Bank Owned Homes for Sale Expected to Influence Subdivision Project
Preview:
The number of foreclosed properties and bank owned homes for sale has remained high in Michigan. This led some analysts to question whether it is wise to build new subdivisions now when the state is currently sitting on a huge excess of property inventory. The debate was recently reignited by reports that the Smith Village project in Flint, started around 13 years ago, will be restarted this year.
According to some housing industry analysts, there are too many Detroit foreclosures for sale and unsold residential properties in various areas of the state that building new ones will be unreasonable. Based... continue reading >>
Bank and Federal Home Loan Foreclosures Drag Homebuilding Down
Preview:
The huge supplies of bank foreclosed properties and federal home loan foreclosures are being blamed for the continuous downturn in the homebuilding sector of Sacramento, California. The new home market experienced another massive decline in January of this year, but some analysts are also citing other factors that have nothing to do with foreclosures.
Although the huge number of Sacramento foreclosures for sale is partly to blame for the decline in homebuilding activities in the area, analysts also noted the impact of code changes on the house construction market. The California Building Industry Association reported that for January 2011, only... continue reading >>
Price Drops Provide Flipping Foreclosed Homes Opportunities
Preview:
For those who are in the business of flipping foreclosed homes, Minnesota is one of the areas that can offer a lot of opportunities. Prices of residences remain low in the state as sales of housing units climbed during the first month of the year. The January 2011 data from the Minnesota Association of Realtors showed prices and sales going in opposite directions.
The decline in prices has been attributed by housing analysts to foreclosure homes in Minneapolis and distressed properties all over the state that continue to flood the region's housing market. In January, a total of 3,499 housing... continue reading >>
Residential Foreclosures Hit a Snag in Philadelphia
Preview:
A number of residential foreclosures were put on hold in Philadelphia, Pennsylvania, as a sheriff's sales moratorium was put in place in the metro area. However, some banks have complained that it also prevented them from foreclosing on a number of developers that have failed to pay their loans.
One of the banks that filed a complaint against the order to put on hold the processing of foreclosed homes for sale in Philadelphia was New Century Bank. The bank asserted that the order to postpone sheriff's sales in all parts of the city until April was improperly done. The moratorium... continue reading >>
Gap Between Pre Foreclosure Homes and Non-Foreclosures Narrowing
Preview:
The price difference between pre foreclosure homes and non-foreclosed houses in Orlando, Florida, narrowed last year. Housing analysts are expecting the gap to get even smaller this year as foreclosure numbers increase and regular home sellers try to adjust to the flood of lower priced dwellings.
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... continue reading >>
Las Vegas Existing and Distressed Properties Sales Drop
Preview:
At the start of this year, the housing market in Las Vegas showed a downward trend in terms of existing and distressed properties sales and an upward trend for new home prices. Based on the Home Builders Research report, there were only 232 new home sales and 3,098 existing home sales, down from 240 and 3,111 respectively.
On the other hand, median sales price of new homes is higher by $5,693, at $208,145 compared to one year ago. The increase in said prices can be attributed to the growing consumer interest on new-home villages and subdivisions for the last couple... continue reading >>
Existing Dwellings and Sheriff Home Sales Rise in Kansas City
Preview:
Existing residential properties and sheriff home sales were up nationwide in January 2011 compared with year-ago numbers. The trend was mirrored in Kansas City, albeit at a slower pace. The impact of tighter credit controls on the U.S. housing industry was manifested in home sales figures for the month.
The number of existing houses sold during January 2011, including non-foreclosed and foreclosed homes in Kansas City, was up by 1.3% compared with January 2010. The rise was not as high compared with other metro regions and the nationwide average, but it still provided good news to realtors and home sellers.... continue reading >>
Bank and HUD Foreclosures for Sale Continue to Increase in Kentucky
Preview:
The number of bank foreclosures and HUD foreclosures for sale is still rising in Kentucky. Although the state is ranked near the bottom of the nationwide list of areas with the highest foreclosure rates, analysts are expecting distressed property numbers to continue to climb in the coming months.
Louisville foreclosures and statewide distressed property numbers have been climbing steadily in the past five years, although the number has never gotten to the same catastrophic level as states like Nevada, California and Florida have found themselves in. However, some local areas have posted huge jumps in foreclosure rates from the start... continue reading >>
Bills to Help Homeowners Avoid Foreclosure Passed Through Committee
Preview:
The Washington State Legislature deliberated on two legislative bills meant to help homeowners avoid foreclosure and also help them understand their options. The bills were also designed to help reduce the number of foreclosure cases in the region and offer advice to borrowers facing debt and mortgage problems.
To help prevent the number of foreclosed homes in Seattle and in the rest of the state from further increasing, bills designed to initiate a mediation process for homeowners facing foreclosures was passed through the Senate and House committee of the state. The bills underwent several changes and were eventually passed. It... continue reading >>
Single Family Homes Construction Projected to Improve in Raleigh
Preview:
Construction of single family homes and multifamily dwellings are expected to improve further in Raleigh, North Carolina in 2011. According to market analysts, the region will see tremendous rise in building permits this year, even higher than what the area recorded last year.
Although foreclosed homes in Raleigh did pose challenges to the house construction sector last year, homebuilders still did well to record improved numbers from the previous period. In 2010, a total of 8,600 building permits were issued in the region, representing an increase of 85% from 2009 levels. A big percentage of these permits were accounted for... continue reading >>