The number of notices of default and actual foreclosed homes in San Diego County in the 2011 first quarter dipped by 22.9% compared with last year's first quarter, according to data issued by MDA DataQuick. A total of 4,678 notices of default were reportedly issued to homeowners in the county during the initial quarter of 2011, declining from the January-March 2010 period when 6,170 notices of default were issued in the region.

Meanwhile, California foreclosures also declined year-over-year during the first three months of 2011. Statewide figures showed that default notices issued to borrowers in California totaled 68,239 during the initial quarter. The figure represents a 2.2% decrease compared with the 2010 fourth quarter when 69,799 foreclosure-related notices were filed. Compared with the 2010 first quarter when 81,054 notices were issued, the decline stood at 15.8%. Despite the significant decreases, a number of local housing market analysts believe that the figures are only showing a temporary lull.

They argued that foreclosure-related notices and repossessed houses for sale only declined in San Diego and the rest of the U.S. because lenders and mortgage service firms have held off putting more foreclosures into the market as they deal with issues related to accusations of faulty documentation. Most of the big-name lenders were also reportedly busy in the first quarter responding to legal and regulatory challenges which prevented them from working through their cases.

Most analysts expect foreclosure numbers to surge again in the coming months as lenders keep up with backlogs and get more familiar with procedural rules. The expected surge will benefit people buying homes in foreclosure, particularly since an increase will also likely result in further decreases in residential prices. For local homeowners who received a notice of default, DataQuick analysts reminded them that not all notices end up in outright foreclosure.

According to them, some borrowers are able to prevent having their properties sold as repossessed houses for sale by making their mortgage payments current or by securing refinancing terms. For others, selling their homes is a way to avoid outright repossession or foreclosure.

Sales of foreclosed homes in Nashville and other residences in the rest of the region, including non-foreclosed houses, totaled 1,101 last month, according to data from the Greater Nashville Association of Realtors. The figure represented a 6.6% increase from January 2010. According to the association, the increase in sales was a good sign for the region's housing industry, given that January was a difficult time to travel because of the heavy snow and very cold weather.

The median price of single family dwellings, in which foreclosed homes in Tennessee are also included, was $165,000. The rate was higher than the $159,000 recorded in the same 2010 month. Meanwhile, inventory of for-sale single family residential properties in the area of Middle Tennessee as of the end of January 2011 was at 12,595, a bit lower than the 13,414 total recorded in January 2010.

According to analysts, the higher number of sold residential properties, such as repo homes, and the declining inventory showed that more buyers are gaining confidence and coming out to the market to buy, and unsold homes are starting to work through their way to the system. They added that it is also possible that the decline in inventory was partly due to sellers pulling their properties out of the market in preparation for the spring house buying season.

Housing experts are predicting a surge in housing sales in the spring and a further decline in the inventory of real estate foreclosures and other unsold houses. Local realtors are optimistic about the spring season as more jobs are created in the region.

Local economists reported that more jobs are being created in the state, mostly by small businesses. With an improving job market and higher sales numbers of repo homes and other residential properties, economists are declaring a strong economic outlook for Tennessee for the rest of the year.

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Pittsburgh foreclosures jumped by 5.2% last year compared with 2009. Housing data shows that foreclosed property numbers have reached their peak in the metro area in 2006 and then gradually dropped in the succeeding years until 2009, when numbers started surging again. People who specialize in helping troubled homeowners have revealed that majority of area residents who lost their jobs found it difficult to get another one or secure financial help to pay their mortgages.

City foreclosed property numbers and statewide Pennsylvania foreclosures are expected to maintain high levels in 2011 as lenders try to work through the huge inventory of distressed properties in the region. Last year, residential foreclosed properties in Pittsburgh totaled 3,524, up by over five percent from the 2009 total of 3,350. During the peak period of 2006, foreclosed property total was at 4,340. The numbers cover the counties of Washington, Beaver, Westmoreland, Allegheny, and Butler.

Most housing market experts are expecting the supply of foreclosed and repo houses for sale to remain high in the current year, unless the unemployment rate of the area declines. The latest unemployment figure shows that Pittsburgh has a rate of 8% as of November of last year. However, the percentage does not completely reflect the job market problem as there are also the underemployed in the area who are finding it hard to pay their loans.

