Foreclosure Listings Blog

The foreclosure property listings in Charlotte, North Carolina have been growing considerably as more and more lenders filed foreclosure cases against commercial buildings in the area.

The recent victim is the Childress Klein Properties which received a notice of foreclosure from Reassure American Life Insurance.The lender notified Childress that its 11-year-old, 29,000 square feet office-park building will be put on foreclosure property listings unless the account is made current.

Childress do not have any plan to contest the foreclosure because it has lost tenants and the decline in revenue forced the company to default on its almost $2.6 million loan.

One of its anchor tenants, Peak Fitness, a health club operator, closed shop and filed for bankruptcy. Childress’ loan with Reassure America is non-recourse. This means that the property can be foreclosed but the lender does not have the right to pursue Childress or its members.

Childress managing partner Fred Klein said that it is not for the best interest of the company to continue paying for the property.

According to industry experts, many developers in Charlotte are facing the danger of foreclosure property listings due to the continuing drop in real estate values and reluctance of lenders to extend credit. The trend is not only confined in Charlotte but also the rest of commercial real estate markets across the Carolinas.

Experts said that commercial foreclosures were first felt by home builders and residential land developers. Attorney Tim Griffin said that the current foreclosure trend has spread to prominent commercial development projects, with some starting out strongly, with good capital.

Some of the prominent commercial properties that have been foreclosed or in the process of foreclosure included The McAllister Group affiliate, Main Street Development N.C. which lost 8 condominium units in an auction, the Tuscan Development’s 58-unit condominium building and Citiline Resortline Development and Construction’s mixed-use community project.

Tim Crawford of Citiline Resortline said that the company is pursuing several avenues to avoid foreclosure, adding that its last resort would be to place the property under the Chapter 11 bankruptcy protection.

He said that it would not be a wise move on the part of banks to sell any asset but those that are revenue-generating.

Filing for a bankruptcy is another way for commercial property owners and developers to delay foreclosure property listings. The strategy requires lenders to get the court’s permission to proceed with the foreclosure process.

Bargain-hunting homebuyers are expected to flock at bank foreclosed home listings auctions in North California, which will be held from July 20 to August 2.

Sales of foreclosure properties have been increasing unabated in California, one of the states severely affected by the foreclosure crisis. And the high number of bank foreclosed home listings has pulled down property prices in the state, attracting investors and buyers who want to take advantage of the bargain prices and government incentives offered to homebuyers, especially first-time buyers.

Also, lenders are swamped with foreclosed homes in their inventory that they are eager to sell them at reduced prices just to take them off their books.

About 70 foreclosed properties will be auctioned off at several Northern California cities. Property prices are estimated to be as low as $15,000 or could reach as high as $560,000. Each property from bank foreclosed home listings has title insurance paid for by sellers.

A typical auction process requires potential homebuyers to make $5,000 cash or check deposit for each property that they will win by bidding.

Industry experts said that the volumes of repossessed homes across the country are pressuring property prices to go down to a record low level. The foreclosure crisis has caused anxiety and ruined many homeowners’ lives but others have seen the opportunity to fulfill their lifelong dream of homeownership.

For the first half of this year, California posted a total of 391, 611 foreclosure filings, the highest in the country for the period. This means that one in every 34 or 2.94 houses in the state received at least one notice of default, auction or bank foreclosure.

The state’s repossession activity in the period rose to almost 14 percent compared with the preceding six months and 15 percent higher from January to June 2008. For the second quarter, 124,275 homeowners received notices of default or one in 52.

On July 29, 11 properties on bank foreclosed home listings will be auctioned off in Fresno and 8 in Modesto. The following day, buyers can bid on 5 foreclosed properties in Santa Rosa. Additionally, auctioneers will bang their gavel on 25 homes in San Francisco and 19 homes in Sacramento on August 1 and 2, respectively.

Sales from foreclosed homes listings and other pre-owned listings in Florida increased in June, based on statewide residential real estate sales data for the month of June.

The June sales increase marked the tenth straight month of home resales increase on a year-over-year basis. Total sales of pre-owned condos also increased in June.

Across Florida, sales from foreclosed homes listings and other pre-owned listings increased to 15,850 units, a substantial increase of 28 percent from the total of 12,339 units sold in June last year. Compared to the previous month of May, sales increased by 13.8 percent.

For the second straight month, the median price for pre-owned homes increased from the previous month.

The real estate sales data also showed an increase in condo sales from foreclosed homes listings and other pre-owned listings in
June. Pre-owned condo sales increased by 39 percent compared to June last year and increased by 8.3 percent compared to the previous month of May.

Additionally, 16 metro statistical areas in Florida posted increases in sales from foreclosed homes listings and other pre-owned listings and 14 MSAs posted increases in condo sales in June. Most of the MSAs have posted increases in home resales for the past 12 consecutive months.

Across the state, the median home resales price in June dropped to $148,000, a decrease of 28 percent from the $205,300 home resales price in June last year. But compared to the previous month of May, the median resales price increased by 2.49 percent. The
June median price was also higher than each of the monthly median resales price reported since January 2009.

Meanwhile, a total of 5,241 pre-owned condo units were sold across Florida in June, an increase of 39 percent from the 3,771 units sold in June last year. The median price for condos in June was $112,900, marking a 37-percent drop from the median price of $180,400 in June last year. In May, the median price for condos was $173,800.

In Punta Gorda, one of Florida’s smaller MSAs, sales from foreclosed homes listings and other pre-owned listings also increased by 10 percent compared to sales in June last year. The pre-owned median sales price in June was $145,600, marking a three-percent increase from the $141,000 median in June last year.

According to Florida economists, the increase in statewide home resales showed the positive effects of low prices of properties in foreclosed homes listings, the federal tax incentives and the lower mortgage rates.

U.S. Federal Reserve Chairman Ben Bernanke projected that foreclosed home list, along with unemployment, will peak in the last six months of this year. He made this projection after he noted that the country’s effort to control recession is starting to show some progress and that the pace of the economic downturn is slowing down. [...]

Foreclosure is still a force to reckon with in Massachusetts despite the decline in the number of properties on foreclosure listing in some areas in the state. Foreclosure rates vary from one community to another but the bottom line is, foreclosure properties are still very much in evidence in the state.
The number of properties on [...]

Mortgage borrowers typically go to well experienced mortgage brokers for loan origination assistance thinking their mortgages will have lesser risk of going into foreclosure lists. They believe that these mortgage brokers who have been processing home loans for so many years will know which type of mortgage will be the safest and most beneficial to [...]

In June, foreclosure list prices in Southern California increased by a significant percentage for the first time in two years, prompting many to say that house prices in California may have bottomed out.
Based on recent estate sales data, home prices in Southern California rose by 6.4 percent in June compared to May prices. It was [...]

Arizona has passed the House Bill 2143 which requires that people offering loan modification services to distressed homeowners to help them avoid bank foreclosure property should be licensed.

The Neighbors Helping Neighbors is a community group with a goal to counter the devastating effects of the repossessed house crisis in Murietta City, California.

Some homeowners are finding difficulty in selling properties when they are surrounded by foreclosures. Although the number of properties on repo list has stopped growing, industry experts said that the foreclosure problem is far from over.