The number of foreclosure homes in Chicago and the rest of Cook County offered at auctions declined in January to March 2011 by 54.3% compared to the 2010 first quarter, with local housing market analysts asserting that the decrease was mainly due to a delay in processing among lenders who were sidetracked by legal and procedural issues. However, completed foreclosures did increase in the quarter when compared with the last three months of 2010, resulting in around 2,800 bank owned properties.

Despite the decrease in the number of distressed properties at auctions, foreclosure homes for sale in Illinois, particularly in Chicago, are expected to rise again in the coming months as the number of proceedings started against local homeowners surged in the first quarter of this year. From January to March 2011, foreclosure actions were started by lenders against 10,449 housing units, representing an increase of 7.2 percent from a year ago.

Bank and VA foreclosed homes are predicted to rise in almost all suburban areas of Cook County as double digit increases in foreclosure actions were recorded in these areas during the first quarter. During the first three months of this year, northwest Cook County posted a 10.4% rise in foreclosure proceedings, while north Cook County recorded a jump of 18.2% compared with year-ago levels.

Meanwhile home foreclosure listings in Chicago City rose during the first quarter, but only by a small margin as foreclosure-related filings increased by a mere 1% year-over-year. Local industry analysts reported that the face of foreclosure in Chicago is changing, with filings among low-income neighborhoods continuing to decline, while filings in affluent communities continue to surge. As an example, analysts cited the Lakeview neighborhood of Chicago which posted a surge of more than 60% in foreclosure filings during the January-March 2011 quarter.

Analysts predict that VA foreclosed homes and bank foreclosures will rise considerably in the region in the next few months. They claim that delays in processing foreclosure actions are over and lenders are now starting to catch up, most of them already hard at work in cutting down backlogs that resulted from the documentation controversy which emerged last year.

The report shows that home prices for the first three months of this year dropped 6.3 percent, putting Richmond high on the list of 15 real estate markets in the country that are performing dismally. The drop in home prices landed the number 10 spot for Richmond in the national list.

Virginia Beach ranked 11^th on the same list as home prices in said area fell 6 percent in the first quarter and 11.1 percent in its annual rate.

Clear Capital analysts say that prices of foreclosure homes for sale in Richmond are now at the same levels as they were in the middle of 2004. The company has been providing banks and other investment firms home-data reports since 2001.

But it notes that the price index of foreclosed homes for sale in Virginia is still at its lowest point since the recession and could take time before it manages to get into a more stable number.

Prices of foreclosed properties for sale in Richmond reached its peak in the second quarter of 2007. But although home prices in the area have since fallen by 30 percent, the same is also true for the rest of the country with the national figures stumbling by 41 percent. Some areas and regions in the country even experienced a 50 percent price drop.

But analysts say that although prices of distressed property for sale in Richmond seem to be hitting what is known in the industry as a double-dip, the figures still show that the decline is gradual, which is more favorable than a rapid and harsh dive.

The association of realtors believes that the movement in prices is generally confined within the inventory of cheaper distressed properties. Although the situation could pull down the average home prices, the market activities being generated by lower property prices could prove to be beneficial in the long run.

Around 22.7 percent of the Richmond housing market is composed of foreclosures with a median price for distressed property for sale hovering at $187,500.

Foreclosed homes in Richmond accounted for 22.2% of total residential properties sold in the metro area in 2010. In 2009, the percentage was 16.6%, while in 2008, 7.5% of total sales were attributed to distressed or foreclosed properties. Housing sales data showed that 2,745 foreclosed properties were sold in the area last year. Foreclosed home prices also recorded a huge difference compared with regular dwellings.

The average rate of foreclosures that were sold in the metro area in 2010 was a little over $156,000. The price was 35% lower than the average selling price of non-foreclosed houses. Compared with the number of foreclosed homes in Virginia that accounted for total state housing sales last year, Richmond still recorded a lower percentage. The same is true when the metro area percentage is compared with nationwide foreclosure sales.