According to agencies that provide counseling to those facing troubles related to foreclosures, the number of people seeking counseling and assistance has risen in the region in the past few months as more borrowers become delinquent in their mortgages. They added that the biggest number comes from people who were employed in hardest hit industries like construction and real estate.

Although the number of foreclosed and repo houses for sale in Pittsburgh is still relatively low compared with other metro areas in the U.S., analysts are claiming that the local market will not experience any improvement until the job market stabilizes.

Among those who saw the freeze as positive are owners of foreclosed homes in Fort Myers and in other parts of Florida. However, some local businesses that have benefitted from the housing market crisis were worried that the suspension will affect their operations, not least of which are landscaping companies, plumbing firms and real property brokers in Lee County.

For some state businesses, the rise in the number of foreclosures for sale in Florida provided more clients and chances of expanding their markets. The selling and buying of foreclosed homes not only benefitted plumbers and brokers, it also provided businesses to restaurants, furniture stores and other suppliers that have something to do with real estate.

When several lenders announced that sale of foreclosures and repo houses will be temporarily halted, most of these businesses felt alarmed instead of relieved. Some landscaping firms in the area have reported finishing their landscaping assignments, only to hear that projects have been put on hold as the properties cannot be sold until the freeze has been lifted.

Although the suspension has already been removed in most areas of the U.S. and listings of foreclosed homes sale have resumed, housing market observers are expecting foreclosure procedures to be conducted at a much slower pace as lenders become more careful in terms of processing foreclosure-related paperwork.

The temporary halt has already resulted in the lowest number of foreclosure-related filings in Lee County in October 2010. The area had a total of 565 for the month which represents the lowest filings total recorded in the county since 2007. Meanwhile, nationwide home repossessions declined by 9%, representing the biggest drop in repossessed property total for the current year.

Unless the sale of foreclosed homes and repo houses starts to pick up soon, local businesses claim that not much money will flow into the Lee County economy and this could cause a stutter in the area's recovery. They also believe that the county will benefit more if foreclosure inventories are processed at a faster rate.

The program was aimed at assisting buyers interested in acquiring properties under New Orleans foreclosure listings and other types of residences located in the city. The money provided for the subsidy program will come from the hurricane recovery federal financing aid.

According to local housing officials, the mortgage program that has allowed over 400 families to purchase and live in renovated storm-damaged houses and properties formerly under foreclosure listings in Louisiana has run out of funds, leaving several real property deals hanging.

The decision of the local government to provide financial aid will get the program running again. Primarily, it provides loans of as much as $65,000 to buyers interested in purchasing foreclosure houses on sale and other residential types in the city.

The loan can be converted into grants if the borrower is diligent in paying monthly mortgages and continues to live in the premises. The program also includes a provision that offers closing cost financial aid of up to $10,000 for buyers of repo homes for sale and other residential types.

The decision of Landrieu to inject cash into the program was praised by real property agents and home builders who have started getting worried when purchase agreements started falling apart after funds for the subsidy program run out. The eastern part of the city is where the program was mostly appreciated and where over 100 households have moved into fixed-up residences with the help of the initiative.

According to local realtors, the mayor's move will get more taxpayers into vacant and for-sale residences and will help prevent neighborhood blight, particularly in the eastern part of the city. Meanwhile, developers are hoping that further financial aid will be provided to increase confidence among property developers and buyers of repo homes for sale and other dwelling types. This, they asserted, will greatly help the city recover from successive disasters that include foreclosures, hurricanes and oil spills.

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Local areas in the state still recorded high foreclosure rates, with the number of properties under Mesa foreclosure auctions being some of the highest in Arizona. These numbers though, are slightly lower than previous months' figures; which means that the housing market of the state is in a slightly better position than previous periods.

Despite declines in foreclosed properties under Arizona home auctions, the AP report stated that national economic trends affected each state and contributed to most of these areas' economic stress levels. Increased bankruptcies in the Western region and higher foreclosure rates in some areas contributed to the rise in national economic stress levels; effectively offsetting the positive impact of lower unemployment rates in most major regions.

