Grandfamilies are grandparents who, due to one reason or another, are left to care for their grandchild or grandchildren. In the area, a big number of these families have lost their jobs or lost their homes to foreclosures or seen their properties become repo homes for sale in Kansas City. This segment of the society, analysts stated, is now getting attention as an affordable housing effort aimed at them was recently launched in the area.

Most of these families, analysts reported, are unable to purchase a new home, even low-priced Missouri repossessed properties, since majority of them have either lost their jobs or have been prevented by foreclosure policies to purchase another dwelling. The Pemberton Park project though, is set to alleviate some of these families' problems with regards to finding a home where they can stay. Local housing officials have stated that grandfamilies are unique, not least because they do not get the same attention as other social groups.

They revealed that most affordable housing efforts are geared towards young families and elderly residents, with grandfamilies left forgotten in most areas. The project however, is set to correct this oversight. Housing officials stated that most of these families were also victims of the surge in foreclosures and repo homes in the area which resulted in massive home losses and huge declines in property values.

With residential foreclosures and distressed commercial properties expected to rise again in the coming months, local housing agencies stated that these grandfamilies are in need of help. The Pemberton initiative was so designed to address the social and physical needs of both children and adults that comprise grandfamilies, officials revealed. They also reported that the number of such families has risen considerably since 2005 when around 5.7 million grandfamilies were counted.

Aside from providing them with affordable houses, these families will also be provided with social support and will be guided on how to use community resources. Analysts claimed that the surge in the number of foreclosures and repo homes has affected almost all types of people and experts are just discovering some of the profiles of other victims.

Rise in Foreclosed and Repo Homes Affected Grandfamilies is a post from: Foreclosure Homes Investing

Despite the cheap prices of properties offered at Solon home auctions and at other residential auctions in various parts of the state, not a lot of buyers are taking advantage. Analysts stated that most residents are still worried about the condition of the housing market, while others do not have the means to purchase since a big number of state residents have suffered from job losses.

However, hope that more buyers will be trekking to Ohio home auctions this coming months has emerged following reports that the region's unemployment rate as of March declined by 0.3% to rest at 8.9%. This rate was the lowest in over two years. Data from the Ohio Department of Job and Family Services showed that the last time Ohio's unemployment level has gone below 9% was during the first month of 2009. As of March 2011, an estimated 542,000 residents are said to be out of job; around 16,000 fewer than the previous month.

According to statewide figures, March was the 13th month in a row that the jobless rate of the region has declined since February of last year when the level of unemployment reached its peak at 10.6%. That year, home foreclosure auctions also posted some of their highest totals since the start of the foreclosure crisis.

Although bank owned condos and foreclosed houses are still expected to rise further this year, most economists are encouraged by the dwindling number of unemployed in the state. According to labor market reports, the increase in employment was buoyed by a strong showing from the manufacturing industry which added 7,000 jobs in March. During the past year, the manufacturing sector has added around 14,000 jobs, accounting for a large percentage of the 65,700 positions added by Ohio in the past 12 months.

Housing industry analysts are hoping that the stabilizing economy and the increasing number of jobs in the area will help push more buyers into purchasing properties at home foreclosure auctions. According to them, any type of real estate sale will benefit the market greatly and help it get back on its feet faster.

Home Foreclosure Auctions Set to Benefit from Unemployment Decline is a post from: Foreclosure Homes Investing

In February, sales of Ward distressed properties and regular homes in the rest of Lonoke County, as well as in other counties of the central region that include Faulkner, Saline, Grant and Pulaski; reached a total of 445. This includes both new and existing single family houses and represents a 7.29% decrease from February of last year when a total of 480 housing units were sold. The average selling rate also went down over the same period.

The average selling rate of central Arkansas distressed homes for sale and newly built homes in February was pegged at $163,057; down by 1.62% from one year ago when the average rate was at $165,745. According to realtors, the decline in both sales and prices had been expected, mainly because housing trends in the region often mirror nationwide trends. During the month, national housing sales and prices also posted a decline, although at a much steeper level than what was seen in the central region of the state.

Realtors also stated that prices have dropped in the area because of the considerable amount of distressed real estate homes that are currently in the market. When it comes to sales, they explained that fewer people are buying homes right now, mainly because a lot of them have lost their jobs. The state has an unemployment rate of 7.8% during the month, which roughly means that a little over 106,000 regional residents are out of job.

