It was noted that there was one home out of 3, 275 homes scheduled for a foreclosure auction or sale for the very first time. Foreclosed Queens properties, including Queens fixer uppers, actually accounted 49 percent. Meanwhile, in Brooklyn, the number of foreclosed homes up for grabs for the first time increased by 14 percent and 15 percent in Brooklyn compared to the third quarter of 2010.

But there was a decline in the number of first time New York distressed properties located in Manhattan and Staten Island. Based on 2009 figures, Manhattan dropped 36 percent, Brooklyn declined 14 percent and Staten Island was down 28 percent. Only Bronx increased by 6 percent for the said time frame.

With the fewer number of newly-foreclosed properties entering the market, it can be expected that many people will consider making real estate investments, particularly foreclosures. The smaller inventory will certainly mean having fewer choices, and serious buyers would want to grab the best deals off the market first.

Seasoned foreclosure buyers and investors have always utilized online foreclosure listings to find distressed home foreclosures. They are very much convenient and could save you a ton of money. if you are interested in a New York distressed property, simply look for an online listings provider and subscribe to access their database of repo properties for sale.

Find Distressed Home Foreclosures in New York Now is a post from: Foreclosure Homes Investing

A total of 113 foreclosure houses in and around New York City were sold, easily snapped up by buyers because of their attractive prices.

REDC was pleased by the sales results, although the foreclosure home held last March at the Jacob Javits Convention Center resulted in a higher sales amount. In March, a total of 207 homes were sold, resulting in $18.6 million of total sales.

Jeffrey Frieden, CEO of REDC, said the lower number of properties auctioned this June was due to the foreclosure moratorium imposed by the Obama administration. He insisted that what the foreclosure moratorium did was just to delay the foreclosure process for a couple of months and not really to prevent the process.

Frieden said that many of the houses covered by the moratorium still went on to the June foreclosed home auction and that more would be processed to be included in the next auction which will be held in August or in September.

Last month, foreclosures across the city increased by 8 percent from April. According to data from PropertyShark.com, Queens accounted for 73 percent of all foreclosures in New York boroughs. Statewide, a total of 285 homes entered foreclosure inventories last month.

Frieden reiterated that he is pleased with the June auction results and with what buyers acquired. He said that all of them snapped up unbelievable bargains.

Among the biggest deals in the June foreclosed home auction was a home in Staten Island which sold for only $63,000, a 90-percent discount from the home’s highest price level of $595,000. Another was a Newark home that sold for $12,000, a 95-percent discount from its highest price level of $280,000.

In the last 18 months, auction company REDC has already sold over $5 billion in foreclosed properties. Its web site was formerly called USAHomeAuction, which changed to Auction.com after paying $1.7 million to buy the domain name earlier this year.

At the March foreclosed home auction which was attended by around 2,000 people, many buyers were able to acquire homes for as low as 50 to 60 percent of their appraised value.

All in all, REDC CEO Frieden said every foreclosed home auction results in families occupying vacant houses, paying property taxes and bills and helping move the economy forward.

$10 Million Sales in New York Foreclosed Home Auction is a post from: Foreclosure Homes Investing

You do not have to deal with them to keep your home. Many government agencies and nonprofit organizations have launched services designed to help you avoid foreclosure for free. You do not even have to leave your house at first. You just visit the web sites of the following organizations to help you decide what to do. And then make the calls.

The first recommended web site is the federal Department of Housing and Urban Development’s site www.hud.gov. The site offers lots of information about foreclosure and programs aimed at helping homeowners like you. It has sections such as Guide to Avoiding Foreclosure, At Your Service, Important Links and HUD news. You can find links to local offices, free housing counselors employed by HUD and other helpful sites.

At the HUD site, you can also read details about the HOPE for Homeowners Program and resources offered by EconomicRecovery.gov program. The site offers contact numbers and has a Spanish language version.

The second site you need to visit is www.naca.com, the web site of the Neighborhood Assistance Corporation of America (NACA). It is a nonprofit community organization and counseling agency certified by HUD. It has been recognized across the U.S. for reducing loan rates to enable distressed homeowners to make their monthly payments. Best of all, NACA’s services are free.

There is one more you need to see: the web site of Hope Now, a nonprofit 501(c)(3) Christian association which was formed by loan servicers, investors, counseling agents and other mortgage professionals that provide foreclosure assistance for free. The site has a free hotline.

