Foreclosures Increase in Louisville KY

According to a recent article in Business First Louisville, foreclosures are increasing on multi-unit buildings and land that was to be used for developments....Foreclosures Claim more failed area developments ....

"At a time when demand is slack in every sector, millions of dollars in undeveloped properties that were slated to become subdivisions or patio-home developments, along with multi-unit buildings and condominium developments, are winding up in Jefferson County Circuit Court’s bi-monthly foreclosure auctions....." Foreclosures increase in Louisville KY

Vacant Home Insurance- Call us for a Vacant Home Insurance quote 502-245-3625
Dick Watts Insurance Inc, 12200 Shelbyville Rd 112, Louisville, KY 40243

Foreclosures Increase in Louisville KY

According to a recent article in Business First Louisville, foreclosures are increasing on multi-unit buildings and land that was to be used for developments....Foreclosures Claim more failed area developments ....

"At a time when demand is slack in every sector, millions of dollars in undeveloped properties that were slated to become subdivisions or patio-home developments, along with multi-unit buildings and condominium developments, are winding up in Jefferson County Circuit Court’s bi-monthly foreclosure auctions....." Foreclosures increase in Louisville KY

Vacant Home Insurance- Call us for a Vacant Home Insurance quote 502-245-3625
Dick Watts Insurance Inc, 12200 Shelbyville Rd 112, Louisville, KY 40243

Kentucky Foreclosures up 45% since Feb

Kentucky Foreclosures up 45% Since Feb.

"Kentucky foreclosures fell 1.3 percent in March from a year earlier, but
rose 45.2 percent from February, according to the latest report from RealtyTrac
Inc.
The state ranked 38th in the nation in terms of foreclosure rates.
Kentucky had 691 filings, for a rate of one foreclosure filing for every 2,733
households, in March.
Indiana had 5,119 foreclosures in March, for a rate of
one filing for every 538 households. That ranked it 11th in the nation.
Indiana foreclosures rose 18.2 percent in March from a year earlier, and
fell 0.5 percent from February. ...." Busines First Kentucky Foreclosures

Kentucky Foreclosures up 45% since Feb

Kentucky Foreclosures up 45% Since Feb.

"Kentucky foreclosures fell 1.3 percent in March from a year earlier, but
rose 45.2 percent from February, according to the latest report from RealtyTrac
Inc.
The state ranked 38th in the nation in terms of foreclosure rates.
Kentucky had 691 filings, for a rate of one foreclosure filing for every 2,733
households, in March.
Indiana had 5,119 foreclosures in March, for a rate of
one filing for every 538 households. That ranked it 11th in the nation.
Indiana foreclosures rose 18.2 percent in March from a year earlier, and
fell 0.5 percent from February. ...." Busines First Kentucky Foreclosures

Can the Fed cut Foreclosures?

Can the Fed cut foreclosures in 2008?

With the tough times of 2007 over and done, the big question in real estate is whether 2008 will be any better.

Mortgage reform legislation has passed in both the House and the Senate, the President has recommended an interest-rate freeze for certain loans and HUD has introduced the FHASecure program. These efforts, however, have had little practical impact because final legislation from Capitol Hill has been neither completed nor signed, the President’s proposals are voluntary and as of mid-December the FHASecure program had only funded several hundred loans......Foreclosures

addl information: Foreclosures

Can the Fed cut Foreclosures?

Can the Fed cut foreclosures in 2008?

With the tough times of 2007 over and done, the big question in real estate is whether 2008 will be any better.

Mortgage reform legislation has passed in both the House and the Senate, the President has recommended an interest-rate freeze for certain loans and HUD has introduced the FHASecure program. These efforts, however, have had little practical impact because final legislation from Capitol Hill has been neither completed nor signed, the President’s proposals are voluntary and as of mid-December the FHASecure program had only funded several hundred loans......Foreclosures

addl information: Foreclosures

Foreclosures up 57%

U.S. home foreclosures for January increased 57 percent from a year earlier, but the pace at least temporarily subsided in response to private and government efforts to help homeowners, RealtyTrac said.
Mortgage companies and counselors, endorsed by the Treasury, are modifying many high-risk mortgages, aiming to improve affordability and keep borrowers in their houses.
Foreclosure filings in January rose 8 percent from the prior month after jumping 19 percent a year earlier, the real estate marketing company said on Tuesday.
Foreclosures up 57%