Although the unemployment level was a bit better than the 8% recorded in February of last year, analysts claimed that it would still be difficult for a big number of residents to purchase a house, even low-priced distressed homes. In addition, realtors said that the high unemployment level and the oversupply of foreclosures are weighing down consumer confidence and scaring off potential buyers who have the means to purchase.

They also attributed the decline in prices and sales to tight standards in the lending market which prevent would-be buyers from securing financing to purchase distressed real estate homes and newly-built houses. Analysts asserted that the housing market of Arkansas will only recover if more jobs are created.

Sales of Regular and Distressed Real Estate Homes Down in Arkansas is a post from: Foreclosure Homes Investing

According to a number of housing market observers, a considerable percentage of Seattle repo homes for sale and foreclosures in various areas of the state ended as such due to lack of efforts to pursue mediation between banks and borrowers. The recent law, called the Foreclosure Fairness Act, aims to address this shortcoming by providing troubled borrowers with a chance to mediate with their mortgage servicers or banks.

Under the regulation, homeowners can avoid losing their homes to foreclosures or Washington repossessed properties listings by seeking mortgage modification with the help of lawyers or housing counselors. The state of Washington is only the third region in the U.S. to adopt a program for foreclosure mediation. The states of Maryland and Nevada already have a similar program in place. According to local market analysts, the mediation law came at the right time since the state is currently facing escalating levels of foreclosure problems.

During the first three months of 2011, repo houses for sale totaled over 5,600 in Washington State, while over 7,000 properties are headed to foreclosed property auctions. The number of households who are currently at risk of falling into foreclosure is estimated to be around 30,000. The region is ranked 10th among all U.S. states in terms of areas with the highest rates of foreclosure during the 2011 first quarter.

With distressed commercial properties and residential foreclosures projected to rise again this year, housing market observers agree that the recent law will go a long way towards controlling the flood of foreclosures entering the market. The measure requires mortgage servicers to notify homeowners of their delinquency once they start falling behind on payments, something that analysts believe will encourage negotiation between the two parties and could lead to finding alternatives to foreclosures.

The law also stated that homeowners who answered the notice will be provided with two more months before a default notice is filed on their properties. The latest regulation also gives homeowners the right to seek help from courts to stop foreclosures if the service firm failed to act in good faith. Analysts are hoping that the latest effort will lead to fewer foreclosures and repo houses for sale in the region.

Mediation Aims to Reduce Foreclosed and Repo Houses for Sale Numbers is a post from: Foreclosure Homes Investing

According to housing industry analysts, foreclosure auction in Orlando and non-foreclosed home-selling channels in various areas of Florida recorded fewer single-family dwelling sales during March 2011. In areas like Walton and Santa Rosa counties, sales of single family residences dipped in March of this year compared with the same 2010 month. In Santa Rosa, the sales drop was 2.88%, while Walton posted a year-over-year drop of 2%. Okaloosa, on the other hand, recorded a healthy 15.35% increase in single family house sales during the period.

Despite the drop in single family residential sales, most foreclosure auctions in Florida and non-foreclosed home selling markets posted increased townhouse and condo sales. In Okaloosa, sales of condo units and townhouses posted an increase of 15.35% in March 2011 compared with March 2010, while Santa Rosa County posted an increase of 42.86% over the same period. Walton County, on the other hand, recorded a 35% jump in sales for townhomes and condo units.

According to housing market analysts, prices of condominiums and town dwellings, particularly those offered as foreclosure home auctions for sale, have gone down considerably in the past two years. As the economy stabilizes, more people are getting encouraged and taking advantage of these cheap prices. They also stated that the rise in sales in these categories has a lot to do with the arrival of the Airborne group of the U.S. Army. 

Although a lot of buyers still favor government-owned repo homes for sale and bank foreclosed properties, an increasing number of buyers are also finding that condominiums and townhouses are great deals, particularly with prices at this level. The average selling price of single family dwellings in Santa Rosa that were sold during the month rose by 1.35%, while condos and townhouses posted a price increase of more than 50%. In Okaloosa, single family dwelling prices dipped by 6.62%, while prices of condominiums and town dwellings fell by 23%.

Local analysts have stated that sales of home auctions for sale and regular dwellings will likely increase in the coming months as the spring buying season peaks. However, they did speculate that prices will continue to decline, particularly among single family residences.