However, both statewide and nationwide percentages for foreclosed property sales declined in 2010, as opposed to Richmond, which posted an increase. For the whole state, a total of 18,188 foreclosed dwellings, including VA foreclosure homes, were sold last year, representing 24.8% of total housing units sold for the whole year. The figure represents a decline compared with 2009, when foreclosures accounted for 26.6% of total home sales.

The average selling price of homes foreclosure for sale in Virginia last year was $228,564, cheaper than non-foreclosed dwellings by 30.4%. Based on metro area-statewide comparisons, housing industry analysts claimed that Richmond is still experiencing increasing foreclosure sales and activities which showed that the region has yet to reach the peak of the foreclosure crisis. They added that, although Richmond is doing better than national averages, foreclosed properties still took a huge chunk out of home builders' market share.

Analysts also stated that as long as VA foreclosure homes and other foreclosed properties remain high in Richmond, the demand for new houses will continue to decline. They also stated that the market should not expect much activity from home builders this year.

The California Association of Realtors has released data showing that November prices of Sacramento foreclosures and other residential structures declined by 7.8% compared with the same 2009 month. The month's median price is pegged at $173,870 from last year's $188,480. When compared with October 2010, November's price dropped by 3.4%. Meanwhile, sales of housing units also fell for the month by 1.5% compared with year-ago levels. When compared with October of this year, sales climbed by 5.7%.

According to industry analysts, the continuous decline in residential prices is mainly due to the huge supplies of California foreclosures and short sale transactions that characterized the region's residential property market in the past couple of years. The latest median price of residences in Sacramento is only about 3.9% higher than the prices recorded during April 2009 when the market was supposed to have hit bottom.

Current price is a little over $6,000 more expensive than the April 2009 median rate of $167,340. For November, Sacramento recorded the third smallest price increase in California, with Northern California and San Luis Obispo the only regions in the state that have worse price performances during the month. Meanwhile, several California housing markets recorded price increases of at least 30% during the month, with VA homes, foreclosed residences and non-foreclosures all doing better than previous periods.

Despite short sales and foreclosures, San Francisco recorded a 39% rise in median home prices, while Santa Clara County recorded a jump of 33%. Statewide, median housing prices rose by 21% when compared with the February 2009 bottom market rate of $245,320. When compared with October 2010 and November 2009, November 2010 median price for the whole state dropped by 2.5%.

Sales of housing units, including VA homes and regular dwellings, recorded a decline of 8.6% for the month compared with year-ago levels. However, it increased from October of this year by around 9.2%. November marks the first time since February that median prices dipped below $300,000 in the state.

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Aside from the increasing number of properties under Austin foreclosure listings, area residents' primary complaint was reportedly against mortgage servicing companies. According to some homeowners who attended the hearing, they find it difficult to communicate with servicers like Ocwen Financial Corp. and American Home Mortgage Servicing Inc. (AHMSI).

Most of the residents who testified at the hearing have stated that the high number of Texas foreclosure properties is caused by the lack of regulation and compliance within the mortgage servicing industry. They alleged that such companies change the rules daily, with some recounting stories of calling servicers' offices daily but getting no resolution.

Lawyers for foreclosed homes owners have asserted that the problem demonstrates that the federal government's mortgage modification program is not working, with most servicers preferring to foreclose than offer alternatives or modifications to homeowners. This claim, however, was denied by lenders and mortgage servicers operating in the city.

According to representatives from Wells Fargo, Colonial Savings and JPMorgan Chase, there are no winners in a foreclosure and it is not their purpose to foreclose on homeowners. Local lenders and servicers have argued that helping customers is their primary concern, not adding to the supply of properties for people buying VA foreclosures and other foreclosed properties for sale.

Mortgage servicers, including Ocwen and AHMSI, are unregulated in the state of Texas, but legislators are reportedly considering changing existing rules. The state's Department of Savings and Mortgage Lending can regulate mortgage service companies, but current rules in the state only allow the companies to register in Texas on a voluntary manner.

In response, servicers have argued that there is enough regulation in place in the area. Legislators at the hearing have taken note of the fact that both Ocwen and AHMSI did not attend the committee hearing. They also pledged to address the issue of mortgage service regulation and other housing industry-related issues, such as buying VA foreclosures and other distressed properties in the state and providing foreclosure alternatives to troubled homeowners.

