Despite Presence of REO Homes for Sale, Cities in Texas Get Thumbs Up

Texas has not been spared from the housing market crisis, with foreclosures and REO homes for sale also numbering in the thousands in most cities of the state. However, some real estate market analysts believe that certain areas of the state are ideal for real estate investors despite the ongoing downturn in the housing industry.

According to Local Market Monitor (LMM), the cities of McAllen and Austin in Texas are two of a handful of areas that can be considered good bets for real property investors. Despite the impact of foreclosures on most areas of the state, including foreclosed homes in San Antonio, TX, these two cities topped the list of housing markets that can provide potential benefits to property investors.

For those who wish to invest in foreclosed homes in Texas and existing dwellings and other types of real estate, Austin and McAllen offer great opportunities since they are considered as two of the steadiest property markets around. LMM stated that the two metro areas did not suffer from drastic price changes like other areas did during the period 2001-2006.

Because of the relatively steady condition of these markets, the cities were able to avoid the market bust that affected majority of metro areas in the U.S., particularly when foreclosed properties and REO homes for sale started pouring into the residential market. The areas are also supported by a strong job mix that leans toward industries like education and government.

LMM explains that despite the presence of significant foreclosed property listings, areas with a high percentage of employment in these two sectors are usually stable. The research firm also stated that cities and counties that rely heavily on industries like finance and construction are the ones most likely to have suffered from the housing market crisis.

The real estate-focused firm also revealed that the ranking where Austin and McAllen lead the way is focused more on regions that have the highest chances of rebounding and have the biggest tendency to mount a property price appreciation. So, despite the continuous presence of foreclosed houses and REO homes for sale, the cities of McAllen and Austin are probably the best bets for real estate investors right now.

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Freddie Mac Homes for Sale and Foreclosure Owners Warned of Fake Rescue

Police officers from Morgan Hill in California have warned homeowners of foreclosed properties, including Freddie Mac homes for sale, to be wary of companies pretending to offer foreclosure rescue services and those that operate lease back schemes. Such practices are reportedly up in the area.

With the number of foreclosed homes in San Jose, CA and in other areas of the state recording some of the highest levels all over the U.S., local authorities stated that it is not surprising that fraudulent companies and individuals have found the state and its cities a good place to operate.

According to authorities, the companies are trying to convince owners of foreclosed homes in California that they can get their properties back even when they are already foreclosed and eviction notice has been issued. The firms reportedly use fake deeds and documents to convince homeowners that they can return to their houses even though a court has already ordered the eviction.

Last August, the state's Office of the Attorney General has announced that a judgment worth $1.1 million has been issued against a state lawyer who operates a fraudulent foreclosure scheme, with owners of foreclosed Freddie Mac homes for sale and other foreclosed properties as primary targets.

The AG also stated in a press release that owners of properties under lists of foreclosure homes for sale who have been approached by these companies and individuals can file a formal complaint at the State Bar or with state government agencies. A Web site has also been launched by the AG office to educate homeowners and borrowers about the fraudulent operations.

The site can also be used by borrowers to check out whether a company or an individual who offers them foreclosure rescue services is legitimate or not. For those companies and people who operate legally and have followed state law regarding foreclosure rescues, their names can be verified through the site.

Officials have also revealed that companies and individuals who offer rescue and counseling services to owners of foreclosed properties, including foreclosed Freddie Mac homes for sale, are required to register with the AG office and post a bond worth at least $100,000. Asking for up front fees from homeowners is also deemed illegal under state laws.

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Why Invest In Townhouse Homes

Townhouse homes are structures that are attached to other unit or units in a row. Oftentimes, they are built and integrated with other dwellings that form multi-unit houses such as duplexes or triplexes. Others have several units within a single structure. The main difference between a townhouse and a condo is the ownership of the land on which the structure is built. When you buy a townhouse, you also buy the land along with the unit. This is not so in a condominium where only the possession of the unit is transferred to you. Townhouses are increasingly becoming popular due to their potential as an investment piece.

The Advantages of Buying Townhouses

Townhouse homes come in very affordable prices than traditionally-sized houses. While they may not be as spacious as other regular-sized homes, they are nevertheless easier to maintain and do not demand large overhead for repairs. They are also known for having exterior areas that are very easy to manage and their interiors are well-designed to maximize every corner and space.