The foreclosure crisis has brought about the rise of unscrupulous people taking advantage of homeowners at the most vulnerable time of their lives. So be careful.

Foreclosure Advice Is Free. Why Pay? is a post from: Foreclosure Homes Investing

If you are in the market for a new home and would like to spend less, it will be smart of you to consider foreclosure auctions. But before you jump right in the foreclosure market, consider the following tips:

• Understand Foreclosure – since buying a foreclosed home is basically an investment, it will not hurt if you find out as much as you can about these repossessed distressed properties. Knowing and understanding the entire foreclosure process will help you make informed decisions.
• Learn the Market – if you are looking to enjoy considerable savings, it is also a good idea to learn market conditions. Find out if they are currently favoring buyers or sellers. It will make searching for the perfect distressed property easier for you as well as negotiating prices. Keep in mind that housing market conditions may vary from city to city and you should also not rely on general information regarding the entire market as they can be misleading. In other words, you should go local.
• Determine Affordability – last but not the least, it is important for you to determine if the property is priced just right and if you have a ready source of fund to pay for the property. With regards to the asking price, find out the current market value of the property and check out the prices of the other foreclosure homes in the neighborhood. It is recommended that you get pre-approved first before you start your foreclosure search in order to have an idea of how much you can afford. In addition, there are the repair and renovation costs to consider so you really need to know how much money you will be working with.

Foreclosures: Better Homes, Less Money is a post from: Foreclosure Homes Investing

Gov. Paterson said that immediate effects of the bill would be felt by home owners across the state of New York. It is set to attack the faults in banking regulations in New York and provide support to home-owners part of the repo homes in New York.

Lenders now will be required to send to borrowers a distressed pre-foreclosure notice a minimum of ninety days prior to starting proceedings to foreclose on the house. This extra ninety day period has been added to the usual four hundred and forty day New York foreclosure process, making it the lengthiest in the country.

Amongst added provisions minimum standards to underwrite loans will have to be followed by lenders providing consumers with sub-prime loans with stronger protection.

Paterson said that the state has the responsibility to help families associated with the New York foreclosure homes besides reforming regulations in the banking industry to make sure that something like this doesn’t repeat itself in the future. The law has taken care of both, and urged the federal govt. to follow suit.

The housing bill that was signed by President Bush in July has provisions for borrowers who are at risk of facing foreclosures to re-finance their home loans into mortgages insured by the government at more affordable interest rates.

Will these bills in place critics now see borrowers with good credit worthiness facing hurdles acquiring mortgages, as additional costs and the challenges to follow the new regulations would possibly see banks deter from passing sound loans.

About 50,000 homes across the state have faced foreclosures this year. The state has estimated that around 38,000 more could end up facing foreclosure before this year is up. The number of New York foreclosure homes across the state of New York has risen by 14% in this year’s first quarter in comparison to last year’s first quarter.

The Future, the Past, of Foreclosure Homes in New York is a post from: Foreclosure Homes Investing

Almost all the states and counties have suffered from a bad real estate market and increasing foreclosure homes. Reports for New York also are not so good, New York foreclosure homes have increased by 25% this year. Almost 50,000 people will lose their homes to foreclosures in New York. With the dark age of foreclosure homes in New York closing, there are few warriors who have geared up to fight this battle. A new hot line number 212-461-2780 has been specially booked for the general public, where they can clear any doubts they have about the foreclosure activity. The hot line number can also be used to listen to the special interview between the mortgage and real estate expert Joe Gross and Assemblyman Daryl Towns. Daryl Towns has recently helped in passing New York Law as a protection for residents from losing their homes to foreclosures in New York.

Darryl Towns had worked very hard to have the New York Law passed. Most of the homeowners are not aware about the rules and regulations, property laws, and intricacies of the foreclosures in New York. He has ensured that maximum information reaches the homeowner regarding the foreclosure homes in New York. Joe Gross believes that if first hand information and education is given to the homeowners regarding the New York foreclosure homes, they will be able to make better decisions and probably safeguard their homes. There have been lots of mortgage malpractices happening here due to which New York foreclosures have reached a new high. With these kinds of programs introduced, foreclosure homes in New York will be checked.

Government Helping New York Foreclosure Homes is a post from: Foreclosure Homes Investing