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Housing market reports also showed that property values in New York metros, including those of Queens foreclosed homes, have held well against the recession and the property market crisis. There are also more people coming in to the city of New York, including tourists and workers, and less people leaving it to move to other locations.

Despite the fact that the region was not spared from problems of New York foreclosures and the recession, it is actually showing faster recovery signs than other states. Local officials have stated that the whole state has been on steady financial and economic ground in the past six months and will likely achieve a slow, but steady recovery, until next year.

Aside from the manageable level of bank and VA home foreclosures, New York City has also been making headway towards job creation, with the first six months of 2010 reportedly producing additional jobs. Unemployment rate for July in the city declined to 9.4% which is lower than national averages.

Economists have stated though, that the rate of recovery, just like the impact of recession, has unevenly affected the state and the major New York City itself, with some areas achieving quicker recoveries, while others are facing problems related to foreclosure house listings and unemployment. They also reveal that places farthest from the Midtown city are more likely to suffer from the impact of the recession and are less likely to recovery quickly.

According to most economists, some of the major factors that cause such neighborhoods to continue to suffer from the recession include the decline of the home building and construction industry, with building project values during the second quarter of 2010 declining by more than half when compared with values of two years ago.

A number of analysts believe though, that the level of economic recovery in the city and the whole sate will depend more on the number of people who survived the recession with their jobs intact than the number of bank and VA home foreclosures.

Grand Rapids foreclosure investments and home buying in most areas of the state have slowed down due to the falling prices of dwellings. According to some analysts, the federal government's programs designed to aid homeowners stave off foreclosures are not having much impact and housing markets remain submerged in the foreclosure crisis.

Recent reports showed that foreclosed homes in Michigan and general foreclosure-related activities increased by almost 30% during the January-June 2010 period compared with the same period of 2009. The major metro cities of the state were hit hardest, with Detroit recording a rise of 35% during the first half of the current year.

People who search foreclosures for sale can find a lot of them in the state, particularly in Detroit. The city had 47,000 residences under foreclosure during the first six months of 2010. A local radio news report claimed that the number is the highest on record since 2007 when the housing market crisis first started.

Some communities though, are doing what they can for neighbors facing bank, government and VA foreclosure homes problems. Recently, a small group in Detroit comprised of ordinary residents and members of the Moratorium NOW! Coalition, celebrated the victory of the Morris family who were allowed to stay at their residence which has served as home for more than 30 years.

However, members of the coalition and some members of the neighborhood believe that such positive news have become too rare in most areas of the U.S. For some of them, they blame the foreclosure-mitigation programs launched by the government for allegedly failing in what they were designed to do. Local analysts also highlighted a disturbing trend that has emerged in the country's housing market.

According to real estate analysts, most foreclosures now are due to homeowners losing their jobs. They emphasized that the problem is now primarily due to the poor condition of the nation's economy. High unemployment rates have been cited by most market experts as the reason behind the continuous increase in the number of bank and VA foreclosure homes in Michigan and in the rest of the U.S.

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This deployment, one of the biggest in the city’s history, is expected to have a substantial economic impact, particularly on the rental apartment sector, based on projections by the Pikes Peak Area Council of Governments. Vacancy rates for apartments, which improved over the past months, could spike again into double-digit rates, especially in the central, east and southeast sub-markets, as military families and dependents are expected to leave their apartments.

Fort Carson, which hosts 25,000 active-duty military personnel, has been a strong driver of economic activities in Colorado Springs.

Troop deployment can also affect the number of VA foreclosed homes, as deployment can exacerbate certain marriage problems and can cause some military families to abandon their mortgages. It can also push some families to buy homes or move up and obtain mortgages more than they can afford, eventually leading them to default and repossession. But mostly, deployments can help prevent distressed homes from entering list of foreclosures, as deployments mean assured employment and income and mean that mortgages are going to be paid.