Unlike in condominiums, living in townhouses afford you greater privacy since you do not have to worry about next-room neighbors living on both sides of your unit or above and below you. While you may share a wall with a neighbor, this is still much better than sharing the entire building along with many other people and families.

One of the greatest advantages of investing in townhouse homes is that they are extremely functional. These spaces were designed to house the needs of every member of your family. This is why you will find a lot of built-in spaces that do not only conserve what little space you have but also promote ease in your mobility around the house.

Aside from those already mentioned, townhouses are also perfect for families since they are strategically located in friendly communities and neighborhoods. Access to business centers and other amenities is also easy as these facilities could be found just about anywhere near the units. You can also take advantage of shared privileges with your neighbors such as a pool, garden and lawns.

In general, it is not difficult to see why many people prefer buying townhouse homes over other types of properties. If you are business-minded, you can actually even take advantage of their huge potential for a rentals business. With the right marketing skills and strategies and a little amount of fixing around the unit, you can succeed in attracting many interested house renters.

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Mixed Jobs, Foreclosures and FHA Homes for Sale News in Illinois

The month of August 2010 produced both positive and negative economic news for Illinois. Over 1,000 state residents are expected to lose their jobs for the month. The news comes as the state recorded a considerable decline in its foreclosure rate, with foreclosed bank, government and FHA homes for sale all posting lower totals.

Foreclosed homes in Chicago, IL and in most areas of the state posted fewer numbers for August, with the state recording a combined 14.25% decline compared with the previous month. A total of 16,808 filings were recorded by the state for the month, including auction notices, bank repossessions and notices of default.

August figures for foreclosed homes in Illinois represent a ratio of one household for every 314 being in some stage of foreclosure. When compared with August 2009, the filing totals are actually higher by 29%, with the state ranked ninth among all states in the U.S. in terms of foreclosure.

With the news of declining bank repossessions, government foreclosures and FHA homes for sale comes a not so positive development for the state. Unemployment is set to rise in the region, with over 1,000 residents warned that they could lose their jobs before August ends.

As the state deals with the ongoing housing market crisis along with the absence of deals involving people buying foreclosure houses for sale, workers face the possibility of becoming unemployed, with around 12 companies notifying the state of plans to close factories or implement mass layoffs.

Among them are PNC Bank, Northwestern Memorial Hospital, Precision Dormer LLC and National Manufacturing Co. The firms have already told the Illinois Department of Commerce and Opportunity of their plans to downsize. State law requires companies implementing layoffs or closing units to provide a two-month notice of their decision. The provision applies to all companies that have at least 75 fulltime employees.

Mass layoff is categorized under state regulation as a loss of job to 25 employees at least or one third of the population of employees at a single unit within a one month period. So, although bank repossessions, government foreclosures and FHA homes for sale recorded a lower total for August, economists have expressed worries over the number of people who are about to lose their jobs in the state.

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Why Bank Foreclosure Homes Are Smart Investments

Many real estate investors have already proven that buying bank foreclosure homes is a great way to earn money. And with the present economic crises, it is important that you take measures so that your money is put to a good use. Foreclosure investing , for one, is a sure way to multiply your money and grow your wealth. If you are still unsure of whether to try it or not, here are several reasons why you should take that chance.

Wide Variety of Properties To Choose From

Finding bank foreclosure homes for sale is very easy. The market is replete with many good opportunities that provide good buys to real estate investors. Considering that there are thousands of foreclosures  that are available at cheap rates, it is not difficult to find a property from which you can enjoy great instant savings. And even those properties that need repair can still be turned into a golden business potential if you know how to turn challenges into fine opportunities. Of course, it takes some time to find the property for yourself but if you can actually learn the proper tricks in just a short time.

Cheap Investments

Foreclosed homes come in very affordable prices than newly-built homes and constructions. Banks that own these houses always aim for quick sale and thus are only too happy to give huge discounts in exchange for fast, easy sale transactions. A large inventory of non-performing assets could actually be disadvantageous to a bank’s financial outlook and any reduction to its size would be a welcome respite. This is why it is far easier to negotiate with a bank when it comes to foreclosure. Just make sure that you are well-prepared when you make your offer.

