SEG Blog

Foreclosures are hitting record highs according to recent industry report submitted by RealtyTrac. As per RealtyTrac, an online firm specialized in foreclosure properties, states that foreclosure filings which includes auction sale notices, home-loan default notices and bank repossessions, were reported a record high in April, 2009. The study shows that one in every 374 U.S.

households received a foreclosure filing in April which is in fact the maximum monthly foreclosure rate ever posted since RealtyTrac began issuing its report in January 2005.

Some states have witnessed a steep record high in foreclosure activity in comparison to last year. Nevada continues to post the nation’s highest foreclosure activity rate. In April, one in every 68 housing units in the Nevada state received a foreclosure filing, which is actually five times more than the national average. Total foreclosure activity in Nevada was up 111% from April 2008. In addition to this, Florida is a second state that has shown second highest rise in foreclosure activity among the other states in April. Total foreclosure filing in Florida was up 75% from April 2008. With rise of 42% from April 2008, California posted the nation’s third highest foreclosure activity rate.

The continuous slow down in jobs market and price depreciation had a significant effect on foreclosure levels. New housing affordability has turn out to be the prime concern and as a result deeply discounted foreclosure market holds for more than half of home sales activity. In fact in coming few months, RealtyTrac even estimates the foreclosure filing will further continue to increase till the world’s largest economy struggles to overcome from its second year of recession.

Housing market in US will continue to fall and experts even expect the peak of foreclosure activity now. Though the house market is down and price will continue to decrease, but if you are looking to buy any of the foreclosure property, you must take several factors in consideration like the quality and amenities of the neighborhood and much more.

For more information on foreclosure or any guidance in foreclosure investment, contact Stone Equity Group (stoneeg.com). The group specializes in assisting busy professionals build profitable real estate portfolios in changing markets. Over the years, it has built relationships with banks and large lending institutions to help liquidate non-performing assets.

Financially troubled homeowners will get an insight into the mortgage foreclosure process and advice on avoiding it at a workshop scheduled Saturday at Gilbert Civic Center.

The workshop, part of a Valley-wide effort by the Leadership Centre and the Arizona Foreclosure Prevention Task Force to stem the rising tide of foreclosures, is aimed at teaching families about crisis budgeting and strategies for keeping their homes.

Residents who live in neighborhoods plagued by foreclosed properties will also get information on how to maintain their own property values amid the blight that often comes with abandoned houses.

Several speakers are lined up for the event, including representatives from the Don’t Borrow Trouble Campaign and Arizona Saves. The goal is to help people before it’s too late, said Cheri Horbacz with the task force, which also plans a workshop Jan. 10 in Mesa.

Similar workshops elsewhere in the Valley have brought in crowds of 500 people; one in Glendale drew 1,800.

Participants will learn how to talk to their lenders about loan modifications because about half of homeowners facing foreclosures fail to talk with their lender during the process, said Patricia Garcia-Duarte, task force chairwoman.

“We want to make sure people feel comfortable. The bank is calling, but they may have an option,” Garcia-Duarte said.

Beleaguered owners will also learn how to save money, and maybe their homes, even when facing a foreclosure. A class will teach 90-day crisis budgeting, said Jennifer Quillin with Arizona Saves.

Quillin said many lenders require money up front if a loan modification is agreed on. Even if terms can’t be reached, homeowners should still trim their budgets to save money, she said.

“If they are not able to save their home, they’ll need that money to move out,” Quillin said. “It’s not a ‘no bill holiday’ when you can’t make a mortgage payment.”

Speakers will also touch on the tax ramifications of foreclosures and what to expect during legal proceedings.

Mark Lines, an attorney with Shaw and Lines, will speak on trustee sales and personal liabilities that could be retained after a foreclosure.

Organizers hope people will leave the workshop energized to survive the down market.

“They’ll walk out feeling like they are the CEO in charge of their company and no one cares more about their money than they do,” Quillin said.

Many investors have realized their pots at the end of their rainbows have disappeared, and are lost as to where to invest now.

In this Real Estate Market there is so much happening outside of our backyards. We have been looking at the places that are hot in this market place and we happen to see all fingers pointing at Texas. The reason why Texas is the big place to invest in is because of job growth. With so many people are losing their jobs all over the country there is a lot of people moving out of state and looking for a new place to call home. The big plus in Texas is a mix of affordability and job opportunity by what you can read in this article below.

Report: Dallas-Fort Worth has strongest job market in U.S.

Investors need to think their way of think from flipping to renting. The market is so volatile you cannot be sure that the foreclosure or rehab you’re trying to fix and flip has the equity at the end of the day to make it a profitable investment. Come over to SEG and see what I’m talking about.