the second quarter this year.

Among the 203 largest metro areas in the U.S., the Seattle metro ranked 95th based on the July to September foreclosure rate and was 136th in foreclosure rate in September. The researchers surveyed the country’s metro areas with populations of 200,000 and above.

Nationwide, the pace of foreclosed property listing in the third quarter rose by 23 percent from the same quarter in 2008 and five percent from the April to June quarter.

Statewide, one out of every 264 houses received a default or foreclosure notice in the third quarter, putting Washington 23rd among states ranked by foreclosure rates. Its rate increased by 33 percent compared to last year, but dropped by more than 7.3 percent compared to the April to June quarter.

Again, Nevada topped the chart in statewide foreclosure rates, with one out of every 23 houses hit with a default or foreclosure filing. The rate marked a jump of 59 percent from 2008 and 10 percent compared to the previous quarter.

In a separate report released by another real estate research firm, the pace of foreclosure in Seattle also increased in August this year compared to August in 2008. In the metro area covered by Seattle, Everett and Bellevue, 1.68 percent of homes bought with loans have gone into foreclosure in August, much higher than the 0.58 level in August last year.

The firm also found that mortgage defaults increased to 4.41 percent of all mortgage loans in Seattle, further increasing the pace of foreclosed property listing in the area.

Foreclosed properties for sale have been pulling down the prices of second homes in vacation destinations which were out of reach for many over the past years.

People can buy foreclosed properties for sale in Southern California and make profits when home prices return to their normal levels. Prices for homes and condo units continue to fall in most areas of the region.

Finding foreclosure properties in Arizona is never too hard as the state has one of the highest foreclosure rates in the country. Many first-time buyers flocked to the state but they seek properties in the low-end price spectrum.

Prospective homebuyers can do their share in helping reduce the number of foreclosed home sale and revive the housing market. Through the help of Neighborhood Stabilization Program (NSP), people can purchase and renovate a vacant or repossessed home and turn them into houses of their dream.

Ohio House lawmaker Matthew Dolan has proposed a bill that would bring relief to homeowners who are at risk of home foreclosures. With the bill on foreclosure moratorium pending on the Ohio Senate, Dolan is hoping that his bill would provide an alternative approach to foreclosure moratorium and would gain bipartisan support.

House Financial Services Committee Chairman Barney Frank is planning to introduce a bill that would provide rescue funds amounting to $2 billion to help the growing number of unemployed workers who are facing foreclosed property sale.

One of the major retirement community developers in the country is seeking cash infusion to avoid turning the chain into property for sale.