Although Arizona had been one of the states that suffered most from huge numbers of foreclosed and repossessed houses during the start of the housing market crisis, the state was not among those that recorded significant increases in foreclosure rates during the month of June. However, the state earned an economic stress score of 15.13, lower only than four other states which included Nevada, Michigan, California and Florida.

According to the report, the high rates of bankruptcies in the Western region were primarily caused by rising number of foreclosure houses sales and other activities related to foreclosures, with most properties being worth less than their original mortgages. In addition, the oil spill disaster put pressure on states and counties in the coastal area.

One Arizona locale made it to the top five counties all over the U.S. with the highest level of economic stress. Yuma County earned a 28.37 score in terms of economic stress, coming second only to Imperial County in California. Two Nevada counties also made it to the top five, while another California county rounded up the top rankings.

Although repossessed houses and foreclosure rate statistics declined in Arizona, the impact of nationwide factors weighed down the economic status of the area, resulting in the state gaining the fifth spot among regions with the highest levels of economic stress for June 2010.

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People engaged in Fort Myers foreclosure investing are encouraged to know that there were 18,179 residential units that entered foreclosure for the six-month period ended June, the second-ranking metro area in the nation based on foreclosure rate. Although the total filings for the January-June period marked a decrease of over 21 percent from the same period last year, the total was still high and still a great number for investors looking for bargain real estate deals.

In June, the Fort-Myers area ranked fifth in pace of foreclosures, with a total of 3,264 units in delinquency or in foreclosure. The total marked an almost nine-percent drop from May and a staggering 32-percent fall from June last year, but still a relatively big number for people looking for investment opportunities or for homeowners looking to buy their second homes.

Buying repossessed property in the Fort Myers area and in other areas of Florida and then renting them out or reselling them at a future time with great yields are viable endeavors as completed home foreclosures in Florida continued to rise in May. People planning to purchase foreclosed homes have thousands of people to explore as the total number of bank repossessed units in Florida rose in April by 18.2 percent to almost 11,000 units in May.

In the nearby Naples-Marco Island area, a total of 6,251 residential units entered foreclosure in the first six months of the year, with 1,132 of these getting distressed in June. This metro area still ranked 17th among more than 200 metropolitan areas in the country in June and 13th in the first half of the year despite declining in pace of foreclosure.

With the high foreclosure inventory and low house prices, buying repossessed property in Fort Myers for investment purposes is workable.

Michael Clauer’s house in Frisco became one of the foreclosed homes for sale in Texas after the local HOA took over the home because the family owed $800 worth of dues to the association. The Clauer house, valued at around $300,000, was later sold by the HOA for $3,500.

Foreclosed properties in the state continue to rise in number, with city statistics including San Antonio foreclosed homes for sale contributing to the ongoing problem. HOA foreclosures also contribute to escalating numbers, with the experience of Clauer’s family being just one example of HOA foreclosures.

Rules on repossessed homes and foreclosures may differ from one state to another. In Texas, HOAs are allowed to foreclosed homes without the need for a court order. Associations can also foreclose regardless of the amount of unpaid dues owed to them.

According to Clauer, his family did not even know that the house had been foreclosed and was subsequently sold. They only found out when the new owners demanded rent. He also stated that no member of the HOA contacted him or his family to talk to them about the situation. The new owners later sent an eviction notice to the family.

There are several laws that are meant to protect soldiers on active duty from getting their homes foreclosed and to have them offered to people who purchase foreclosure homes. However, the lawyer for the HOA allegedly filed an affidavit claiming that Clauer was not on active duty. The family was able to get an agreement that allows them to stay in their house while the issue is being sorted out by the courts.

The case of the Clauers emphasized the extent of power that HOAs have when it comes to foreclosing properties. Increasing number of repossessed homes and foreclosed dwellings associated with HOA issues has been reported all around the country in the past few years.

Click here to read more about the Captain Michael Clauer Case.

In the first quarter, foreclosure postings in Shelby County, where Memphis is the administrative seat, has fallen by more than 20 percent from filings one year earlier and by more than 6 percent from the previous quarter.

