banks not taking hits?

It seems that as the days go on banks, especiallymajor ones, are taking less and less hits at auctions. Months ago it used to be that a house that had 400k owed on it would get sold at auction for 160k. The bank takes a hit on the amount owed at over 200k. Nowadays I have seen a bank bidding more than what was owed. It is ludacris. I keep asking, why even have auctions if the bank is just going to buy it back themselves!

tenants

It happens constantly. Oh, my landlord didnt tell me. Oh I had no idea. All over the state and country auctions are happening and the tenants who are renting the house had no clue. They payed their rent and the owner spent it on anything but the mortgage payment. It is sad but dont worry. Here is some advice:

1. Let the investors look around. If they like what they see and can buy it they will.
2. If they buy it, they want to sell it. They will give you $ to leave so they can sell. This will work in your favor! You may end up getting back what you spent in rent!
3. If you have the means, get money and register at the auction! You could own what you live in!

i know you are mad..

Ok, I know you are mad. Of course, your house is up for auction. But what did I do! I am simply trying to make money to pay for my tuition! So I can have a house someday! I went to an auction today. I did not set foot on the homeowners property, I was respectful and courteous. However, she sprayed me with a hose! It is freezing out and I was soaking wet. Not to be rude, but I wasnt the one that failed to pay the mortgage! Nor was I the bank who foreclosed!

christmas lights

I will not pretend that it is not upsetting to pull up to a house for an auction and see christmas decorations. It shows that this is more than a house to sell, it is someones home. It is memories, holidays, birthdays and more. Perhaps the worst part of this job is seeing these people being torn apart and losing their homes. But the brightside is that many times the auction relieves stress of the homeowner. No more stressful mortgage payment, no more negotiating with banks. It is a peaceful end to the headache. After all, one of the most important things at christmas time is peace :-)

The local Fox 25 did an "undercover" story on foreclosures in Massachusetts last night during their news broadcast. Although the report was much more bombastic than necessary (as local news stories are apparently required to be), there was a good bit of foreclosure data placed on their website. They have a list of Massachusetts towns ranked from highest to lowest foreclosure rates.

http://blog.charlesgaterealty.com/bid/7365/Boston-Foreclosures-5-Neighborhoods-in-Top-25-Massachusetts-towns-hardest-hit

"movers and shakers"

Supposivedly, buying homes at foreclosure and putting them back on the market for cheaper is moving the market in the right direction. However, it may not be helping homeowners who are trying to sell their homes.Although home sales rose by more than 17 percent, the median single-family sales price dropped by almost three percent:

Boston foreclosed homes pulled down the median price in October for single-family houses and condo units sold, compared to the median in October last year, according to home sales data from Warren Group and another real estate research firm.
In the July-September quarter, the Boston metro area posted nearly 8,000 foreclosure filings, marking a nearly 10-percent jump from filings in the previous quarter and an almost 20-percent rise from filings during the same period in 2008.
Single-family home sales soared in October in Massachusetts by more than 17 percent to 4,295 units, the highest sales total for October in four years. But foreclosure sales pulled down the price of single-family houses by nearly three percent.
By Cassiano Travareli

http://www.nowpublic.com/world/boston-foreclosed-homes-pulled-down-median-price

foreclosures on the rise? again?

Nearly 800 foreclosures were recorded in January, the highest number of Bay State homes lost during a single month since August 2007, the Warren Group said today.
The Warren Group of Boston is a provider of local real estate data and the publisher of Banker & Tradesman.
There were 799 foreclosure deeds in January, up 128.3 percent from the 350 deeds in January 2007, the firm said, and January 2008 also marks the highest number of deeds during any month since August 2007, when there were 1,018.
Auction announcements in January reached their highest number since the Warren Group began tracking them in 2005, the firm said, and there were 1,792 announcements in January 2008, up 77.8 percent from the 1,008 in January 2007.
Petitions to foreclose, the first step in the foreclosure process, also increased in December, signaling that Massachusetts’ problems with foreclosures are far from over, the Warren Group said.
“It might have seemed like 2007 was one of the worst years for foreclosures in Massachusetts, but the rising number of petitions to foreclose suggest that 2008, at least until midyear, won’t be much better,” Timothy Warren Jr., chief executive of the Warren Group, said in a statement.
Lenders filed 2,729 petitions to foreclose in December, up 28 percent from the 2,133 filed during the previous December, said the Warren Group, which added that the December 2007 number is up slightly from the 2,723 petitions filed during November 2007.
Petitions to foreclose do not always end in actual foreclosure because some homeowners eventually sell their homes, refinance or otherwise find a way to halt the foreclosure.