The Case of the Missing Bank Foreclosure Listings

2013 brings reduced foreclosure listingsOne recent complaint of many homebuyers is that foreclosure listings are extremely hard to find. Since all reports point to the fact that foreclosures continue to abound, the missing bank foreclosure notices are definitely a mystery for many.

A look at the legal notices section of local newspapers is no longer offering the listings that prospective buyers are used to. So, where have these listings gone and is it still possible to find helpful bank foreclosure listings today?

First, let’s answer the question of where these listings have gone. It’s true that buyers will find very few foreclosure listings within newspapers today, which used to be a popular sport for prospective homebuyers to begin their search. It’s also important to note that foreclosures are still occurring on a regular basis, so notices haven’t dried up because there are no foreclosures on the market anymore. The problem is that actual listings of these properties seem to be missing in action.

The main cause of missing bank foreclosure notices happens to be the fault of a system called the Mortgage Electronic Registration System. This system was started by several banks along with Fannie Mae and Freddie Mac. The purpose behind the MERS was to help make it easier to track mortgage paperwork and keep track of the owner of mortgages whenever they were sold.

The result of this system taking over was the foreclosures no longer ended up being filed with the county clerk’s office locally. Instead, foreclosure paperwork had to be filed with MERS. This led to MERS started to begin foreclosure proceedings when mortgages were not paid.

A recent court case took this procedure to task, ruling in favor of a homeowner that contested that MERS had no right to initiate foreclosures, since the homeowner had no contract that was with MERS. Now, loans that have gone through MERS have to go through the courts for foreclosure proceedings. Although this is not required for loans that did not go through MERS, with the huge amount of loans that went through this system, many of these foreclosure proceedings are going through the courts now instead of being dealt with in a non-judicial way.

Those bank foreclosure properties going through the courts don’t have to be listed in newspapers, which is why many homebuyers are noticing that there are few foreclosure listings found in local newspapers these days.

While homebuyers may find a few listings now and then, many are wondering if it’s even possible to find more foreclosure listings to help them obtain a home at a low price. Although the newspapers may not be any help anymore, it still is possible to find a good bank foreclosure. Buyers having difficulty finding listings will find excellent foreclosure listings at RealtyStore.com at a time when listings are no longer being displayed in other forums.

Instead of finding one or two local listings in local papers, homebuyers can search through a full database of listings for bank foreclosure properties at RealtyStore.com. An easy to use search engine allows buyers to filter results by state, county and city. The advanced search engine allows buyers to search in even more detail, choosing search criteria like the number of bathrooms or bedrooms needed or even the square footage of a home.

Homebuyers interested in bank foreclosure properties will still find many excellent opportunities available across the country. Foreclosures have not slowed down; it’s just more difficult to find them. However, RealtyStore.com offers a helpful tool for buyers, allowing them to find the foreclosure listings they are interested in while narrowing down the search to ensure they get the most helpful listings for their specific needs.

Interest Rates are Dropping, Home Buyers are Leaping

Remarkable things have occurred in the real estate market in 2012. Due to an influx of foreclosures hitting all over the country, massive layoffs leaving millions out of works, and the general decline in American wages, interest rates started getting chopped to percentages never before seen. At the end of May, 2012, there were fifteen year loans being offered for less than 3%. Many renters jumped on the opportunity to purchase homes at those unbeatably-low rates.

Long term, or thirty-year, interest rates dropped under 4% in December of 2011, but no one expected that they would continue to drop through 2011. At the end of May, 2012, rates for these long term loans were at 3.75, which was a decrease over rates just the week prior.

This fast dropping of interest rates has stimulated some improvement in the real estate market. While foreign investors have been busy scooping up the lowest priced foreclosure homes, the drop in interest rates has opened the door for more average Americans to make their dreams of homeownership come true.

Since lower interest rates means lower monthly payments, more renters in particular are now able to afford their own home. This is especially true when they shop for foreclosure home and very cheap homes offered on websites like RealtyStore.com. The combination of lower sale prices due to massive foreclosures sitting in the hands of overwhelmed banks and record lows in the interest rate department has created an irresistible opportunity for those who have been dreaming of owning their own homes.

While this looks like great news for homeowners waiting for prices to build back up so they can get a fair deal on the sale of their homes, there are some things still holding some would-be homebuyers back. Some have bad credit after losing jobs in the years past, so they are going with rent-to-own opportunities rather than bank loans. Others realize that they still have to pay the fees, or points, that must be used to get those incredibly low interest rates. The cost of those points is not decreasing like the lowered interest rates.

Even with those obstacles, this is clearly a great time for anyone able to get a loan to become a homebuyer. With so many cheap homes on the market, many are purchasing second homes, vacation homes, or rental homes. With so many bank foreclosures pulling the market down, this is a great time for future homeowners to get great deals on beautiful homes.

Are Foreclosures Good For The Housing Market?

The underlying belief in the country, whether one considers a social worker, a professional or the common man, is that foreclosures and short sales are not good for homeowners or the real estate market in general. In fact, it is this premise on which many states have put in place stringent anti foreclosures laws. However, now that some time has passed and the results of these measures are coming to the fore, experts are stating that these anti foreclosures laws are turning out to be counterproductive for the real estate market in general.

