Trulia founder Pete Flint and Realty Trac Senior Vice President
Rick Sharga estimated that we my see 4,000,000 foreclosures in 2010.
This would be the highest rate of foreclosures since the real estate crash.

When the tax credit runs out, inventory will go up and interest rates will
go up. Prices will go down again. We have a long way to go until we have
a healthy real estate market.

In their forecast, they cited several reasons why things will remain challenging in 2010:

* Mortgage interest rates will move into the 6 percent range.

* The record high unemployment rate will continue forward

* Negative equity will drive many home owners from their homes

* Expiration of the tax credits

* Difficulty buyers and investors have finding new financing for their
home purchases

* Large number of Alt-A and negative amortization loans that will
begin resetting starting July 2010.

For many of us in real estate, we want to be positive about a rebound in our market. However, the economic factors influencing sales and home prices point to an ugly year. We cannot simply try to hold on for a few more months. Instead, we need to build our businesses and marketing campaigns around the spike in foreclosures.

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When you think of real estate investing, a number of things may come to mind. You might immediately leap to real estate investing being real estate portfolios and real estate retirement plans or you may think instead of short sales, bulk reo investing and virtual real estate investing. You likely also are wondering how these things factor into real estate investors roles in the current economy.

There is a great deal to know about real estate investing. The best way to get the most out of your real estate investing education is to be familiar with some basic information ahead of time. Whether you are interested in short sales, bulk reo sales, virtual real estate or just improving your abilities as a real estate investor, you need to know some real estate investing basics in order to succeed. Check out these three real estate investing tenets that many experts do not fully know:

1. You will always get a positive yield with real estate investing education. In any real estate deal, there will be thousands of dollars in potential wealth. Getting the wealth is the key to your success. Learning about real estate increases your chances of success when you do a real estate deal. A small investment in your education can yield big results when you implement your learning.

2. You can succeed in real estate investing in any economy. Many people are under the misconception that success is possible in real estate only when the economy is good. In reality, poor economies are great for real estate investors. You can often buy properties at deep discounts. In addition, you can find deals that simply would not exist in a booming economy. Poor economies can have the tide turned based on real estate investing. When an economy is less than thriving, short sales, bulk reo sales and virtual real estate can prosper. You can save yourself and others from major financial woes if you know how to do these deals.

3. You do not need lots of your own cash to be a successful real estate investor. You can make real estate investing a success regardless of how much money you have. There are many deals that will let you use other peoples money to do them. If you are a good investment private lenders may let you use their money. A person who is a solid investment knows as much as possible about real estate investing. Then you will represent a good investment to other people who have money for real estate investing but do not know how to use it.

A good deal of wealth can be generated with real estate investing. You will be able to create an income no matter what the economy. Using a knowledge base of real estate investing, short sales, bulk reo sales and virtual real estate you will be able to make success for yourself. You will be helped to succeed as a real estate investor by knowing real estate investing basics.

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There was a five percent increase in the number of foreclosure homes during the third quarter of 2009 when compared to the second quarter of the same year. The Making Home Affordable program of the federal government was unable to stop the rise in foreclosure filings in spite of its attempts to decrease the monthly payments of the homeowners who are experiencing financial hardships by making it easier for them to qualify for a loan modification. Apparently, the government program was overpowered by the large increase in the number of people without jobs.

Approximately 48,000 homes were added to the number of foreclosure homes listed as of June 2009, thereby pushing up the number of foreclosed properties to 938,000 during the third quarter of 2009. If the statistics are extrapolated to the end of 2009, there would be a total of about 3.5 million foreclosure filings for the whole year, which is much larger than the 2.3 million filings recorded for 2008.

The primary reason for the rise in the foreclosure rate, in the spite of many economists claiming that the recession is over, has been the unemployment rate, which has attained a record level of 9.8 percent for last the 26 years. To make matters worse, the unemployment rate is predicted to continue to rise until it will reach its peak in the middle of 2010. Mortgage lenders are trying to help by permitting the homeowners to be delayed by three to six months in their payments as they look for work. However, with the record unemployment rate, it is very difficult for those who have lost their jobs to find work.

The Administration of President Obama had recently reported that its initiative has attained an important milestone when more than 500,000 loan modifications have been granted. However, the rise in the number of people defaulting on their loans has been much faster than the increase in the number of people getting loan modifications.