Single Family Home Auctions for Sale Struggle in Florida is a post from: Foreclosure Homes Investing

Local realtors have reported that sale of Tulsa distressed properties in the commercial sector and even newly-built structures are rising as existing tenants try to take advantage of the low prices to improve their locations or find better deals. They also reported that retail development projects are starting to appear in the metro region; including The Walk, a retail space in Jenks and a development project in Yale center.

Aside from rising purchases of commercial distressed properties in Oklahoma, vacancy rate among retail spaces in the region also went down to 11.69%, analysts have reported. Rental rates have also declined, although analysts believe that the drop has more to do with landlords offering concessions to keep retail tenants rather than due to increased number of new renters. However, they did report that more retail stores are appearing, with most of the new tenants accounted for by drug stores, yogurt shops and fast food chains.

Some local realtors are hoping that improvements in the commercial property market will spill over the residential property sector. They stated that it is possible that new tenants in the metro area will also consider purchasing a new house or a dwelling from distressed house listings. They reported that office vacancies have gone down and leasing activities involving office spaces have picked up in the first three months of 2011, with energy firms accounting for most of the new lease agreements.

With a number of energy businesses trying to expand and take advantage of rising oil prices, local real estate agents are hopeful that condo auctions and residential property sales will also benefit from the influx of businesses and tenants. Meanwhile, it is not only office spaces that are enjoying a surge in leasing activities, but also industrial spaces, local real estate agents have revealed, with industrial vacancy rate declining to just a little over 11%.

Despite distressed house listings and residential foreclosures still posing problems on Tulsa's real property market, realtors are optimistic that eventually, the improvement in the commercial property sector will spill over the residential property market. They stated that increased activity in industrial and office properties will likely result in more home buyers.

Distressed House Listings Still Up, but Commercial Market Is Better is a post from: Foreclosure Homes Investing

According to data released by Florida Realtors, repo houses in Miami and other existing houses in the region recorded a 13% jump in sales in February of this year compared with the same 2010 month. Condominium sales, on the other hand, rose by 29% over the same period. However, prices continue to plummet as selling rates for houses dipped by 2% compared with a year ago, while condo prices declined by 14% over the same period.

Housing market analysts attribute the decline in prices to more buyers finding repo properties in Florida to be much to their liking than newly-built or regular dwellings. In the South Florida market, all counties recorded a surge in sales, but Broward was the only area that posted an improvement in housing prices. The Broward County median price for a home sold in February increased by 22% to reach $167,000, while condo prices jumped by 4% to $67,100.

The number of repo homes and existing dwellings sold in Broward County in February of this year reached a total of 909; up by 16% from one year ago. Condominium sales, on the other hand, reached a total of 1,357, representing a surge of 19% from year-ago levels. Meanwhile, Miami-Dade County recorded the biggest decline in condominium prices, with rates declining by 25% to around $94,000 from a February 2010 median rate of $126,100.

A total of 859 condo units were sold in Miami-Dade during the month; up by 58% from the same 2010 period. In terms of single family residences, a total of 540 foreclosed VA homes and other existing houses were sold in the region, representing a jump of 21% from year-ago figures. The median selling rate of existing houses in Miami-Dade in February 2011 was $147,900; down 23% from one year ago.

Palm Beach County also posted a rise in condo sales, totaling 978 units for the month and up by 40% from last year. Condo prices plummeted in Palm Beach by 20% to $77,800. In terms of existing homes, a total of 738 repo homes and non-foreclosed existing dwellings were sold in the area, rising by 32% from last year. Prices, on the other hand, dropped by 6% to $205,400.

Sales of Repo Homes and Existing Dwellings Up in Florida is a post from: Foreclosure Homes Investing

Aside from Colorado Springs distressed properties and foreclosed homes in various areas of the state, Colorado is also facing an unemployment rate of over 9%. As of January of this year, the unemployment level of the region is at 9.1%, higher than the national rate, according to data presented by the Colorado Department of Labor and Employment. Economists have stated that Colorado seemed to be going in the opposite direction from the whole country in terms of job market condition.

Around 240,000 people are said to be unemployed in Colorado; a considerable number, given that the state has an estimated labor force of around 2.7 million. With so many people out of job, housing market analysts have stated that there is not much chance that home buying activity will pick up in the state soon, not even among low-priced distressed houses for sale in Colorado. They stated that the home market will likely remain down despite relatively stable average home selling prices.

