A total of 2,478 Irvine foreclosures and non-foreclosed residences in the rest of Orange County were sold during the 22-day period, representing a decline of 10.7% compared with the same 2010 period. Sales of newly-built houses accounted for 6% of total residential sales for the period, the same figure recorded a year ago. Realtors reported that, during the period 1988 to 2010, new houses accounted for an average of 14% of total sales in the county.

Mainly because of the huge supply of foreclosed homes for sale in California, median prices of residences in most markets of the state have been declining for several months now. In Orange County, prices have been dropping year-over-year for the past few months, with median price for the months of December to March all posting year-over-year drops. The latest figure though, showed that median selling rates in the county have remained flat from a year ago, providing some hope to market observers that the residential market is starting to plateau.

The median sales price of pre foreclosed homes and regular single family houses sold during the period ended April 22 was $430,000, which was practically the same as last year. However, when compared with the peak median of $645,000 recorded in June of 2007, the latest figure is down by 33%. Compared with the peak price of $450,000 last year, recorded in May and July, the recent median is off by 4.4%.

Buyers were able to find foreclosed homes for sale offered at heavily-bargained prices in the area within the 22-day time frame, resulting in the continuous slump of residential prices. Although recent rates have remained flat from one year ago, figures were still down from their peaks. For single family dwellings, prices were off 34% from their June 2007 peak, while condominiums were 37% cheaper than their March 2006 peak.

New houses recorded an even bigger price decline compared with pre foreclosed homes and other existing dwellings and condo units, with new houses' median rates falling by 40% from the highest price level posted in February of 2005. Analysts speculate that prices will continue to decline in the coming months, although most of them are optimistic that sales figures will improve.

Foreclosed homes in Orlando were sold for a discount of 24% in 2010 when compared with regular residential properties. The percentage was down from the 30% difference recorded a year before. The average selling rate for foreclosed properties sold in the metro area last year was $111,938, falling from the 2009 average selling price of $122,688.

Meanwhile, foreclosed homes in Florida that were sold in 2010 had a 28% price difference compared with non-foreclosed dwellings. The gap was also down from the 32% recorded in 2009. At the national level, the price difference between regular homes and foreclosed houses increased. Analysts are predicting that in Orlando and the whole state of Florida, the price gap will continue to narrow in 2011 as more distressed properties enter the market and regular home sellers adjust their selling rates to compete with the much cheaper distressed dwellings.

A total of 20,418 foreclosed and pre foreclosure homes were sold last year in the Orlando metro area. For January 2011, 1,826 distressed properties were sold in Orlando, increasing by 5% when compared with January 2010. The median price for the month declined to $119,700 from the January 2010 median rate of $123,500. Statewide, median selling prices of houses dropped by 7% compared with year-ago levels, with total housing unit sales climbing by 14%.

According to the Orlando Regional Realtor Association, around 75% of existing residential property sales are accounted for by properties from foreclosure list, short sales and other homes that are under some stage of foreclosure. Meanwhile, another report showed that only about 50% of total closings were accounted for by distressed dwellings, but this figure does not include short sales and mortgages in default.

For the rest of 2011, pre foreclosure homes and foreclosed properties are expected to increase further. Analysts stated that once the percentage of distressed properties against total number of housing units reaches 50%, the price gap between the two types of residential properties will narrow further.

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In California, San Jose foreclosures and foreclosed property totals in other metro areas of the state jumped during the July-September 2010 period. Statewide, foreclosed properties numbered 382,000 during the quarter, representing a 31.2% surge compared with the previous quarter and a 3.7% increase from the same 2009 period.

The state also recorded the highest number of applications for mortgage modifications during the quarter in focus. Owners of California foreclosures who sought mortgage modification totaled 50,407 for the period, with over 17,000 applications filed under the Home Affordable Modification initiative of the federal government. Meanwhile, almost 33,000 borrowers in the state sought modification under other programs.

California accounted for 21.6% of all modification applications in the U.S. for the July-September period, giving the area the number one spot among all 50 states in terms of the number of loan modification applicants. Buyers also find pre-foreclosure homes and foreclosed properties increasing further in the state during the quarter.

