Foreclosure Listings Blog

In an effort to address foreclosure list problems in the city, the local council of Gresham in Oregon has decided to up the amount of interest-less loans being offered to local residents who plan on buying foreclosed homes.
 
According to local reports, loans reserved for purchasing foreclosed properties were increased to $25,000 from the initial $10,000. The money being used by the city for these loans were part of the federal government’s Neighborhood Stabilization Program which aims to solve the problem of foreclosed properties being left empty and creating unsecure neighborhoods that can contribute to bringing the values of properties down.
 
Gresham City received a stimulus package worth $645,329 from the federal government to be used in loans specifically designed to buy foreclosed homes. As of the end of March 2010, the city still has $430,000 in its purse available for lending to low income local residents.
 
Approximately, the amount can still provide for more than 40 foreclosed home purchases. The problem currently facing the city’s efforts to shorten the area’s foreclosure list is that, so far, it has only made a total number of six loans. Under the program’s rule, the federal money should be spent no later than September 29.
 
In addition, the city has around 80 foreclosed residential properties, but only less than 20 are located in target areas as defined by federal officials. The areas were identified using data on subprime loans from 2007 and other factors that contribute to foreclosures.
 
Local officials have stated that they have filed a request to expand target areas, but they do not expect an answer until May. To address this aspect of the problem, the city has decided to increase the loan amount to attract more borrowers and potential foreclosed property buyers.
 
Under the lending program, properties qualify if they have a maximum selling price of one percent of the property’s appraised value. In addition, the sale should be a voluntary one. In terms of buyer requirements, families or households should have incomes that are 120% of the metro area’s median income or not over $84,000.
 
The loans have no interest and borrowers do not have to pay for these loans until their mortgage has been refinanced or until title transfer has been completed. City officials admitted that they are still looking at other ways to spend the federal money and maximize its use in solving foreclosure list problems in the city.

Search foreclosure list in Oregon cities:

• Foreclosure list in Portland
• Foreclosure list in Springfield
• Foreclosure list in Albany
• Foreclosure list in Beaverton

New home construction has been surging as Memphis foreclosure listings decline, based on data from MarketGraphics and the Center City Commission.

According to MarketGraphics, a total of 398 home starts were counted in the Memphis metro area in the four-month period ended March 1, an increase from the 358 home starts counted during the same four-month period a year ago.

Sales of new homes in the Memphis area also increased as more homebuilders report increases in new home sales. Homebuilder Keith Grant who owns Grant and Company said he has sold 40 newly-built houses in the first quarter of 2010, a sharp jump from only 17 new units from the same period a year ago. Grant also said that the number of days his new homes are staying on the market has plunged from 120 days one year ago to only 45 days.

Local homebuilders said that the slowdown in the entry of residential properties into home foreclosure listings has helped builders in moving their new-home inventory.

Don Berge, owner and president of MarketGraphics, said that sales of homes rose when banks restricted their efforts in putting distressed properties into Memphis foreclosure listings. Berge spent 25 years in real estate lending before launching MarketGraphics, which specializes in researching and reporting activities in the housing market.

Berge also reported that housing starts rose by 84 percent to 505 units in the five-month period ended November 2009, compared to 274 units in the five-month period ended July 2009. Berge contended that this increase was the biggest over the past three years.

Several homebuilders constructed new homes because they saw a rise in demand for newly-built houses after years of no new residential construction.

Sales of newly-constructed homes that entered foreclosure listings in Tennessee also rose. One of several entities selling distressed but newly-built residential properties was Paragon National Bank, which provided development loans to residential subdivision developers during the heydays of the construction industry from 2005 to 2006. When the housing market collapsed, Paragon was left with a lot of housing units to dispose of.

In 2009, Paragon sold 70 units of housing properties in the Memphis metro area, around 35 units of which were newly-built houses. Sales of these homes, mostly located in Arlington, DeSoto and Bartlett, helped a lot the local housing market.

Berge of MarketGraphics said that the overall decline in housing stock, including properties in Memphis foreclosure listings, has been allowing home builders to sell their new homes.

Search foreclosure listings in Tennessee cities:

• Foreclosure listings in Cordova
• Foreclosure listings in Nashville
• Foreclosure listings in Chattanooga
• Foreclosure listings in Knoxville

The best foreclosure homes available to those seeking to purchase their own property are the ones that can provide equity or those that will not depreciate in value over the coming years. If the value of the house available for purchase is likely to fall in the future, then home buyers can consider renting instead of buying.
 
According to Center for Economic and Policy Research co-director Dean Baker, the best method to use in evaluating whether renting or buying a house is the right decision, would be to divide the selling price of a home by the cost of renting a similar house in a comparable neighborhood for a whole year.
 
Baker stated that if the result is a number higher than 20, it is highly possible that the value of the house for sale will decline in the coming years and it would be better to rent instead. Baker further explained the idea of renting versus buying in a report that appeared in The Wall Street Journal.
 
Because of foreclosure problems, most real estate analysts have concluded that renting might be better than purchasing homes, particularly among retirees or those who plan on settling at one place for a long time.
 
But some market analysts have asserted that this does not mean that the best foreclosure homes should be ignored in place of renting. If an opportunity comes to buy a residential property that will likely provide equity, making the purchase would still be the right move.
 
One of the areas that real property experts are touting as a good place to make a home purchase is Greenville, South Carolina. According to them, Greenville houses are way below the national price average and could provide buyers with great deals. Even renters will be able to get great transactions at Greenville.
 
Phoenix, Arizona is another place recommended by market analysts. According to them, the city is oversupplied with residential properties and could provide low-priced deals. The place also has low services costs and a number of amenities that make it an attractive place for those looking to buy a home.
 
The best foreclosure homes are those that can provide buyers with a solid equity and a potentially profitable investment in the coming years. If a home is unlikely to offer any increase in value in the future, then home buyers can look into the prospect of renting instead.

Search foreclosure homes by state:

• California foreclosure homes
• Florida foreclosure homes
• Nevada foreclosure homes
• Arizona foreclosure homes
• Texas foreclosure homes

Explore online listings foreclosures to jumpstart your entry into real estate investing.

How to find foreclosure listings is among your first concerns when you decide to buy an attractively-priced foreclosed home or to invest in foreclosures.

Home builders are still struggling from the effects of low foreclosures list prices, as shown in the decline in builder confidence in March and the decline in total sales of new homes in January.

The foreclosure list in Napa Valley is now being populated by a rising number of vineyards and wineries as land values continue to fall and as consumers shift to lower-priced wine brands.

Foreclosed listing pace has been slowing down in the San Fernando Valley, also known as SFV, Valle, 818 or the Valley. According to California records, more than 50 percent of the land area of Los Angeles lies within the Valley.

Before you can find the best foreclosure listings, you must first know why certain foreclosure listings are considered the best.

Foreclosure homes listings in the Twin Cities of Minnesota have been including a rising number of condos as more condo developers face hard times.