Foreclosures up 57%

U.S. home foreclosures for January increased 57 percent from a year earlier, but the pace at least temporarily subsided in response to private and government efforts to help homeowners, RealtyTrac said.
Mortgage companies and counselors, endorsed by the Treasury, are modifying many high-risk mortgages, aiming to improve affordability and keep borrowers in their houses.
Foreclosure filings in January rose 8 percent from the prior month after jumping 19 percent a year earlier, the real estate marketing company said on Tuesday.
Foreclosures up 57%

Foreclosures Vacant Homes

"As the mortgage-lending crisis spreads, business is booming among small mortgage field-servicing firms such as JR Services, which specialize among other things in "property preservation." Driving the trend: the national homeowner-vacancy rate, which measures how many vacant homes are for sale. That rate rose to 2.8% in the fourth quarter of 2007, matching a record set in the first quarter of last year; by some accounts, it hasn't been this high since the Great Depression. Meantime, U.S. foreclosure filings, a prelude to vacancies, surged 75% last year to 2.2 million, according to RealtyTrac. In December alone, there were 215,749 foreclosure filings, almost double from December 2006......" Foreclosures, Vacant Homes
For This Niche Industry, Foreclosures Bring a Boom

Foreclosures Vacant Homes

"As the mortgage-lending crisis spreads, business is booming among small mortgage field-servicing firms such as JR Services, which specialize among other things in "property preservation." Driving the trend: the national homeowner-vacancy rate, which measures how many vacant homes are for sale. That rate rose to 2.8% in the fourth quarter of 2007, matching a record set in the first quarter of last year; by some accounts, it hasn't been this high since the Great Depression. Meantime, U.S. foreclosure filings, a prelude to vacancies, surged 75% last year to 2.2 million, according to RealtyTrac. In December alone, there were 215,749 foreclosure filings, almost double from December 2006......" Foreclosures, Vacant Homes
For This Niche Industry, Foreclosures Bring a Boom

Vacant Home Insurance Vacant Homes

"Banks have moved to whittle away a rising pile of foreclosed houses. The lenders are more aggressive in their quest to unload the residences whose loans defaulted.
During November, 446 foreclosed homes were sold in the nine-county Bay Area. That's 11 percent of all the home resales in the region in that month, according to an analysis by the Times of sales data compiled by Dataquick Information Systems.
In the East Bay, 229 foreclosed homes were sold in November -- 16 percent of all the resales in that area.
Banks and other lenders now account for a sharply rising share of the homes being sold in the Bay Area and East Bay. A year ago, 1 percent of all home resales in the Bay Area involved a foreclosed house....." Vacant Home Insurance

Vacant Home Insurance Vacant Homes

"Banks have moved to whittle away a rising pile of foreclosed houses. The lenders are more aggressive in their quest to unload the residences whose loans defaulted.
During November, 446 foreclosed homes were sold in the nine-county Bay Area. That's 11 percent of all the home resales in the region in that month, according to an analysis by the Times of sales data compiled by Dataquick Information Systems.
In the East Bay, 229 foreclosed homes were sold in November -- 16 percent of all the resales in that area.
Banks and other lenders now account for a sharply rising share of the homes being sold in the Bay Area and East Bay. A year ago, 1 percent of all home resales in the Bay Area involved a foreclosed house....." Vacant Home Insurance

America's Hardest Hit Foreclosure Spots

"Who is most feeling the crunch? Using data from RealtyTrac, a national firm that tracks foreclosures using data from multiple listing services, bank-owned property records, bankruptcy records, loan histories, tax liens and lender information, we evaluated which of the nation's counties had the most negative equity loans, by examining all loans currently in foreclosure...........

The usual suspects top the list. Wayne County, Mich., home to Detroit, is first, with 10,622 homes in foreclosure with negative equity, 176 of which have more than $100,000 of negative equity. Clark County, Nev., where you'll find Las Vegas, has 4,278 homes in foreclosure with negative equity and lands at No. 2.

Rounding out the top five are Maricopa County in Arizona, and Riverside and Los Angeles counties in California......" Foreclosures

America's Hardest Hit Foreclosure Spots

"Who is most feeling the crunch? Using data from RealtyTrac, a national firm that tracks foreclosures using data from multiple listing services, bank-owned property records, bankruptcy records, loan histories, tax liens and lender information, we evaluated which of the nation's counties had the most negative equity loans, by examining all loans currently in foreclosure...........

