Foreclosed Multifamily and Single Family Homes for Sale Hurt Renters

The number of distressed multifamily and single family homes for sale continues to rise in most areas of Wisconsin. With the foreclosure crisis weighing down the state's housing market, it is not only homeowners, but also renters, who are hurting. Recently, a forum designed to address renters' problems was held in Kenosha County.

The forum was held to hear out the problems of renters who are living in foreclosed homes in Milwaukee, WI and in other areas of the state. It was organized by Grace Lutheran Church's Reverend John Bischoff and County Supervisor Day vin Hallmon. According to Bischoff, he has received numerous calls from homeowners and renters who were evicted due to foreclosure.

According to lawyers from the Legal Action of Wisconsin who participated in the forum, problems start for renters when the place they live in become Wisconsin foreclosed homes for sale and they are then forced to vacate the premises at short notice. State laws require landlords to provide notice to tenants within five days after the landlord has received the notice of foreclosure.

In cases when the foreclosed home for rent has already been sold, the landlord is required to provide sale confirmation documents. The problem, according to forum organizers, is that there are some landlords of foreclosed multifamily and single family homes for sale who do not live in the local area and are consequently unable to inform tenants of the foreclosure or the sale.

When this happens, tenants are often left with only a day to vacate the premises before the people buying foreclosure houses for sale take over the property. In foreclosure cases, it is often a problem to determine how long occupants have to leave the premises and clear out their belongings.

Lawyers at the forum have explained that there are cases when renters in a foreclosed property need not move out immediately since the process of foreclosure can take months to complete. They also explained that renters who have leases are allowed under the law to remain in foreclosed multifamily or single family homes for sale for up to three months or until the lease runs out. They further added that most lenders allow tenants to remain in foreclosed houses as long as they are aware that there are people still living in the properties.

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Foreclosed Single and Multi Family Homes for Sale Remain High in CA

Foreclosure rates in most California areas declined in August 2010, although the number of foreclosed properties, including foreclosed single and multi family homes for sale, remains high. Most major cities and counties of the state are in the top ten local municipalities with the highest rates of foreclosure in the whole U.S.

The total number of foreclosed homes in Merced, CA is among the highest in the country for August, with Merced occupying sixth place among counties and cities with the highest filings. One household out of every 111 in the county received a filing for August 2010. Meanwhile, Modesto's foreclosure activities declined by 10% in August 2010 compared with the same month in 2009, but the area is still second nationwide in terms of foreclosure totals.

California foreclosed homes for sale accounted for almost 20% of the nationwide foreclosure totals for August, with over 69,000 households receiving a notice of foreclosure in the state during the period. The August total represents a 3% jump when compared with July 2010, but translates to a 25% drop compared with August 2009.

Other cities and counties in California that recorded some of the highest foreclosed single and multi family homes for sale in August include Stockton, Riverside-San Bernardino-Ontario, Bakersfield, Vallejo-Fairfield and Sacramento. Stockton came in third among cities and counties with the highest foreclosure rates for August, with a ratio of one household out of every 100 receiving a notice of foreclosure.

Riverside-San Bernardino-Ontario is ranked seventh, with one household out of 113 facing foreclosure or already included in the real estate foreclosed homes data. Bakersfield is at number eight, with one household out of 120 getting an August filing, while Vallejo-Fairfield is at number nine, with one home out of 124 getting foreclosed or facing foreclosure. Sacramento-Arden-Arcade-Roseville rounded up the top ten, with one household out of 125 being in some phase of foreclosure or another.

Although the number of foreclosed single and multi family homes for sale among the metro areas that made the top 10 in August remains high, all 10 areas recorded a decrease in foreclosure rates for the second consecutive month, giving analysts some hope that the housing market crisis has reached its peak.

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