Joseph Smith has been educating buyers on the finer points of foreclosures for sale at Foreclosure-Support.com for over five years.
With a few moratoriums in action, the foreclosure rates are slowing, yet more properties are on the home foreclosures for sale list. Despite of Obama’s plans to halt foreclosures the number of homes for sale is steadily increasing. South Florida around Dade County and Miami is experiencing an increase in foreclosures. After delays from laws in the Inland, a surge hit the area and caused foreclosure filings to escalate. Hawaii experienced a 503 percent increase in foreclosure filings and Michigan made the top sixth highest in the nation.
New York in March leaped to 46% hitting the record high despite that programs were setup to delay foreclosure filings. Government controlled finance companies and major banks put a temporary freeze no foreclosures, yet the amount of foreclosed filings continued to increase.
During the first few months in 2009, New York watched as foreclosed filings jumped to 24%. According to online sources Illinois, Nevada, Arizona, Florida and California made up almost 60% of foreclosed activities during the first quarter. This put more home foreclosures for sale on the market.
According to Vice President Sharga of RealtyTrac, the major problem was in metro areas. Foreclosures continued to increase in Detroit, yet the increase was down compared to Ann Arbor, Grand Rapids and Lansing, which had risen.
Las Vegas, California, Florida, Nevada and Arizona made the top charts in foreclosed filings. One of 22 homes in Las Vegas alone received foreclosure filings, says Sharga.
Foreclosure filings are increasing since fraudulent lenders and real estate agents has made it impossible for homeowners to continue paying their mortgage. Some of the flip-this-house offers, subprime loans, modification loans, and jumbo loans have caused millions of people around the world to lose their homes.
People are taking advantage of this by purchasing home foreclosures for sale while the sales price is dipping and the interest rates have dropped. Investors are purchasing property now to make profit by offering the once homeowners, now renters a place to live.
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