A Buyer’s Market

The foreclosures market is considered a buyer’s market and is a known haven for cheap bargains and huge financial opportunities. It is easy to buy repossessed houses and turn them into profitable investment pieces. Bank foreclosure homes can be easily bought at low rates and flip them later for large resale profit. First time home buyers prefer these homes because of their low prices rather than construct or buy a newly-built house.

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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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Funds Issued to Battle High Number of Foreclosures and VA Homes for Sale

Local communities in Indiana are set to benefit from the third round of financing from the U.S. Department of Housing and Urban Development (HUD) under the Neighborhood Stabilization Program (NSP). Areas suffering from huge supplies of foreclosed VA homes for sale and bank foreclosures will soon be receiving their share of the $31.5 million earmarked for the state.

Among the neighborhoods that will benefit from the third round of funds are neighborhoods suffering from the impact of foreclosed homes in Indianapolis, IN as the city is set to receive $8 million. Gary, on the other hand, will get $2.7 million, while several cities will share the $12.6 million that will remain after over $8 million are given to the state's officials.

Other local governments that will benefit from the funds designed to battle blight caused by thousands of foreclosed homes in Indiana are Elkhart, Muncie, South Bend, Anderson, Fort Wayne, Kokomo, Hammond, Elkhart County and Lake County. Elkhart will get $1 million, while Elkhart County will receive $1.19 million. South Bend will get $1.7 million.

According to state officials, the funds can be used to purchase VA homes for sale and other foreclosed properties for the purpose of redeveloping them. Or they can be used to demolish empty properties that are too far gone to be redeveloped. States are given some leeway on how they want to use the funds, but the methods still require the approval of the HUD.

Some of the areas that will benefit from the third round of NSP financing have been provided with aid before. Cities like South Bend and Elkhart, which both have a long list of house foreclosures, have received federal dollars before. South Bend was awarded over $4 million two years ago which were used to renovate 10 houses and demolish four more. Multi-unit dwellings were also built in the area after it received its share from the first round of financing.

State officials have expressed optimism that the over $30 million that had been reserved for Indiana will go a long way towards improving the condition of neighborhoods that have greatly suffered from the impact of large number of foreclosed properties, including VA homes for sale and bank foreclosures.

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Fannie Mae Homes for Sale and Other Unsold Houses Climbed in August

Inventories for unsold dwellings in the U.S. rose during the month of August. These include Fannie Mae homes for sale, other types of foreclosed residential properties, newly built dwellings and existing homes. The rise marks the eighth consecutive month that housing inventories have moved up.

Inventories of unsold newly built houses and foreclosed homes in Philadelphia, PA are at a one year and a half high with a 10.6% annual increase. The figure is the same in Houston, Texas and in Orange County, California. The data was provided by ZipRealty and was based on the 26 housing markets tracked by the firm.

Available residential properties for sale in these 26 markets, including foreclosed homes in Pennsylvania, climbed by 0.4% in August compared with July. These totals include townhomes, condos and single family dwellings. Analysts have revealed that inventories for unsold houses traditionally spike in August and have not shown a change in trend for the past 28 years.

According to August housing market data, inventory increases were highest in areas where bidding contests on properties under listings of foreclosed homes for sale caused housing supply to decline to low levels a year ago. These areas include Las Vegas, Phoenix and San Diego.

August inventories for existing, newly built, foreclosed properties and Fannie Mae homes for sale rose in Las Vegas by 9.3% compared with July 2010. In Phoenix, August inventories are up by 4.6%, while San Diego recorded a jump of 3.8% when compared with July figures.

When it comes to year-by-year increases, San Diego recorded a 59% rise and Orange County posted an increase of 43%. Los Angeles, meanwhile, recorded a 25% rise in inventories compared with year-ago levels.

Analysts have revealed the one of the factors creating problems for the housing market is the fact that most home sellers cannot afford to lower their homes' prices without going below the amount owed on their mortgages.

On the other hand, homebuyers are not buying since most of them believe that prices will drop further and mortgage rates are going to remain low. Analysts have stated that in short, buyers of Fannie Mae homes for sale and other for-sale dwellings are waiting for sellers to make the first move, while the latter are hoping that buyers will take advantage of low mortgage rates and low prices and start shopping for homes.

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