07/05/2009
Real Estate Foreclosure Statistics Search Links
Resolved Question: serious business if you think you are going to be a smart axx don't message me only those who want to help me.
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Foreclosure Filings Hit Record High
By Kenneth Musante,
CNNMoney
Posted: 2008-05-14 13:00:31
NEW YORK (May 14) -- US foreclosure filings reached a record high in April rising almost 65% over the previous year and putting municipalities at risk by cutting into the value of taxed property according to a study released Wednesday.
Some 243,353 households nearly one in 519 received a foreclosure filing during April according to the US Foreclosure Market Report from RealtyTrac an online marketplace that tracks foreclosed properties That was up 4% from March, and surpassed the record of 239,851 set in August 2007.
It's "the highest monthly total we've seen since we began issuing the report in January 2005 said chief executive James J. Saccacio in a statement.
RealtyTracs measure of foreclosure filings includes notices of default auction sales and bank repossessions According to the report, 54,574 were fully repossessed by banks in April.
Property tax plunge: The record number of foreclosures added their weight to an already saturated real estate market pulling down home prices Plunging home values reduce the money that cities villages and towns collect in property taxes.
In particular jeopardy are parts of Nevada California Arizona and Florida whose states maintained the highest foreclosure rates, according to RealtyTrac.
"For example the city council in Vallejo Calif. - part of a metropolitan area with a foreclosure rate that ranked sixth highest in the nation in April - last week voted to have the city file for bankruptcy said Saccacio.
The state of California had the second-highest foreclosure rate in the nation up 112% over the previous year and affecting about one in 204 households The top spot among states was held by Nevada which maintained a foreclosure rate 3.6 times the national average affecting about one in 146 homes.
Nationwide single-family home prices have fallen 7.7% since the beginning of the year to the lowest level since at least 1982 according to the National Association of Realtors and data from real-estate broker Zip Realty showed that the number of houses on the market grew by 3.5% in April.
With more homes being seized by banks, local governments also lose out on tax revenue from sale transactions. "It's really hitting the municipalities from multiple fronts said RealtyTrac marketing vice president Rick Sharga in an interview.
Ten hardest hit metro areas: Cities in California and Florida have been particularly hard-hit. Areas in those states accounted for 9 of the top 10 metropolitan foreclosure rates.
The California metro areas of Merced Stockton Modesto and Riverside-San Bernardino took the top four spots. In Merced one out of 66 households was hit by foreclosure in April.
In Florida Cape Coral-Fort Myers came in at number 5 Port St. Lucie-Fort Pierce and Fort Lauderdale came in at numbers 9 and 10.
Also making an appearance was Las Vegas a city that had seen heavy real estate speculation at number 7 with one in 116 households receiving foreclosure notices.
As Congress debates plans to prop up troubled homeowners the foreclosure rate shows little signs of slowing. Delinquent mortgage payments which lead to foreclosure will likely rise over the next six to 12 months according to a key mortgage trend statistic from First American CoreLogic.
Copyright 2008 CNNMoney
2008-05-14 06:06:18
moreResolved Question: Why won't politician do something about the coming '08 Panic?
The same question has been asked throughout history: "How could it have been that, with all the evidence staring them in the face, people couldn't see disaster coming?"
History is again repeating itself. Despite the mountains of evidence and baskets of statistics pointing to "Panic," the media, the man on the street and the politicians avoid the facts and deny the ugly truth or defend their beliefs with a vengeance attacking those who beg to differ.
Battered equity markets, rising unemployment, a diving dollar, $100 per barrel oil, soaring commodity prices, plummeting real estate values, record home foreclosures, slumping retail sales, crumbling consumer confidence, a credit crunch, the subprime crisis, write- offs and write-downs the data doesn't lie. Banks, brokerages, and bond insurers begging for bailouts and pleading for cash.
SIVs, CDOs, ARSs VRDNs, hedge fund operators, derivative players, buyout specialists an alphabet soup of exotic scams, rigged games, Wall Street cons and double dealers.
America's on the rocks and sinking fast and there's no one there to save it. Not the Federal Reserve, the President of the United States, nor the presidential wannabes in waiting. There are no quick fixes or human geniuses that can make the debt-bloated pig fly, yet a desperate public prays that its pathetic politicians will lead them to economic salvation.
Dumb and Dumber
Of the Democrats, Hillary Clinton's and Barak Obama's economic plans are essentially the same, and there is little dispute between the two when arguing the differences. "My opponent came to Wisconsin a few days ago and basically gave my speech. That's OK, I want everybody to agree with me," said Clinton claiming that Obama heisted her economic blueprints.
Either ignorant of the facts or afraid to say the word, both candidates have yet to admit America is in recession, nor have they warned of the critical conditions that will soon face the nation.
Prescribing a stimulus package of bromides and minor trade agreement modifications, their promised tax adjustments, infrastructure building and "green" job schemes will neither relieve fiscal pain nor cure the nation's economic malignancy. (See "Panic and Fear Solutions and Hope," Trends Journal, Winter 2008.)
On the Republican side, John McCain falters badly on the economic front. "I don't believe we're headed into a recession," he said as the global markets trembled during January's historic bout of financial turmoil. "I believe the fundamentals of this economy are strong and I believe they will remain strong," he fantasized.
Proclaiming that "The issue of economics is not something I've understood as well as I should," McCain said, "I've got (Alan) Greenspan's book," as though reading the former Fed Chief's book would somehow matter. "I'm going to be honest: I know a lot less about economics than I do about military and foreign policy issues. I still need to be educated," the presidential contender had said.
Publisher's Note: In addition to being economically challenged, McCain's promise to "Follow Osama bin Laden to the Gates of Hell" and fight the Iraq War "for a hundred years" if necessary, calls into question his military and foreign policy prowess.
Cast as a "genuine war hero" and military strategist McCain's serving time as a prisoner of war after his plane was shot down while bombing Vietnamese, qualifies him as neither. More accurately termed a victim and survivor, McCain's torture at the Hanoi Hilton (as with those persecuted at Guantanamo) does not elevate him to hero status nor does the loss of his jet fighter during battle qualify him as a military strategist.
moreResolved Question: Where can I find city statistics for the number of licensed real estate agents per location, conveniently?
Yahoo Real Estate page provides great statistics for whichever city I choose to input, such as 'Homes For Sale (MLS)', 'New Homes', 'Foreclosures'. As an additional economic indicator, I am looking for a similarly convenient website or resource that would also show how many licensed real estate agents are within the designated location.
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