Anniston Housing

Foreclosure Forecast To Top 3 Million Homes

Destin, FL (PRWEB) June 4, 2007

More than 3 million homes will be foreclosed in the U.S. through 2009, accounting for the highest number of foreclosures since the U.S. Savings and Loan Fraud scandal, according to a new forecast by Housing Predictor.

The forecast is based on an analysis of the nation’s largest 100 metropolitan real estate markets by researchers and journalists conducted over the last month. Housing Predictor forecasts more than 250 local housing markets futures in all 50 U.S. states and since it’s inception the web site has maintained more than an 85% accuracy rating.

Housing Predictor details the foreclosure crisis in America, and reports about just how the sub-prime loan crisis is spreading into the conventional mortgage market. Foreclosures are at record levels in Michigan, Ohio, Minnesota, Nevada and Colorado. Other states that are experiencing the highest number of foreclosures include California, Alabama, Indiana, and Mississippi.

The forecast comes on the heels of the Center for Responsible Lending’s estimate that 2.2 million residences will be foreclosed over the same period as a result of fall out in the wake of the nation’s sub-prime lending crisis.

The fall out from the sub-prime meltdown, however, has not extended into all of the nation’s housing markets on a widespread scale, researchers found. Eighteen states local real estate markets are appreciating and an additional 10 states housing markets are showing signs of stabilizing. The near record level of foreclosures are occurring as a result of increases in adjustable rate mortgages, and unethical lending practices on the part of some mortgage borrowers and lenders.

Researchers determined that the highest number of foreclosures are occurring in mortgages made to sub-prime borrowers, who obtained mortgages at higher interest rates as a result of poor credit histories and in two other areas of home lending. A break down is included in the Housing Predictor report.

Energized by low interest rates and loose lending standards, the nation’s housing market appreciated at record levels in many markets for nearly five years only to come to a slow down in some areas.

Mortgages made to first time investors are also experiencing a high rate of foreclosures. In March the U.S. Commerce Department said that vacant privately owned homes had reached their highest peak in the nation’s history. Many home buyers purchased properties in hopes of making a quick profit by selling the property to a new buyer before the market reached it’s peak, and are now unable to rent or sell their properties.

To see the full report on the Foreclosure Crisis and check on your housing market forecast visit http://www.HousingPredictor.com

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©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Related Alabama House Press Releases

RE/MAX Regions add RealtyTrac Foreclosure Search to Their Real Estate Web Sites

Chicago, IL (PRWEB) May 1, 2008

RE/MAX real estate web sites across the country have added a foreclosed home search to their web sites. It can be found on the following RE/MAX real estate sites: Northern Illinois, New Jersey, Kansas, Missouri, Oklahoma, Arkansas, Alabama, Louisiana, Mississippi and Michigan.

The respective RE/MAX Web sites for these states are:

Northern Illionois RE/MAX
New Jersey RE/MAX remax-nj.com
Kansas and Missouri RE/MAX remax-midstates.com
Oklahoma RE/MAX remax-oklahoma.com
Arkansas RE/MAX remax-arkansas.com
Alabama RE/MAX remax-alabama.com
Louisiana RE/MAX remax-louisiana.com
Mississippi RE/MAX remax-mississippi.com
Michigan REMAX remax-michigan.com.

The same search feature is also available through individual agent Web sites in these Regions.

This new feature is the result of a strategic partnership between RealtyTrac (realtytrac.com), the national leading source of foreclosure data; Reliance Network, a leading developer of Web-based applications for real estate companies and four independently owned RE/MAX Regions.

In 2007, more than 2.2 million foreclosure filings – default notices, auction sale notices and bank repossessions – were reported on more than 1.2 million properties nationwide. This represents a 75 percent increase in total filings from 2006. The number of foreclosures continues to increase significantly in 2008 as millions of adjustable rate mortgages with teaser rates are reset.