According to housing market observers, the high unemployment level explains why listings of distressed properties and other residences remain unsold for long periods of time in the state despite a growth in population. They stated that the initial unemployment estimate was 8.9%, which makes it lower than the national average. This, analysts have stated, prompted more people to move to Colorado, with majority of them coming from areas with higher unemployment levels.

However, now that the actual figure has shown an over 9% level of joblessness, the unsold distressed homes and foreclosed commercial properties can be explained. The report from the department revealed that the biggest employment declines were recorded in the hospitality and government sectors, with the former losing 2,300 jobs while the latter eliminated around 2,800 positions. Data also showed that the unemployment level of the state in January was the highest on record since 1976.

With listings of distressed properties and foreclosure numbers expected to increase further this year, economists stated that the economy of Colorado will continue to experience a downturn. According to them, the rest of 2011 will be all about riding the wave and maybe look forward to a better economic condition come 2012.

Listings of Distressed Properties and Unemployment Hit Colorado is a post from: Foreclosure Homes Investing

With repossession properties in Las Vegas and foreclosed homes in the rest of the state being offered in huge supplies and in such low prices, new houses have taken a backseat for the past three years or so. However, 2011 has shown signs of improvements in the new housing category as the Home Builders Research data showed that new housing sales are starting to record higher numbers.

According to the association, 90 new dwellings were sold in the region as of the second week of February. Out of the 25 new home builders in the area, 18 recorded positive net sales figures for that particular week despite tight competition from low-priced repo properties in Nevada. Meanwhile, several new subdivision projects have opened in the area and more are being started.

Last year, permits for new home construction reached 4,550, representing an 18% increase from the previous year. However, the new housing market's strong start to 2010 was stalled come July as the federal government's tax credit program expired and more properties entered repo home listing and foreclosure listings in the region. Home building permits reached its 2010 peak in March, when 730 permits were issued to home builders.

For the current year, market analysts are predicting that properties in foreclosure and REO property listing will continue to account for a big percentage of housing unit sales. They expect new home construction to slide slightly this year, with permits expected to hover near the 4,000 mark. They stated that the weak economy and difficult conditions in the labor market will continue to affect the new residential market.

Despite the presence of low-priced properties under repo home listing, several new housing subdivisions are being started in the region, including projects by Dunhill and Blue Heron. These developers believe that the Nevada market has been undervalued and investors will start taking advantage of investment opportunities in the market in the coming months.

Nevada New Home Market Improves Despite Expansion of Repo Home Listing is a post from: Foreclosure Homes Investing

The number of foreclosure auctions in Stamford and in the rest of the state remained high in 2010. This, analysts stated, prevented the house construction market from securing more projects during the period. In December, permits fell by 14.3% in the whole state compared with the same 2009 month. However, full year figure did increase, with 2010 home permits rising by 7.9% compared with the full 2009 period.

Properties at Connecticut foreclosure auctions are said to be pulling demand for new homes down. Some of the state's local markets have posted considerable foreclosure jumps last year, with Norwich-New London being just one example. The area posted a total of 1,547 foreclosures last year, representing a 16.7% increase from 2009 levels. This gives the area a ratio of one household out of every 76 units under foreclosure last year.

With the increase in the number of auction home foreclosures in Norwich-New London, the metro area jumped higher in the national rankings of U.S. regions with the highest foreclosure rates. The metro ended at 126 last year, several steps higher than its 133rd ranking in 2009. Meanwhile, the metro area of Bridgeport-Stamford-Norwalk ended at number 102, while Hartford-West Hartford-East Hartford was at 135th.

Although the number of distressed properties, including HUD repo homes, in these metro areas was not as high as in other regions of the country, the metros still felt the impact of the foreclosure crisis, particularly in terms of new housing activities. Analysts stated that building permits for last year might have posted an increase when compared with 2009 levels, but they remain way below the average recorded during pre-crisis years.

Majority of housing industry observers expect auction home foreclosures to remain high in 2011. They also stated that as long as foreclosures are in oversupply, the new housing market will be hard put to keep up and any improvement in the sector this year will be very minimal.

Auction Home Foreclosures Affect House Construction Activities is a post from: Foreclosure Homes Investing