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Record numbers of REO bank foreclosures are expected to challenge the U.S. Census Bureau as it carries out its once-a-decade nationwide head count in 2010.



According to census officials, they expect that many of their mailed census forms would not be returned by households who have abandoned their foreclosed homes and by immigrants who have concerns about their immigration status. Officials also added that sending personnel to make personal follow-ups on unreturned mailed census forms is expensive.

In March, the Census Bureau will send census forms to around 120 million households who are expected to receive them between March 15 and 17. Households who do not return the forms will receive a reminder or follow-up communication through a postcard. Those who do not respond after follow-ups will be visited by census takers in May.

Original Post: REO Bank Foreclosures Expected to Challenge 2010 Census on BankForeclosuresSale.com.

The growth of bank owned property listings is replicated by the growth of several law firms specializing in helping banks pursue foreclosures on delinquent homeowners and other property owners.



Over the past several years, a number of law firms have been sharply growing because of record numbers of foreclosure actions that need to be filed and pursued on behalf of lenders. They do legal research work, file foreclosure papers, issue default notices, attend hearings and take back foreclosed properties.

To squeeze more profits from the business of pursuing foreclosures, law firms have instituted easy-to-follow standardized operating procedures so that personnel like clerks and paralegals can carry out procedures quickly and cheaply. With lower operating costs, smaller law firms can beat bigger law firms during biddings for foreclosure work.

Original Post: Bank Owned Property Listings Revvep Up by Law Firms on BankForeclosuresSale.com.

REO bank foreclosures in Memphis and other parts of Shelby County in Tennessee are being blamed on giant financial services provider Wells Fargo, which is based in San Francisco.



The city and the county have filed a civil litigation case against Wells Fargo alleging that Charlotte-based bank Wachovia, which Wells Fargo acquired in December last year, engaged in predatory lending practices that resulted in a disproportional number of foreclosures in minority communities in Memphis.

The lawsuit is using the Fair Housing Act, which prohibits unlawful, unfair, irresponsible, discriminatory and deceptive mortgage lending practices. It further alleges that Wachovia targeted minority communities, resulting in abandoned houses, extreme blight, low property values and low tax revenues in communities with high concentration of home foreclosures.

Original Post: REO Bank Foreclosures in Memphis Blamed on Wells Fargo on ForeclosureDeals.com.

The number of Fort-Lauderdale foreclosed homes is expected to rise despite the mediation program implemented by the Florida Supreme Court, according to Fort Lauderdale foreclosure mediator and real estate lawyer Shari Olefson.



According to Olefson, distressed homeowners should not put all their hopes on the court-supervised mediation program because the outcome of the mediation process will still rely on the current financial capabilities of borrowers. Loan modification will be done only if the debt-income ratio of the borrower qualifies under the modification program.

The mediation scheme was implemented to help homeowners in Florida save their homes and at the same time help the courts manage the backlog of foreclosure cases. It was implemented through the issuance of an administrative order requiring judges across Florida to order mediation first before processing foreclosure cases involving homesteaded properties. The order was written by Chief Judge Peggy Quince.

Original Post: Fort-Lauderdale Foreclosed Homes to Surge Despite Mediation on ForeclosureDeals.com.

The number of Fort-Lauderdale foreclosed homes is expected to rise despite the mediation program implemented by the Florida Supreme Court, according to Fort Lauderdale foreclosure mediator and real estate lawyer Shari Olefson.



According to Olefson, distressed homeowners should not put all their hopes on the court-supervised mediation program because the outcome of the mediation process will still rely on the current financial capabilities of borrowers. Loan modification will be done only if the debt-income ratio of the borrower qualifies under the modification program.

The mediation scheme was implemented to help homeowners in Florida save their homes and at the same time help the courts manage the backlog of foreclosure cases. It was implemented through the issuance of an administrative order requiring judges across Florida to order mediation first before processing foreclosure cases involving homesteaded properties. The order was written by Chief Judge Peggy Quince.

Original Post: Fort-Lauderdale Foreclosed Homes to Surge Despite Mediation on ForeclosureDeals.com.

Shelters in Minneapolis, Minnesota and in other cities across the country are seeing sharp increases in young people aged 16 to 21 approaching homeless shelters for help.