RealtyTrac’s foreclosure data has been added to the comprehensive property search feature on the RE/MAX Web sites so that consumers can access pre-foreclosure and foreclosure properties (including auctions and bank owned) in the same Web site as MLS listings, recently sold properties and neighborhood valuation tools — thus providing a true 360-degree view of the market.

RE/MAX has a strong commitment to facilitating the interaction between RE/MAX agents and the public. Offering state-of-the-art technology and integrating it with all of the data consumers want to see, enhances the real estate process.

“This is an exciting partnership,” said Rick Sharga, vice president of marketing at RealtyTrac. “This new search application will pull real-time data directly from our nationwide foreclosure database and provide consumers with a method to access distressed properties.”

“We are always looking to enhance our product service offering to our client’s customers,” added Mike Soroker, CEO, Reliance Network.

About RE/MAX

RE/MAX Northern Illinois, RE/MAX of New Jersey, RE/MAX Mid-States/Dixie and RE/MAX of Michigan are independently owned and operated regions of the global RE/MAX International real estate network, which consists of 7,000 independently owned offices and 100,000 Affiliated members in 65 different countries. RE/MAX Affiliates lead the industry in professional designations, experience, production, service and technical innovation while providing real estate services in residential, commercial, referral, relocation, and asset management to their clients. No one sells more real estate than RE/MAX.

About Reliance Network

Headquartered in Holland, Pennsylvania, and its Operation Center in Bellevue, Washington, Reliance Network, LLC is the leading provider of Web-based applications for real estate professionals throughout the U.S. Internet applications include company Intranets and client portal Extranets, along with full marketing-oriented completely customizable Agent Web sites with integrated property search. Their property search work encompasses complete IDX and VOW integrated solutions that allow Agents and Brokers to generate and manage leads online from all listings in their respective area of specialty. Its highly effective and continually advancing Lead Generation suite of applications maximizes the overall reach of user’s Web system, while delivering relative and targeted traffic efficiently. For more information about Reliance Network services and products, please visit reliancenetwork.com.

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (http://www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit http://www.realtytrac.com.

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©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Chinese Drywall Complaint Center Says If Any Home Buyer In Florida Bought A Toxic Chinese Drywall Foreclosure Or Short Sale After February 2009 Without Disclosure Call Us

(Vocus/PRWEB) December 28, 2010

The Chinese Drywall Complaint Center is going after any bank who sold a home foreclosure, or any short sale seller, who failed to disclose the home contained toxic Chinese drywall to an unsuspecting purchaser, anytime after February 2009. In addition the group is targeting Florida real estate flippers doing the same thing, in an attempt to make a quick buck. The group says, “the gloves are coming off on this one, and we will do everything possible to help victims of dumping toxic Chinese drywall homes on unsuspecting buyers. We believe there are 1000′s of victims, and we say this nonsense must stop-now.” They are also saying, “we believe any bank selling a toxic Chinese drywall home foreclosure in Florida, Alabama, Mississippi, Louisiana, Virginia, or Southeast Texas-as is—no mention of toxic Chinese drywall is going to end up paying through the nose for their irresponsibility, and reckless disregard for completely innocent homeowners, and the families.” The Chinese Drywall Complaint Center wants to hear from any new homeowner in Florida, who purchased anytime after February 2009, only later to discover the home, or condominium contained toxic Chinese drywall. For more information please contact the Chinese Drywall Complaint Center anytime at 866-714-6466, or contact the group via its web site at http://ChineseDrywallComplaintCenter.Com

The Chinese Drywall Complaint Center says, “if you Google, Bing, or Yahoo search, Knauf Tianjin Chinese Drywall Florida, Alabama, Mississippi, Louisiana, or Texas, we dominate all the landing pages, we have the same intent for Taishan Chinese drywall-formerly called Shandong Taihe Dongxin. We need to get these homeowners identified now.”The group says, “we think repeated AC coil failures, combined with severe health symptoms are the best indicators, in Florida, Alabama, Mississippi, Louisiana, Virginia, or Southeast Texas. Our biggest problem is getting the word out-especially in subdivisions. If you have these symptoms, just call us at 866-714-6466, and we will walk you, and hopefully your neighbors through a very simple self examination.” http://ChineseDrywallComplaintCenter.Com

(United States District Court-Eastern District of Louisiana MDL Case #2047).