The total of housing units that became at risk of entering listings of Colorado foreclosed homes for sale in May dropped, as the economy continued to show signs of recovery and growth. Foreclosure postings fell by more than 24 percent to 4,843 filings in May from 6,382 filings in the preceding month. The pace of Colorado Springs foreclosure auctions also slowed, following the statewide trend.

Despite concerns about the effects of troop deployment on economic activities in Colorado Springs, it is hoped that deployment will help curb the number of VA foreclosed homes.

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In April, a total of 5,187 homes and condo units in metro Phoenix were posted for foreclosure auctions, still up by 47 percent from the total in April last year, although down by almost 14 percent from the previous month’s total.

Despite the slowdown both in Phoenix and Arizona foreclosures over the month, there are still a lot of opportunities for Phoenix foreclosure investing, as shown in the increased buying activities by investors in April. More than 39 percent of Phoenix home sales in April were made to investors, although this percentage also includes buyers of second homes. The price median paid by these investors was $120,000, a jump from the March median of $118,000 and from the April median of $102,188.

People are still buying foreclosed houses for sale in Phoenix as the percentage of foreclosure resales in April was still high at 50.5 percent of house resales, although it marked a significant drop from 64.9 percent in April 2009. The highest foreclosure percentage was reached in March last year, when 66.2 percent of total house resales were foreclosure sales, including FHA, Fannie Mae, Freddie Mac and VA homes for sale.

The price median for all types of housing units sold in April was $135,889, slightly higher than the March median and higher by almost 9 percent from the April 2009 median of $125,000. However, the April price median was still lower by 48.5 percent from the peak median of $264,100 in June 2006.

The price median for previously owned single-family homes was $135,000, higher by 14.4 percent than the April 2009 median, but still lower by almost 50 percent from the peak median of $268,000 posted in June 2006.

VA homes for sale still comprise a portion of foreclosures in Phoenix as more military members who bought homes using VA loans face financial difficulties arising from medical problems and family troubles.

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Across the nation, sales of government-owned homes, like VA, HUD and Fannie Mae homes continue to surge, as more homeowners who took out government-backed loans default and as more buyers use federal loans to buy their homes.

In March, more than 24 percent of housing units sold in the Bay Area were purchased with FHA loans, up by 2.3 percent compared to March 2008.

Nearly 7,000 homes located in the nine counties that make up the Bay Area were sold in March, a spike of more than 40 percent from the previous month and up by more than 10 percent from one year earlier.

Sales figures related to San Francisco foreclosure investing are still high, indicating the still strong attraction of investors to Bay Area properties despite the declining number of lower- and mid-priced homes. Of the total homes sold in March, 17.5 percent were purchased by absentee buyers, which are usually investors.

This percentage was lower than the 19.4-percent share in February and the 18.3-percent share in March last year, but it was still far above the 13-percent average share over the past ten years.

Payments in cash also generally indicate purchases by investors – buyers who have learned over the years how to buy foreclosures quickly and profitably. In March, almost 25 percent of total home sales were paid in cash as these investors wanted to snap up VA foreclosures that were not bought by owner-occupant buyers.

To help increase the percentage of home ownership among the lower-income households, the VA made it a policy to give bidding priority to owner occupant buyers when there are new VA home listings.

Sales of cheap houses in California declined in March, as higher-priced homes were sold. Bay Area houses priced $500,000 and above accounted for 35 percent of total home sales, a sharp jump of 33 percent from the prior month and up from 24 percent one year earlier. Nonetheless, the share of sales of higher-cost homes in March was still lower than the 53-percent average share for the last five years and the 46-percent share over the last ten years.

Analysts contended that sales of high-end homes could have been higher in March if banks were more willing to provide jumbo loans.

In March, the pace of foreclosure in California slowed by 14 percent compared to March last year, but surged by 36 percent compared to February. More than 93,000 homes were put into foreclosure during the month, including more than 76,000 in pre foreclosure and nearly 17,000 already bought back by banks and repossessed by various government housing agencies.

The pace of VA foreclosures has been rising as a number of retirees face financial difficulties and as military members fail to get new assignments for various reasons. Family problems such as divorce and serious medical problems are also major factors.

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