Nationwide, completed foreclosures totaled 187,000 for July-September, representing a 14.7% increase compared with the April-June 2010 quarter. Compared with the 2009 third quarter, the number of foreclosed properties nationwide rose by 57.5%. Along with a rise in foreclosed property totals, the number of borrowers who are behind in their loan payments for a period of 30 to 59 days also increased, with figures rising by 4.3% compared with the 2010 second quarter.

Despite a rise in foreclosure and in the number of delinquent borrowers, some positive statistics did emerge during the period in focus. For one, nationwide delinquency rates among borrowers behind in payments for at least two months declined by 6.4% compared with the previous quarter.

For another, home retention activities also increased during the period, with mortgage servicers reporting that more than 470,000 retention actions were implemented. Analysts are hoping that this will find pre-foreclosure homes and foreclosed properties declining in the coming months, particularly when national foreclosed property totals have already reached 1.2 million in the third quarter.

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Most of the foreclosure homes in Decatur, non-foreclosure dwellings and other types of residential properties in various parts of the state have lower prices when compared with the same period of last year. Some of the most significant price declines, residential property data showed, can be found in the South.

Single family non-foreclosure and foreclosed homes in Georgia, particularly in the Southern area, declined by 1.9% during the July-September quarter compared with the same 2009 period, with the average price pegged at $157,000. Meanwhile, sales of existing dwellings dropped by 21.8% in the region with the yearly rate recorded at 1.64 million.

When compared with the 2009 July-September period, the decline in home sales is at 16.4%. Housing sales in the South based on year-to-date data had a total of 1.43 million which is slightly higher than the 2009 figure of 1.39 million. Some of the most significant declines in the state's home prices, including non-foreclosure and foreclosed homes, can be found in the metro area of Atlanta.

Buyers who are into finding pre foreclosure and foreclosed residences will likely get some of the best possible deals in Atlanta, where residential property prices dropped by 12.3% for the third quarter of 2010 compared with the same 2009 period. The median value of houses in the metro is pegged at $113,500 which represents a 34% difference from the 2007 peak price.

Atlanta was one of the metros in the U.S. that continue to post declining home prices. NAR reported that prices of homes improved in 77 of the biggest cities of the U.S. out of the 155 surveyed by the association. This is considered a positive development, particularly when only 30 cities posted a year over year rise in average home prices during the 2009 third quarter.

Overall, most housing market reports are finding pre foreclosure, foreclosed dwellings and non-foreclosure residences to have the same average price during the first nine months of 2010 when compared with the same 2009 period.

The housing market of the state has not been spared by the nationwide housing market crisis, with oversupply of Charlotte cheap houses for sale dragging the prices of properties down. When the recession started, the economic condition of the area worsened, causing the number of poor people to rise to over 43 million in the state.

According to local economists, huge numbers of cheap houses in North Carolina and high numbers of job losses resulted in the state recording the highest total of poor people in the past 51 years. The poverty rate in the region has surged to 14.3%, a level that has not been seen since the depression of the 1930s.

Local officials have stated that, to improve the poverty level of the state, more people who buy foreclosure houses for sale should be found, more jobs should be created and the national economy should mount a sustained recovery.

They further added that oversupply of pre foreclosure houses, rising poverty levels and unemployment are signs of economic distress that will likely play a major role in the coming mid-term elections. Most local market observers believe that the current economic condition of North Carolina will provide more opportunities to Republican candidates to win more seats in the Senate and Congress.

Political analysts have also claimed that North Carolina is one of the states that will likely favor Republicans over Democrats. They explained that although Democrats did not cause the economic distress on their own, it was there when they took office, so people will likely vote the other way around.

Median income in the state dropped to $49,777 in 2009 from $50,112 a year ago. In terms of poverty rates, the 1.1% rise was the highest jump the state has seen since 1980. This, along with high supplies of foreclosures and pre foreclosure houses, can make the difference on who will win the state elections in November, analysts have added.

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Based on a report released by a firm focused on pre-foreclosure research, the number of default and foreclosure auction notices climbed up in Los Angeles County to 27,881 filings in the second quarter, up by 14.64 percent from 24,320 postings in the first quarter. Of the 27,881 filings, 60 percent were notices of Los Angeles foreclosure auctions while 40 percent were default notices.

