Sunday, November 9, 2008

Creative Real Estate Investing: Foreclosure News

Hello All:

Here is a small sample of what’s happening around the country with foreclosures as of November 2008.

Florida: Foreclosure filings up three fold over last year at this same time! October new and existing filings totaled 20,703 !

Georgia: At least 350,000 Georgia homeowners fell at least 60 days behind on their mortgage payment since the beginning of the year.

New Jersey: State officials have begun to roll out a program requiring mandatory mediation on certain foreclosure proceedings; this is the latest effort by local government to deal with a growing tide of foreclosures.

California: A new law mandates California lenders to notify a homeowner before filing for foreclosure.

Texas: Delinquent payments have led to a total of 11,526 foreclosure filings this year. Foreclosure filings are up 21 percent over the same time last year in the state of Texas, including the once hot market of Austin!

Wisconsin: Will receive an estimate $39 million from the federal government to stabilize neighborhoods and assist with the housing crisis.