Nevada foreclosures fell in October – following a national trend. It was less than the previous month as reported by Foreclosures.com. Pre-foreclosures fell in Clark County from 6,565 in September to 6,420 in October. The Real Estate Owned properties fell from 3,563 to 2,653. Nevertheless pre-foreclosures and REO’s have spiked by 69.2% and 157.6% respectively during the same month from what it was a year ago.
Nationally foreclosures
have dropped sharply but the southwest and southeast areas continue to
show high numbers. In October there were 84,286 bank repossessions – it
being 22% less from the September number of 107,950. Since May the
numbers in October are the lowest. In October across the country pre-foreclosures fell from 178,523 in
September and 185,362 in August to 166,230 in October this year. It
indicates a slowing down of the foreclosure postings. In October the foreclosure numbers had gone down in about half the states of USA.
President elect Barack Obama will be having to address the
foreclosure issue first in his list of priorities when he takes over
the reins on 20th January, said Alexis McGee of Foreclosures.com. She
added that Obama “has promised a 90 day freeze on foreclosures. But
each state has its own regulations relating to foreclosures, so whether
the promise will become reality is another question.”
Meanwhile the Bush administration continues to grapple with the
foreclosures and the stimulus packages for the economy. McGee
elucidated that the main issue is about governmental intervention in
the foreclosure issue. Many lenders
are slowly waking up to the fact that it is to their own monetary
interest not to proceed with foreclosures but to keep the borrowers in
the houses that are their homes.
Very recently IndyMac bank and Bank of America as well as JP Morgan
Chase are proceeding with cuts in monthly payments, negotiations and
waiving of principal amount for some borrowers.
Realtor Tim Kelly specializes in REO properties. He said that purchasers of foreclosed houses
are offering prices for four or five units simultaneously hoping to get
their chances of getting approval from the banks. He said, “A lot of
people are low-balling the banks, which is not very smart. They hear
everything on TV about foreclosures and they think they can get it for
less that it’s listed for. Banks have done their homework. If they list
it for $100 a square foot, they’re not going to take $75 a square
foot.”.
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