Single-family homes and condos made up around 92 percent of the filings while apartments and other multi-unit properties comprised around three percent. Industrial and commercial properties accounted for the remaining 5 percent. Within the county, foreclosure activity was most persistent in the city of Los Angeles, where 4,986 homes became pre foreclosed houses, accounting for 17.88 percent. Second was Long Beach, which posted a total of 1,266 pre-foreclosure postings. Third and fourth were Lancaster and Palmdale, which posted 1,251 and 1,176 filings, respectively.

In contrast to the trend in Los Angeles County, the pace of California home auctions slowed down. The number of units that became foreclosed properties for sale fell to 45,765 units, down by 1.46 percent from the first quarter, based on a report from another firm. Default notices fell by 15.43 percent from 83,554 in the first quarter to 70,659 in the second quarter. Trustee sale notices dropped to 75,998 in the second quarter, down by 11.9 percent from 86,264 in the previous quarter.

A third research firm also confirmed the slowdown in foreclosures in California when it reported that default notices filed by lenders in the second quarter dropped by nearly 44 percent from the same period last year and by 14 percent from the first quarter this year to a total of 70,051 filings.

Nonetheless, despite the slowdown, the numbers of pre foreclosed houses in Los Angeles County and in other counties and cities of California are still relatively higher than in most other places in the country, making California still a great place for real estate opportunities.

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Pre foreclosed homes in Detroit have been rising in number because more distressed homeowners in the metro area have been short selling to avoid foreclosure. They figure they can no longer save their homes through loan modifications so they decide to turn to other options. The relocation assistance given to homeowners under the Home Affordable Foreclosure Alternatives and the fainter hit on their credit scores are two good reasons for them to go through short selling.

In the first three months this year, sales of Michigan pre foreclosures and bank owned homes reached a total of 11,201, accounting for 37 percent of all house sales in the state. The average sales price for these distressed homes sold was $76,044, lower by 30.5 percent than the average price of non-foreclosure homes.

Buyers of foreclosure houses on sale in the first quarter got an average price discount of 34.2 percent while buyers of pre-foreclosures got an average discount of 15.4 percent. Some buyers of Detroit pre foreclosure homes certainly got bigger price discounts as more lenders approved short sales with lower offers.

With high foreclosure inventories, more Detroit lenders have figured they can cut their mortgage losses by approving more short sale proposals. Complying with and supporting the Home Affordable Foreclosure Alternatives program can also enhance their public image.

Based on a report from a real estate research organization, the approval of short sale proposals in southeastern Michigan have almost tripled in the first four months this year. In the ten-county region that includes Wayne County where Detroit is situated, the number of completed short sales increased to 2,284, a stunning increase of 171 percent from the 842 completed one year earlier.

Additionally, short sales of condos accounted for about 10 percent of total house sales during the four-month period, affirming the significant role of Detroit pre foreclosure homes in the recovery of the housing market.

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Also, more lenders now are giving approvals to short sale proposals, as they recognize the benefits of selling distressed homes as opposed to repossessing and maintaining foreclosures.

Based on records from the Public Trustee Office of El Paso County, where Colorado Springs is situated, there were 2,384 foreclosure deeds executed in May, slightly higher than the 2,377 completed in April, but lower by a staggering 42 percent than the 4,101 completed one year earlier. From January to May, a total of 12,633 deeds were completed, lower by 11.3 percent than the 14,242 completed during the same period last year.

Investors also engaged in Colorado Springs pre foreclosures have more properties to consider as there were 382 new foreclosure filings in May. Although this number represented a decrease of 20 percent from the April total of 477 pre foreclosure homes and a drop of 18.4 percent from the May 2009 total of 468, the total number of pre-foreclosures from January to May is a substantial number to explore, which was 2,070. Last year, there were 2,299 pre foreclosures for the first 5 months.

The housing units set by the county for foreclosure sale recently included a unit financed by Chase Home with a lender’s bid amount of $129,590; a Deutsche Bank-finance unit with a bid amount of $210,000; and a OneWest Bank-financed unit with a bid amount of $396,331.

