LYCOS RETRIEVER 
Foreclosures
built 117 days ago
LAS VEGAS, Nov. 19 /PRNewswire-USNewswire/ -- Foreclosures are stacking up like decks of cards in Las Vegas, flushing the "sin city's" housing market with too much inventory and driving down prices. In this cooled market, where choosey buyers demand price reductions on homes, more house hunters are attending foreclosed real estate auctions to find a jackpot of deals. Over 200 foreclosed Las Vegas homes, owned by national lenders and asset management companies, will be auctioned by Hudson & Marshall on December 2, 2007 at 12:00 pm at the Ritz Carlton-Lake Las Vegas.
Source:
Foreclosures officially begin after a homeowner defaults and the lender files a Notice of Default with local county officials or file a court complaint known as a Lis Pendens. Lis Pendens are only necessary in states that require all foreclosures to be approved through judicial proceedings. For states that do not require this, the lender may pursue the sale themselves after registering a Notice of Default. For all intents and purposes, this marks the beginning of the foreclosure process.
Foreclosures are going on around the Commonwealth just about every day. To the right are the number of foreclosures made public in the last 60 days for each county. Click on the next to each county to find out more information.
Source:
-- On all loans, industry data show that for every loan modification made by a lender, 7 times as many foreclosures are initiated. For the subprime adjustable-rate mortgages (ARMs) that are at the root of the current crisis, foreclosures outnumber modifications 13 to 1.
Source:
"New foreclosures increased in October to their highest level so far this year," said James J. Saccacio, chief executive officer of RealtyTrac. "Some of the increase can be attributed to foreclosure activity ramping up again in Louisiana and Mississippi after being disrupted by the recent hurricanes. But it's possible that increasing interest rates and other economic factors are beginning to move foreclosures closer to their historic levels."
Source:
"While many members of Congress are working hard to prevent foreclosures, some members of the lending industry are preventing legislation that Americans desperately need," said Michael Calhoun, President of the Center for Responsible Lending (CRL). "Congress has recognized that we need a bipartisan solution to stop foreclosures and further damage to the economy."
Source:
MORE ABOUT
Foreclosures