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©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Mortgage registry comes under fire in foreclosure crisis
Critics say system is supplanting role of public offices

Read more on Contra Costa Times

Parliament House faces foreclosure
Lenders have taken the initial steps to foreclose on Parliament House. Orlando’s oldest gay entertainment club, the Parliament House, faces foreclosure and is headed into receivership, according to court filings.

Read more on Orlando Sentinel

Atlanta Homebuyers Spend $5.9 Million at REDC Foreclosure Auction Saturday On Day 1 of Huge 4-Day, 6-City Auction …
Atlanta homebuyers have spent nearly $70 million on local area foreclosures this year at REDC auctions.

Read more on PRWeb via Yahoo! News

Foreclosure sales for July 19-23, 2010
The Volusia County Clerk of Court conducts foreclosure sales at 11 a.m. in conference room D-251 of the Courthouse at 101 N. Alabama Ave., DeLand. The Flagler County Clerk of Court conducts foreclosure sales at 11 a.m. in the…

Read more on Daytona Beach News-Journal

Redemption rights in foreclosure actually only come after the homeowner’s property is lost through a foreclosure sale or action. Once the home has been lost, some states allow the homeowner the right to “reclaim” his home for varying periods.

Because of the power the banks have for foreclosing, some states decided that that homeowners should likewise have the right to reclaim their home if their personal circumstances turnaround within a given time period. The homeowner will have to petition the court for a hearing to get his home back and show “proof of funds” that he is able to repurchase his home for what is owed plus all the associated costs of the foreclosure.

Proof of funds can are either cash in the bank or a pre-approved letter from another lender that is willing to fund his buying back his home. The new lender does not have to be a bank but can be a “hard money lender” who will charge the homeowner a much higher interest rate and closing points and will only carry the loan for usually one year. These hard money lenders are called “predatory lenders” in the industry because they are looking to loan amounts that can easily be gotten back if the property is foreclosed on and sold at auction.

The homeowner who lives in one of the states that has long redemption periods, can solicit local hard money lenders or real estate investors to exercise his redemptive right if there is equity in the home that can be retrieved by fixing the property and selling it in the retail market. These are called Equity Agreements and are common in the real estate business. Equity Agreements stipulate who gets how much of the proceeds from the sale, who pays what expenses and who will be dong the work. Remember, if it isn’t in writing in the Agreement, it isn’t going to happen. If you have a question, ask an attorney before you sign anything.

Here are the states that have no redemption period: Arizona, Connecticut, Delaware, Hawaii, Illinois, Iowa, Louisiana, Massachusetts, Mississippi, Montana, New Hampshire, New York, Oklahoma, Pennsylvania, South Carolina, and Texas. While these sates have no redemption privileges, it is possible to bring legal action against the bank with regard to deficiencies in the proceeding and mortgage irregularities.

States that have one year redemptive rights include: Alabama, Idaho (either 6 or 12 months), Kansas, Kentucky, Maine, North Dakota (6 or 12 months), and Wisconsin (possibly to 12 months).

The other states vary greatly because of specific terms in the mortgage or deed of trust contracts but range from 10 days to 240 days. It is imperative that you consult with someone who is familiar with your local foreclosure laws because they vary greatly from state to state, and the sale or auction practices vary from county to county.

Foreclosure law varies from state to state with regards to the exact process that must be followed in order for a bank or lender to foreclose on your home. Knowing the foreclosure law in your state can help you negotiate with your lender and perhaps avoid foreclosure altogether.