Among the current foreclosure property listings by one major real estate seller are a two-bedroom condo priced at $72,269 and a four-bedroom single-family house priced at $176,786. All in all, there were 2,630 foreclosed homes listed.

Investing in pre foreclosure homes and in foreclosed homes for sale in Colorado is profitable as Colorado is among the states quickly recovering from the housing meltdown.

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The number of foreclosed homes for sale in Texas and nationwide continue to rise, but Dallas and Fort Worth continue to enjoy diminishing number of foreclosure activities for the second quarter. Collin County, one of the frequently highlighted local areas in Dallas-Fort Worth, recorded a 4% decline for the second quarter when compared with the same period of 2009.

Meanwhile, foreclosed houses for sale for the month of June in the county declined significantly, with June numbers being 18% lower than numbers for the same month a year ago. However, statistics from the Foreclosure Listing Service of Fort Worth showed that total foreclosure activities for the year-to-date period is up 11% compared with the same period of 2009.

Despite the year to date figures, the significant drop in Fort Worth pre foreclosures for the month of June is being seen as a positive sign for the whole Dallas-Fort Worth community. June makes it two consecutive months for the area in terms of declining foreclosure activities. Local realtors have warned homeowners and buyers not to be carried away though. They argued that foreclosure activity for second quarter is more or less the same as during the second quarter of last year.

Local numbers showed that both May and June recorded foreclosure activities of less than 5,000; but realtors have claimed that the difference from last year is still not significant if the whole quarter is taken into consideration. They added that posting activities for the 2010 first half has already reached the highest point for the current foreclosure cycle’s mid-year activities.

Although Fort Worth pre foreclosures have dropped for the month of June 2010, real estate market analysts have warned that it is still too early to feel secure on where the housing market is going. They added that a market needs at least six months of uniform performance before a recovery can be declared.

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In May, there were 1,419 homes in DeKalb County posted for public auctions scheduled in June. Although this number marked a decrease from the 1,442 homes posted for auction in April, the overall total of homes in Greater Atlanta in May marked an increase of almost one percent from total postings in April.

In the entire metro Atlanta, a total of 9,587 homes were listed in May for the June public auctions, a jump of 10 percent from the total in May 2009 and a slight jump from the 9,494 homes posted for auction in April.

As unemployment is among the major factors for foreclosure in metro Atlanta, the DeKalb Workforce Development has recently organized a free employment workshop called Empowerment 2010. With the help of professionals from Monster.com, attendees were taught job hunting techniques and networking tools so they can find jobs during this difficult employment environment.

A small job fair was also held to enable participants to apply what they have learned and to provide employers opportunities to promote their services.

Another project launched by DeKalb County to mitigate Decatur pre foreclosures and repossessions was the demolition of the unoccupied Blue Sky condo complex on Memorial Drive in Decatur, most units of which had been foreclosed upon or unsold. The building has become a haven for criminal activities and squatting, putting residents in nearby buildings at risk.

Officials said that the Blue Sky condo was built as an apartment building in 1965, but it was later converted into condos and sold individually. Certain investors, however, resold several units many times over, with a number engaging in mortgage fraud to profit from the properties. When the housing crisis hit, the investors walked away.

Since then, police officers have raided the complex a lot of times to make arrests and county officials have issued multiple notices concerning delinquent taxes and utility liens on the property.

Just like a number of selected foreclosed homes for sale across USA, the Blue Sky property would be demolished with funds granted under the Neighborhood Stabilization Program. The county has chosen Real Estate Alliance Partners and Salomon Real Estate Services to carry out the task at a cost of $741,200. The demolition work is part of a $3.24-million development contract signed by the county with Real Estate Alliance.

Officers of Real Estate Alliance said they have been helping the county reduce the negative effects of foreclosures on communities.

In April, the pace of repossession and pre foreclosures in Georgia slowed down compared to the previous month, but it still increased compared to the April 2009 pace. Nearly 14,000 foreclosure actions were filed in the state during the month.

There were over 9,000 pre foreclosures filed in Georgia during the month, and a significant percentage of them were Decatur pre foreclosures, as Decatur is part of the Atlanta metropolitan area.

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