According to a recent study conducted by the United States Federal Reserve, states that require judicial reviews for bank foreclosures are more likely to suffer from a slow turnaround of the real estate market than others.

The prime example of the aforementioned fact is that the Nevada real estate market is one of the few markets in the country that is not showing any improvements or even signs of improvement. This is surprising for many because the state, after the 2008 real estate crash, actually put in place borrower protection laws that are considered to be one of the most stringent in the country.

One of the main reasons for this phenomenon, as per many experts of the industry, is that with fewer bank  foreclosures in the market the inventory suffers, resulting in a false price bubble. Similarly, as homeowners with poor credit get to stay in homes that they know they will be leaving in the future, the result is that they fail to maintain it, which reduces its prices further.

High Bank Foreclosures in Rhode Island: Despite Millions in Aid Available

Unemployment, horrible housing market and economic hardship is no longer breaking news, even in hard hit areas such as Rhode Island. What may shock you however is the fact that there are millions of dollars in financial aid for homeowners at risk for foreclosures that is not being spent! Rhode Island foreclosures are the highest in New England and one of the highest in the United States as well.

Rhode Island has access to $79 million dollars in aid for struggling homeowners, of which only $25 million has been allocated. The state and several other “hardest hit” areas have received federal aid but Rhode Island seems to be slower than most at dispensing the funds.

With high bank foreclosures in Rhode Island coupled with a nearly 11% unemployment rate, you may be wondering why more people are not receiving this much needed aid. There are several factors at play apparently, including the reticence of some to accept government help. Apparently, the main hold up is a slow roll out of the program and very little information in the general public.

There is also the reluctance of national lenders to work within the guidelines of the program in Rhode Island, citing issues with operational details throughout the 19 different jurisdictions.

Rhode Island has struggled to put the hardest hit funds to good use, as have several other recipient states. Each state had to build programs from scratch that would utilize the money appropriately. Thankfully, the tide appears to be turning and more homeowners will be able to save their homes in the coming years. Requests for assistance are up approximately 40% and the funds will be available through 2017.

The Queen of Versailles: Naivetee, arrogance, or both?

A house that is ready to be foreclosed upon, a family whose idea of economy is taking a super stretch limo to McDonalds and hanging on to the solid gold purse while not paying the staff enough money and working them longer hours, you have to wonder how in the world this billionaire became a billionaire and why his children and wife seem to have the business sense of a retriever.

90 thousand square feet will soon be up for grabs when the threatened bank foreclosures take hold of the Siegel family home, or a short sale is arranged to avoid one. Back in 2012, with the house still under construction and billed as one of the largest homes in the United States, the Siegels had not grasped the fact that their reign was soon coming to an end. In a world where bank foreclosures and short sales are part and parcel of everyday life to many Americans, the Siegels were living in their own little dream world.

David is generally portrayed in the media as a study in hubris, telling the world that he was nearly “singlehandedly” responsible for putting George W. Bush in the White House. Nowadays his wife Jackie, in an attempt to save money, takes a stretch limousine to McDonalds to purchase a meal.

When asked questions about the remainder of the world and how they are having to tighten their belts to make ends meet, the Siegels respond “Let them eat cake.”

If you believe the portrayal of this family in the upcoming “Queen of Versailles” documentary, this is a family that loses multiple pets because they’ve lost track of them and/or forgotten to feed them, while dog feces is often deposited unceremoniously about the floor on costly rugs. It is a study in contradictions.

Today, rather than cake, the Siegels order dollar menu items from a stretch limo and hang on to the trappings of wealth, while trying to sell their home for more than 75 million–a home which is not yet completed.

The world looks in awe at the the lifestyles of people like the Siegels, while those who are a bit more practical can find in this story much cause to be amused and saddened.

You can see a gallery of over 100 photos of the Versailles project here.

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Investors and home buyers eager to buy bank foreclosures

The demand for bank foreclosures is basically tripling among all home buyers in the U.S., according to recently released information. Realtor.com recently released a poll that confirmed this information. The bottom line of this new information is highly interesting, as it essentially verifies that the once-dominant shame of purchasing bank foreclosures as residences has strongly dissipated.

Based upon information from Realtor.com, we realize for a fact that the interest among homebuyers for foreclosures actually skyrocketed a whopping 159 percent since just October of 2009. If you look at it in the right context, it is almost surprising just how many of today’s homebuyers are really serious about purchasing bank foreclosures. Greater than 66 percent of the homebuyers of today have asserted, according to the Realtor.com poll, that they would be more than happy to purchase a foreclosure. This is extremely significant when you compare the attitudes of homebuyers of today to the attitudes of the homebuyers from just two-and-a-half years ago, back when only a little bit more than a quarter of all the homebuyers said they would be open to purchasing foreclosures!

It turns out that there are quite a few varied reasons for this surprising and growing interest in the purchase of bank foreclosures (which should obviously help grow the foreclosure listings, too). First, there is just a lessening of the supply. Second, there is the expectation that the prices of homes are going to increase in the near future. Finally, there is also the change in the attitude toward bank foreclosures. This change in attitude is especially prevalent among the owner/occupant set.