These sharp decreases are showing that more Memphis residents are current with their home loan payments and that more are saving their homes from repossession.

The total has dropped to 3,292 homes, reflecting a foreclosure rate of one filing for every 122 homes. Pre foreclosures reached a total of 2,042 units, accounting for 62.03 percent of total county filings. The number of foreclosed homes for sale in Memphis was 1,250, comprising 37.97 percent of total filings.

In the Memphis metro area, which covers eight counties, foreclosure filings reached a total of 3,749, marking a 19-percent drop from total filings one year earlier and an 8-percent drop from the previous period.

With one foreclosure filing for every 148 homes, the Memphis metro area ranked 71st in a chart of 206 metro areas listed according to foreclosure rate.

The decline in number of repo homes entering real estate lists in Memphis contributed to the increase in prices and sales of homes in March. This was in addition to the expiration of the federal tax credits at the end of April, which pushed dillydallying homebuyers to finally make their home purchase.

Based sales figures from the Memphis Area Association of Realtors, a total of 1,323 homes were sold in March, up by almost 5 percent from the 1,.261 units sold one year earlier and marked a whopping 35-percent spike from the 977 homes sold in the prior month.

Pending sales also increased to 1,920 contracts, marking a 15-percent jump from February and a 12-percent increase from March 2009. The substantial sales increase from the previous month was one indication that buyers were rushing to beat the tax credit deadline. The jump in pending sales contracts also prompted realtors to expect an increase in closed sales for the month of April, when sales figures are gathered and tallied.

The average price for homes sold in the Memphis area in March increased to $121,573, a jump of 1.8 percent from the average price one year earlier.

In contrast to the declining foreclosure trend in Memphis, the pace of foreclosure statewide rose in the first quarter, a helpful development for investors looking to find foreclosed homes for sale and other cheap houses in Tennessee.

There were 11,970 homes statewide put into the foreclosure process, marking a jump of 15.5 percent from one year earlier and an increase of 7 percent from the previous period. Of this number, 5,517 were homes in pre foreclosure and 6,453 homes were already in bank foreclosure listings.

Nonetheless, despite the increase in repo homes statewide, buyers targeting the Memphis area should make their purchases now as foreclosures in the metro area are slowing down and prices are surging.

In Sarasota, a house listed at $235,000 was bought at a discount of $19,380 in October. The figure was far above $10,100 or 5.7 percent, which was the average discount in nearby Tampa. Nationwide, the average discount was $5,741 or 2.7 percent off the average asking price.

According to Bill Geller, head of the Sarasota Association of Realtors, real estate agents now are busier than at any other time over the past two-and-a-half years because of the soaring number of buyers and investors taking advantage of bargain prices.

The length of time properties stay on the market has also been falling from 14 months to 9 months.
Realtor Michael Granston said that he has been selling for the past two years a two-bedroom condo unit which is strategically located in downtown Sarasota, but no one has offered to buy. The $1.2-million original asking price has been reduced by $300,000. With the improvement of the market, Granston hopes he will finally find a buyer.

According to Geller, foreclosures are still pulling home prices down in Sarasota so prospective buyers can still buy bargain-priced repo homes in the area.

In November, foreclosure activity in the counties of Sarasota, Charlotte and Manatee climbed back up to its highest level in the area since July. A total of 3,132 foreclosures were posted, much higher than the 2,561 filings in the previous month and higher than the summer record of 3,029 filings. Total filings in Charlotte and in Manatee rose by more than 200 percent.

Statewide, foreclosure activity stepped up. Florida shot down the declining foreclosure trend nationwide and replaced California as the second highest in foreclosure rate in November.

Jack McCabe, a housing consultant in Deerfield Beach, said that Florida continues to struggle from foreclosures because the state had the highest level of speculative building, speculative buying, toxic-loan making and approval of unqualified borrowers.

In Sarasota, nearly 1,300 foreclosures were filed, an increase of 20 percent from the previous month and a jump of 16 percent from November last year. Across Florida, nearly 53,000 households received default or foreclosure filings. With these high numbers of foreclosures, investors and homebuyers can buy bargain-priced repo homes in Florida, particularly in Sarasota.