The usual suspects top the list. Wayne County, Mich., home to Detroit, is first, with 10,622 homes in foreclosure with negative equity, 176 of which have more than $100,000 of negative equity. Clark County, Nev., where you'll find Las Vegas, has 4,278 homes in foreclosure with negative equity and lands at No. 2.

Rounding out the top five are Maricopa County in Arizona, and Riverside and Los Angeles counties in California......" Foreclosures

Americans Facing Foreclosure

"The thousands of Americans facing foreclosure because of the ballooning interest rates on their subprime mortgages would get help from the federal government under legislation overwhelmingly approved by senators Friday.
The legislation, approved 93-1, is the Senate's first attempt to address the looming subprime mortgage crisis through stand-alone legislation. Sen. Jon Kyl, R-Ariz., was the lone senator to vote no.
The bill would allow the Federal Housing Administration to back refinanced loans for tens of thousands of borrowers who are delinquent on payments because their mortgages are resetting to sharply higher rates from low initial "teaser" levels." Foreclosure

Americans Facing Foreclosure

"The thousands of Americans facing foreclosure because of the ballooning interest rates on their subprime mortgages would get help from the federal government under legislation overwhelmingly approved by senators Friday.
The legislation, approved 93-1, is the Senate's first attempt to address the looming subprime mortgage crisis through stand-alone legislation. Sen. Jon Kyl, R-Ariz., was the lone senator to vote no.
The bill would allow the Federal Housing Administration to back refinanced loans for tens of thousands of borrowers who are delinquent on payments because their mortgages are resetting to sharply higher rates from low initial "teaser" levels." Foreclosure

Foreclosures Increase , Investors

Foreclosures Increase, Foreclosure Process

"Smitha has been involved in real estate for 30 years as a licensed broker and agent, and has been a builder for the past 12. He said he has been an investor all along, but his pace has picked up during the past couple years as the market has declined.

"It presents some risks but on the other side of the coin in presents opportunities: The best time to buy is when everyone else thinks you shouldn't," he said. "The best time to sell is when everyone else thinks you should buy."

Smitha is among the more than half of auction buyers who are investors, not owner occupants. He awaits closing on it, then plans to fix it up and sell or lease it sometime next spring. Still, he said he expects to spend more than $40,000 to repair and renovate it.

That's an even greater risk in a down market — but he sees much the same upside that Tadeus and Lorraine Cyman saw 30 years ago, including a nice neighborhood, solid school district and ample living space.

"There are literally hundreds of these houses on the market in the Detroit area," he said. "It's sad but obviously I didn't create the problem. Someone has to buy these and fix them up. Rental Property Insurance

"Really, what people like me do, is return a house to the market in a livable condition that prior to that most people didn't want to walk through." Foreclosure Investors

Foreclosures Increase , Investors

Foreclosures Increase, Foreclosure Process

"Smitha has been involved in real estate for 30 years as a licensed broker and agent, and has been a builder for the past 12. He said he has been an investor all along, but his pace has picked up during the past couple years as the market has declined.

"It presents some risks but on the other side of the coin in presents opportunities: The best time to buy is when everyone else thinks you shouldn't," he said. "The best time to sell is when everyone else thinks you should buy."

Smitha is among the more than half of auction buyers who are investors, not owner occupants. He awaits closing on it, then plans to fix it up and sell or lease it sometime next spring. Still, he said he expects to spend more than $40,000 to repair and renovate it.

That's an even greater risk in a down market — but he sees much the same upside that Tadeus and Lorraine Cyman saw 30 years ago, including a nice neighborhood, solid school district and ample living space.

"There are literally hundreds of these houses on the market in the Detroit area," he said. "It's sad but obviously I didn't create the problem. Someone has to buy these and fix them up. Rental Property Insurance

"Really, what people like me do, is return a house to the market in a livable condition that prior to that most people didn't want to walk through." Foreclosure Investors

Home Sales Soar

Sales of new homes surged in April by the biggest amount in 14 years, but the median price of a new home dropped by the largest amount on record. The mixed signals left no clear picture of whether the worst of the nation's housing slump is over....Home Sales Soar

Home Sales Soar

Sales of new homes surged in April by the biggest amount in 14 years, but the median price of a new home dropped by the largest amount on record. The mixed signals left no clear picture of whether the worst of the nation's housing slump is over....Home Sales Soar