It is also interesting to note a recent blog post that has appeared on the authoritative RealtyStore.com website. In this post, it is explained that a possible increase in foreclosures is actually a good thing for the real estate market, as these increased foreclosures are actually required medicine to help the market recover in the long term!

People who are searching for bank foreclosures - and there are more and more who are searching for them - should consult RealtyStore. As it stands, it is the premier website that helps folks search for and find the foreclosure of their dreams, as well as any bargain homes that will also pop up on the site. The advantage with searching for homes on the RealtyStore.com website is that one can easily find all sorts of bank foreclosures all across the nation.

Buy your college kid a condo

Over four years, college students (or their parents) can expect to end up paying in excess of $10,000 for room and board alone. A much better option is to purchase a small property near campus.

It’s often possible to find affordable housing near campus that can be purchased and used instead of campus housing. Here are some of the advantages to purchasing rather than paying for campus living or renting an apartment:

Potential return on investment

With the real estate market beginning to rebound, purchasing a home or condo in the area can prove to be a great investment. You’ll often find mortgages cheaper than average room and board, which will help you save money. Home ownership also offers great tax advantages that can help you save money too. And since properties near campus are easy to rent out, you can easily turn this into an income property once your kid graduates.

More stability for the student

Think about the lessened anxiety for the student. No longer having to run around looking for places to rent, no longer being tied to the institution for housing needs. There’s also the added bonus in the maturity, accountability and investment savvy that your kid will acquire, especially if you make him/her a partner in the upkeep and finances related to the property.

Where to find cheap homes near campus

Your local paper, school directories, craigslist, the classifieds, realtor.com are all good sources of info on cheap homes near campus. But we recommend you subscribe to RealtyStore.com using their special offer for students and military personnel – for just $5 per month, you’ll be able to search for bargain homes (foreclosures, pre-foreclosures, lease-options, fsbo’s, tax sales, and more) across the whole state of your choice.

Taking the “Distress” out of Saving Your Home

The Federal Housing Administration (FHA) has homes that it financially “backs up” called HUD homes. These special homes are foreclosed homes listed on foreclosure listings and are one step away from being taken away from one family and put up on the market. This sounds simple, but it is also very heartbreaking. A family works very hard and in the end, they lose their home anyway. That can be devastating, especially if that family has had that home for perhaps generations. How would anyone feel if they work one or two jobs and still cannot meet that big mortgage payment, and the place they call their home gets taken out from under them? This very sad situation is exactly what the Distressed Asset Stabilization Program is all about, giving hard working people a way to keep their homes without the badgering and horrific treatment from a mortgage company.

The Distressed Asset Stabilization Program was developed to make it possible for home owners to keep their homes. The economy is tough all over and mortgage companies are taking houses away at an alarming rate. With the Distressed Asset Stabilization Program someone other than a mortgage company will be able to buy the delinquent loan and together with the actual owner of the home, find a way to work together so that the home is saved. So, between this private company and the home owner, a delinquent loan will become current and in the end a home stays with the family that has put so much work into it.

Short Sale and Foreclosure Listings

Due to the increase in short sales in the US, many were able to purchase property at below market value. This occurred because of a 25 percent increase in pre-foreclosure sales, the highest it has been since early 2009. The banks taking on the possibility of more foreclosed properties allowed transactions where the sale price was lower than the mortgage balance. It was good news to property buyers, but bad for banks. Now the trend of selling pre-foreclosed properties is on the rise; rather than waiting for the bank to buy the property back and as a way of easing through the troubled loans.

Short sales help to slow the mortgage losses and help both the mortgage holders and the homeowners from the rigors of the legality of full foreclosures. Mortgage companies now accept lower priced short sales, which keeps the property out of foreclosure processes. The number of repossessed homes is dropping due to hefty settlement fees induced on the five largest US mortgage companies over having wrongfully repossessed homes. There will be fewer properties in the foreclosure listings due to this.

The trend of selling off pre-foreclosed homes is highest in California, followed by Florida, Arizona, Georgia, and Nevada, proving the short sale is the wave of the near future for home sellers and buyers.

Drop in Bank Foreclosures Equals Good News for Home Sellers

While it is always good for the real estate industry of any country to post good sales and sales growth, what is even better is a reduction in new bank foreclosures in the market. Such revelations come from experts on the back of the recently released statistics from the Commerce Department, which highlighted that new single family home sales have shown a jump of 8 percent in the month of May.

However, while the increasing sales figures are extremely positive for the real estate industry of the country, experts suggest that the true marker of its future prospects can be seen in the fact that in the same month, the number of new bank foreclosures dropped by 25 percent. The bank foreclosures statistics also showed that foreclosure listings in May dropped by a good 39 percent when compared to the peak period of December, 2010.

These trends are not only good for the industry as a whole but also for home sellers. This is because burgeoningforeclosure listings mean that there are fewer potential buyers for homes that are offered at normal rates. As is obvious, potential home buyers tend to prefer bank foreclosures because it allows them to save a considerable amount of money.