Homes Facing Foreclosure Jump 57% in January

The number of homes facing foreclosure jumped 57% in January compared to a year ago, with lenders increasingly forced to take possession of homes they couldn’t unload at auctions, a mortgage research firm said Monday.

Nationwide, some 233,001 homes received at least one notice from lenders last month related to overdue payments, compared with 148,425 a year earlier, according to Irvine, Calif.-based RealtyTrac Inc. Nearly half of the total involved first-time default notices.

The worsening situation came despite ongoing efforts by lenders to help borrowers manage their payments by modifying loan terms, working out long-term repayment plans and other actions.

“You have more people going into default and a higher percentage of the properties going back to the banks,” said Rick Sharga, RealtyTrac’s vice president of marketing.

I  signed up with Realtytrac for 7 day free membership that allows you to search for foreclosures in your area. Doesn’t cost you anything for 7 day but you can get an idea. Home Bargains! Sign up for your Free 7-day trial at
RealtyTrac.

Foreclosures on the rise in New York area! Queens, Long Island, Brooklyn!

I just checked foreclosures in Queens, Brooklyn and Long Island and its insane!  We’ve been looking for a house for past 3 years and I am hoping to find a home next year before summer. Sick and tired of helping my landloard. I was suprised on how many houses are there – Suffolk – Nothport, Nassau – Port Washington ,Great Neck, Sea Cliff! I just signed up with Realtytrac for 7 day free membership that allows you to search for foreclosures in your area. Doesn’t cost you anything for 7 day but you can get an idea. Home Bargains! Sign up for your Free 7-day trial at
RealtyTrac.

Foreclosures on the Rise. What’s next?

Banks are posting billions in losses, Feds lowered the rate – but who cares, nobody is buying anyway. Our country is using foreign money not to go into government foreclosure and keep economy somewhat a float(would’ve been a recession 5 years back). Prices and affordability went so out of hand so it sounds more like they try to sell us Bentley as an everyday car with ridiculous 10% discount!!  The word foreclosure returns 3,880,000 searches in google.  Wanna buy your neighbor’s castle(which was probably financed with ARM!) check out wiseforeclosures.com for listings in your area.