More Foreclosures Expected in 2011

More Foreclosures Expected in 2011
December 12, 2010, Wall Street Journal

Brace yourself for another rough year in housing: The number of foreclosures is expected by many to increase in 2011 as more troubled mortgages work their way through the pipeline. Next year could very well be a peak year for foreclosures, says Rick Sharga, a senior vice president at RealtyTrac, an online marketplace for foreclosure properties. The market is expected to tally about 1.2 million bank repossessions in 2010, up from 900,000 in 2009, he says. "We expect we will top both of those numbers in 2011."


Housing Shaky as Lenders Tighten
December 13, 2010, Wall Street Journal

Economists are worried that the housing sector may be heading into another downdraft as mortgage lenders continue to tighten already restrictive lending standards. Such a scenario seemed less likely earlier this year, when home-buyer tax credits fueled a surge in sales. But sales have plunged in the second half of the year after those credits expired. New and existing home sales were down by more than 25% in October from a year ago.


'Underwater' Homes Decline as Foreclosures Rise
December 13, 2010, Wall Street Journal

U.S. homes with negative equity were slightly lower in the third quarter as the volume of foreclosures increased, according to the latest housing data. In the third quarter, 10.8 million, or 22.5%, of residential mortgages were "underwater" nationally, meaning homeowners owed more on their mortgages than the homes were worth. This was down from 11 million, or 23%, in the previous quarter, according to housing-data provider CoreLogic.


Remodeled Foreclosure Homes at a Discount
December 12, 2010, WOFL FOX 35

One city is reaching out to home buyers by offering remodeled foreclosures at a fraction of the cost. With the rising number of foreclosed homes the city of Orlando has come up with a way to try to get foreclosures off the market by remodeling them and offering incentives for buyers through their Neighborhood Stabilization Program.