AmericanForeclosures.com

August 31, 2009

Why is the Rate of Foreclosures so High in Some states like Florida, California, Nevada, and Arizona and not others?

Filed under: Uncategorized — americanforeclosures @ 1:08 pm

This has been a question on my mind and others for quite some time. Why exactly is the foreclosure rate so high for some states and not others? There are certain observations that we can make to help us reach some answers. First let’s look at infrastructure.  Many towns in Florida simply weren’t built for getting high paying jobs, just the sunshine was marketed. Leaving room for jobs is important when planning a city and going on without it is a disaster waiting to happen. People in California will pay a ridiculous amount per square foot for a condo or house that isn’t really worth that much. The jobs that they get aren’t nearly paying enough for this extra cost and that combined with other un-factored costs of living leave people stranded and facing foreclosure.  Let’s also not forget about Real Estate investors. Buyers were looking to invest in houses in these states. Then all of a sudden, the housing market bubble burst and home prices dropped dramatically, leaving them no chance for profit and facing foreclosure on the properties.  People put too much money into these states based on artificially inflated prices and “fun in the sun” when there really was no good market to begin with.

August 20, 2009

NJLispendens Announces June 2009 Pre-foreclosure Records

Filed under: Uncategorized — americanforeclosures @ 1:20 pm

Bergenfield, NJ January August 20th, 2009 – NJLispendens, http://www.njlispendens.com is releasing pre-foreclosure listing information to the public for the month of June.  NJLispendens offers detailed pre-foreclosure information updated daily, allowing real estate investors, lenders, and Realtors to locate recently filed foreclosure actions as they are recorded in the courts.  NJLispendens is reporting an increase in pre-foreclosure listings from May 2009 to June 2009.
The records show that in May 2009 there were 4,996 foreclosure actions started.  In June, there were 5,450 foreclosure actions started. NJLispendens attributes the increase to more lenders continuing stalled foreclosure actions and a backlog of records in the courts because of the large volume of foreclosures.
President Obama has assertively dealt out plans to stop new foreclosures and reduce pending foreclosures since his inauguration on January 20th, and we had seen some lenders respond by imposing moratoriums of varying lengths.  The massive number of initial foreclosure actions filed has backlogged the recording process creating a jam in the release of lis pendens notices.  Mortgage default filings have been increasing each month in proportion with unemployment figures.
The Stabilization and Relief Act which was meant to slow down the pace of foreclosures has worked temporarily, but is not a long term solution to the high rate at which defaults are occurring.  NJLisPendens is expecting an increase in mortgage defaults in New Jersey over the next few months as more borrowers default on their loans and as aged filings make their way through the court’s recording process.

For additional information about pre-foreclosure records in NJLispendens, contact Joseph Fanning at jfanning@americanforeclosures.com or visit http://www.njlispendens.com.
NJLispendens.com is a product of American Foreclosures, Inc.  Created in 1999, http://www.NJLisPendens.com  answers an increasing need for real estate professionals, real estate investors, and home buyers to locate current, dependable, and inexpensive leads with the ease of access that the internet provides.

August 11, 2009

Unemployment Rate Drops in July 2009: Foreclosures Continue

Filed under: Uncategorized — americanforeclosures @ 5:05 pm

us-bureau-of-labor-statisticsUnemployment in July dropped from 9.5 percent in June to 9.4 percent for the month of July.  Does this mean that Obama’s stimulus packages and new legislation is working? The answer is not necessarily. What we do know is that the administration will spin it that way. A drop in unemployment of such a tiny percentage can mean that people simply stopped searching for a job. Remember that the unemployment rate encompasses people who are searching for a job, not those who gave up. The good news is that it seems that our out of control recession  isn’ so chaotic anymore. Asian markets  are also seeing signs of recovery and it seems we’ve reach the trough in the wave.  I still don’t think housing prices will climb at a rapid pace as we have yet to see how fast America will recover.  Foreclosures continue to occur at high rates and will so for a while to come.

August 5, 2009

30-Year Fixed Mortgage Rates Drop

mortage interest rates downThe Demand for U.S. home loans rose last week as a cry off in 30-year fixed mortgage rates to a three-week low boosted applications for refinancing, the Mortgage Bankers Association said on Wednesday.  The average mortgage rate fell to 5.17 percent in the last week of July. This is boosting homeowner sales and refinancing.  Mortgage rates were as low as 4.61 in March and the REFI gauge is still below 6,000 where is was in March. The decrease in mortgages rates has caused it to go up recently.  Despite purchase home requests being slightly up, most experts are still predicting that a speedy recovery to the worst housing market since the great depression is not at all likely. There is still hope though as new and used home sales have risen due to lower housing prices, good mortgage finance rates, and the first time home buyer  tax rebate. The unemployment rate is still on the rise at almost 10 percent (and over in certain states). This is keeping many potential home buyers playing it safe and not buying homes.  We will have to see what lies ahead and what new laws and regulations will take place to see when our devastated economy will recover.

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