Home Auctions Blog

There are a handful of vacant foreclosed properties in Tucson, Arizona and most residents are worried that these empty premises will lead to higher crime rates and will impact local businesses. Along with the numerous Tucson house auctions for sale, there are also apartment buildings and commercial properties left vacant in the area.

One property that was supposed to have been sold at one of the foreclosure auctions in Arizona is now causing problems for the residents of Fort Lowell. The Vista Sierra apartment building owned by the Metropolitan Housing Corp. is currently empty and is said to be a favorite target of vandals.

As the apartment complex has not been disposed along with other buildings and house auctions for sale, residents are complaining that the empty building is causing good neighbors to stay away from the area and is also discouraging businesses to come into the neighborhood.

The building was purchased by Metropolitan from the U.S. Housing and Urban Development as one of the thousands of Tucson house auctions for sale. According to local HUD officials, the department is currently working on securing and boarding up the premises and cleaning the building until the HUD can come up with a decision on how to dispose of it.

Some local businesses have stated that a big number of foreclosed buildings and properties under fixer uppers listings have been left empty in the city while authorities are looking for a way to dispose of these structures. Business owners around the area have asserted that the situation is bad for their business reputations and operations and creates an unsafe neighborhood for families.

With the Vista apartment building, authorities have stated that the process of deciding what will become of it might take until the end of the year. They added that HUD has to first determine repair costs and whether it would be more beneficial to demolish the building.

For now, residents and local businesses have to tolerate the apartment complex and hope that something would be done soon. A number of residents did express optimism, stating that in almost all foreclosure cases, Tucson house auctions for sale are eventually occupied, cleaned and restored by the new owners.

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A number of legislators and residents feel that, with the number of homes being sold at Fresno foreclosure auctions and the amount of properties falling under foreclosures, Fresno, as well as the whole San Joaquin Valley, California, should have gotten a bigger share of the latest federal assistance effort designed to help homeowners all over the U.S.

Under the latest federal assistance initiative, the whole state will receive $476 million to help homeowners who have lost their properties to California home auctions for sale. However, Valley residents feel that their area was somewhat left out in the distribution. The latest effort from the government involves a total of $3 billion that will be spread out to different areas of the U.S. that suffered from the housing market crisis.

According to legislators who represent the Valley, the number of foreclosed homes at auctions in the area makes San Joaquin one of the highest ranked regions nationwide in terms of foreclosure rates. The Valley covers the cities and counties of Modesto, Merced, Stockton and Fresno, all with high rates of foreclosure activities.

In addition to the high number of properties under Fresno foreclosure auctions, there are also smaller counties that contribute to the high rates of foreclosure in the Valley, including Los Banos. These are just some of the factors cited by residents and legislators in their claim that the region deserves a bigger share than what it is expected to receive.

In an effort to address the impact of high numbers of repossessed houses on various regions of the country just like those in several California areas and to help unemployed homeowners keep their homes, the Treasury Department has announced a nationwide assistance initiative that will be financed by a total of $2 billion. In addition, the Department of Housing and Urban Development will release zero interest loans worth $1 billion to be provided to homeowners who are behind in their mortgage loan payments.

The latest effort has received criticisms from several fronts, including officials and legislators from the San Joaquin Valley region. According to them, the government's track record in terms of foreclosure mitigation efforts has not been good. They also criticized the government for allegedly leaving out San Joaquin despite the high rates of foreclosure in the area and the thousands of homes being sold under Fresno foreclosure auctions.

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• Problem of Foreclosed Oakland Home Auctions for Sale Eased Down
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• Sales and Prices Rise Amid Palm Springs Foreclosure Auctions
• Freddie Mac Got $6.1 Billion to Curb Government Repo Homes

Latest statistics saw Oakland home auctions for sale and foreclosure rates in most metro areas of California declining during the month of July 2010. According to housing industry numbers, the area of Northern San Joaquin Valley recorded some of the most significant declines among the metros of California.

However, analysts have warned against an early celebration as despite the decline, the number of foreclosed properties on offer at house auctions in California is still some of the highest in the whole U.S. But analysts did admit that the fact that fewer houses are getting repossessed and fewer foreclosures are happening during the summer months compared with the same period in 2009 can be seen as something positive for the housing market.

More than the number of properties in foreclosed houses auctions, analysts are worried about the number of homeowners who are delayed in their monthly mortgage payments. According to them, this does not bode well for the second half of the year. However, there are areas in California that demonstrated significant improvements during the month of July.

Foreclosed properties lost to Oakland home auctions for sale were not as high as previous year's numbers. But the county that did really well during July was Stanislaus County. Less than 500 homes fell to foreclosure in Stanislaus in July. Of the 483 total, 373 were repossessed by banks, while 110 were sold at foreclosure auctions. This figure is less than 50% of the total foreclosures recorded in the county in July 2008 when the housing market crisis was at its peak in the area.

In terms of households that are in the first stage of foreclosure, or those that have received their first notice of default, Stanislaus had a total of 591 for July 2010. This is significantly lower than the July 2009 total which was pegged at 1,081 and represents a 45% year-by-year decline. Further decline in foreclosure activities in the area is expected for the rest of the year.

Other metro cities in California that are experiencing declining foreclosure activities are Merced and San Joaquin Valley. Foreclosed dwellings under Oakland home auctions for sale are also fewer for July 2010 compared with July 2009.

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• Over 100 Houses in Hays Foreclosed Home Auction

The prices of Dayton foreclosure auctions homes and properties in general in Ohio have suffered due to the high number of vacant and abandoned dwellings and buildings. According to local authorities, around 130,000 mobile dwellings, apartments and regular houses have gone vacant in the state in the past decade.

Hundreds of properties are being offered at Pittsburgh foreclosure auctions, including properties that can be converted into rental units. This scenario is just one possibility that real estate market analysts are considering after the Housing Alliance of Pennsylvania reported that the state is currently facing a rental housing shortage.

A retail establishment might soon be part of Charlotte foreclosure auctions as owners of the EpiCentre commercial property have filed for a Chapter 11 protection. A bankruptcy judge has approved the filing for the retail and entertainment center.

The slowdown in Los Angeles foreclosure auctions in June improved home prices and pushed up the sales price median in the county by nearly 5 percent to $335,000 from the June 2009 median price of $320,000.

Plenty of hot home deals are being offered in one of several Phoenix foreclosure auctions to be held by a private auction firm in Phoenix. This July, about 100 homes priced from around $18,000 to $450,000 will be sold off in the city by this auction firm. All the properties, priced at discounts of 15 to 20 percent, come with insurable titles with no liens or back taxes.

A number of homeowners who are facing foreclosures and are about to lose their properties to Philadelphia home auctions were allegedly targeted by Gennaro Rauso, former owner of D&B Property Investors, a firm that specializes in providing real estate management services.

A large number of residential units were bought through foreclosure home auction in Los Angeles County in the first quarter, based on home sales data from a research firm.

With 10,823 short sale and foreclosure homes in Los Angeles County sold in the first quarter, the county posted the most number of foreclosures sold in California [...]