According to analysts, the number of homeless young people is rising largely because of job losses, home foreclosures, family problems and other forms of abuses. Barbara Duffield, policy head for the National Association for the Education of Homeless Children and Youth, explained that when families suffer extreme difficulties and cannot afford to feed and house all their children, the older children are forced to fend for themselves.

In the Twin Cities, social service workers estimate that each night, around 1,500 young people are looking for a bed to sleep on to pass the night, but there are only about 50 shelter beds available.


Original Post: Shelters Serving More Teens from Foreclosure-Hit Families on ForeclosureDeals.com.

Foreclosure sales, cheap houses in Florida are turning into tourist attractions as innovative real estate brokers use tourist buses to take prospective home buyers and journalists around cheap foreclosure houses.



Brokers are showing higher-priced homes that are now being sold off at almost one-fourth of their previous price levels. One example is a palm-tree-lined waterfront stucco house which was bought at $850,000 in 2005 and now being sold off at only $273,000.

Large houses with granite countertops, swimming pools and jacuzzis are being shown off as specimens of the housing meltdown and the resulting foreclosure crisis.

Original Post: Foreclosure Sales, Cheap Houses Becoming Florida Attractions on BankForeclosuresSale.com.

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Homes foreclosed in Colorado rose in November by almost 12 percent from November last year, but foreclosure sales dropped by 0.5 percent, based on data from the Colorado Division of Housing.

A total of 2,802 foreclosures were posted in November, an increase from 2,506 postings in November 2008. Foreclosure sales dropped to 1,512 units in November, down by 8 units from October.

Compared to the 3,234 foreclosure filings in the previous month, filings dropped by 13 percent in November. Foreclosure sales also dropped from 1,518 units in October.


Original Post: Homes Foreclosed in Colorado Surged by 12 Percent on ForeclosureDeals.com.

Tampa foreclosed homes for sale will be tracked by a city registry that will be set up after city officials approved an ordinance requiring banks and other property owners to register any property that they foreclose within ten days of filing their foreclosure actions and to maintain the properties.
 

According to Jake Slater, head of code enforcement for Tampa, the registry ordinance will go into effect immediately but the registry program will probably be set up in 45 days. He added that there will be a registration fee but the amount will still to be determined.
 

City officials said that the registry will help the city quickly identify entities responsible for the maintenance of vacant properties and enable officials to serve legal notices for code violations. The new ordinance will force property owners and lending institutions to maintain their foreclosed properties.


 

Original Post: Tampa Foreclosed Homes for Sale Tracked Thru City Registry on ForeclosureDeals.com.

Bank foreclosure cancellation efforts have been stepped up by mortgage lenders in California following pressures from lawmakers and Obama administration officials to modify more loans and to put more trial loan modifications into permanent modifications.
 

In November, nearly 10,500 scheduled foreclosure filings across California were canceled by lenders, a 20-percent increase from the 8,741 scheduled foreclosures canceled in October, based on data from a California-based foreclosure research firm.
 

In the county of Santa Clara, a total of 337 scheduled foreclosures were reversed, up from the 269 foreclosures canceled in October. Each working day in October, 416 cancellations were made and cancellations increased to 581 each working day in November.



Original Post: Bank Foreclosure Cancellation Stepped Up in California on BankForeclosuresSale.com.

Hialeah foreclosures may drop if the reopening of the Hialeah Park Race Track and if the planned developments adjacent to and in conjunction with the park create jobs for a lot of Hialeah residents and people moving to the city.
 

According to John Brunetti, owner of Hialeah Park, within weeks of his application for a permit to hold quarter horse racing, 4,800 people came to the park and submitted applications for jobs. The record number of job applications spurred Hialeah and Miami-Dade officials to work with Brunetti in lobbying for a state legislation enabling Hialeah to reopen the race track for horse racing.
 

Hialeah City Mayor Julio Robaina, recognizing the positive impact of the rebirth of the race track on job creation and economic rejuvenation in his city, worked with Florida Senators Jeff Atwater, Alex Diaz de la Portilla, Rudy Garcia, Al Lawson and other lawmakers to enable the race track to operate other games in addition to horse quarter racing.


 

Original Post: Hialeah Foreclosures May Dip if Hialeah Park Succeeds on BankForeclosuresSale.com.