One of the largest differences in foreclosure law is whether a state uses mortgages or deeds of trust for real estate. “Deed of trust” is a term that’s not heard as often as mortgage, but in essence, they have the same function – they protect the lender from default on a loan that is secured by real estate. The major difference is in the process the lender must use to obtain the right to recover your property and sell it.

When you sign a mortgage agreement with a lending institution, you retain the deed to the property, and have full legal title to it – but you allow the lender to place a ‘lien’ on it. If you do not make the payments on the loan as agreed upon, the lender can foreclose on the property.

In some states, a deed of trust takes the place of a mortgage. With a deed of trust, you give the deed to the land or property to the lender, but the lender can only use or sell the property if you default on the loan.

In states that use mortgages, foreclosure law makes foreclosure a judicial procedure. A lender must prove to the court that the borrower has defaulted on the loan, and that they, the lender, have made appropriate attempts to resolve the default with the homeowner. There is a definite sequence of events that must be followed as prescribed in the foreclosure law, and knowing that sequence in your state can help you understand your options in terms of resolving the issue before it goes before a judge.

In states that use a deed of trust rather than a mortgage, the lender must go through certain steps of notification as required by foreclosure law in that state, but does not need judicial permission to proceed with a sale or foreclosure on the property to which they hold a deed in trust.

States whose foreclosure law requires judicial action include: Alabama, Arizona, Arkansas, Connecticut, Delaware, Florida, Montana, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Pennsylvania, South Carolina, South Dakota, Vermont, Washington and Wisconsin.

Redemption rights in foreclosure actually only come after the homeowner’s property is lost through judicial sale or foreclosure. The owner can redeem by paying the lender the outstanding principal and interest due, plus the lender’s costs in foreclosure. Once the home has been lost, some states allow the homeowner the right to “reclaim” his home for varying periods.

Because of the power the banks have for foreclosing, some states decided that that homeowners should likewise have the right to reclaim their home if their personal circumstances turnaround within a given time period. The homeowner will have to petition the court for a hearing to get his home back and show “proof of funds” that he is able to repurchase his home for what is owed plus all the associated costs of the foreclosure.

Proof of funds can either be cash in the bank or a pre-approved letter from another lender that is willing to fund his purchase. The new lender does not have to be a bank, but can be a “hard money lender” who will charge the homeowner a much higher interest rate and closing points and will only carry the loan for year or so.

These hard money lenders are sometimes called “predatory lenders”. The amount they will lend is based on the “quick sale” value of the property. That gives them an equity cushion in case they are forced to again foreclosure upon the property to recoup their loan money.

The homeowner who lives in one of the states that has long redemption periods, can solicit local hard money lenders or real estate investors to exercise his redemptive right if there is equity in the home that can be retrieved by fixing the property and selling it in the retail market.

These are called Equity Agreements and are common in the real estate business. Equity Agreements stipulate who gets how much of the proceeds from the sale, who pays what expenses and who will be dong the work. Remember, if it isn’t in writing in the Agreement, it isn’t going to happen. If you have a question, ask an attorney before you sign anything.

Here are the states that have no redemption period: Arizona, Connecticut, Delaware, Hawaii, Illinois, Iowa, Louisiana, Massachusetts, Mississippi, Montana, New Hampshire, New York, Oklahoma, Pennsylvania, South Carolina, and Texas. While these sates have no redemption privileges, it is possible to bring legal action against the bank with regard to deficiencies in the foreclosure proceeding or mortgage irregularities. This is seldom worth the effort.

States that have one year redemptive rights include: Alabama, Idaho (either 6 or 12 months), Kansas, Kentucky, Maine, North Dakota (6 or 12 months), and Wisconsin (possibly to 12 months).

The other states vary greatly because of specific terms in the mortgage or deed of trust contracts but range from 10 days to 240 days. It is imperative that become familiar with your local foreclosure laws because they vary greatly from state to state, and the sale or auction practices vary from county to county.

Tags: Explained, Foreclosure, Redemption, rights
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