Mortgage lenders have been doing their share in minimizing the effects of the housing crisis by reducing the rate at which they are filing foreclosures. They have been attempting to assess whether homeowners would be eligible for the Making Home Affordable program of the government. However, experts predict that a substantial number of those borrowers would not qualify and they forecast a new set of forecloser homes coming into the market in 2010. Unfortunately, this will continue to bring down home prices. It has been observed that the financial problems being experienced by some of the borrowers are so massive that banks and lenders are finding it impossible to structure a loan modification plan that would fit their current income capacity. For more foreclosure news stop by http://www.bestforeclosurenews.com

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Bank foreclosure, or just foreclosure is initiated by the banks if you have not been fulfilling the necessary mortgage agreement obligations which you have signed with the bank for regular monthly loan payments and in such a situation the bank or lender will have to sell your home in an auction or otherwise and use the sale proceeds to get back their loan amount. This cannot be done by the banks unilaterally and hence they approach the court for permission to sell your home to get back their outstanding loan amount for the mortgage.

Foreclosure is not an unusual thing with many home buyers and these buyers at the time of purchasing a home think that they will be able to repay the loan regularly without any problem; however, after sometime they find that their expenses are more than what they earn and mortgage payments being major expenditure item find it difficult to repay and hence default on the loan repayments.

Once you purchase a home for you and family you would not like anybody to take it away from you since you are highly sentimental about it; in addition foreclosure causes a lot of difficulties for finding finances for your future home purchase because your credit rating takes a beating and hence it is very important that you avoid home foreclosure.

Tips

You may find the following suggestions of immense help in case you are keen to avoid foreclosure of your home. Prepare a household budget of your household income and expenditures and the income should include that of all earning family members. A budget is nothing but a plan of expected income and expenditure over a specified period and it is necessary for you to prepare the income both you and your partner makes per month and also the bills you have to pay during the month.

Set your bills in order of priority, making your mortgage one of the most important of course, so that you can see where your money is going and make sure that it is getting to the right places first. For instance you may have bills that you are paying which could be held off for a bit or even eliminated altogether.

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By RealtyTrac Staff

Activity Up 18 Percent From November 2008, But Down 15 Percent From July Peak
More Than 300,000 Properties Receive Foreclosure Filings for Ninth Straight Month

IRVINE, Calif. Dec. 10, 2009 RealtyTrac , the leading online marketplace for foreclosure properties, today released its November 2009 U.S. Foreclosure Market Report, which shows foreclosure filings default notices, scheduled foreclosure auctions and bank repossessions were reported on 306,627 U.S. properties during the month, a decrease of nearly 8 percent from the previous month but still up 18 percent from November 2008. The report also shows one in every 417 U.S. housing units received a foreclosure filing in November.

November was the fourth straight month that U.S. foreclosure activity has declined after hitting an all-time high for our report in July, and November foreclosure activity was at the lowest level weve seen since February, said James J. Saccacio, chief executive officer of RealtyTrac. Loan modifications and other foreclosure prevention efforts, along with the recently extended and expanded homebuyer tax credit, are keeping a lid on the most visible symptoms of the nations ailing housing market foreclosures and home value depreciation. This is providing a welcome respite for the real estate industry, but a full recovery will only come when unemployment recedes to normal, healthy levels and when availability of credit reaches a more rational balance between the extremes of the past few years.

Default notices nationwide were down 8 percent from the previous month but still up 22 percent from November 2008, scheduled foreclosure auctions were down 12 percent from the previous month but still up 32 percent from November 2008, and bank repossessions were flat from the previous month and down 2 percent from November 2008.

Nevada, Florida, California post top state foreclosure rates

Nevada foreclosure activity decreased by a double-digit percentage for the second straight month, but the state continued to document the nations top foreclosure rate with one in every 119 housing units receiving a foreclosure filing in November 3.5 times the national average. A total of 9,295 Nevada properties received a foreclosure filing during the month, a 33 percent decrease from the previous month and also a 33 percent decrease from November 2008. Nevadas November total was 52 percent below its July total of 19,535 properties with foreclosure filings.

Florida posted the nations second highest state foreclosure rate in November with one in every 165 housing units receiving a foreclosure filing during the month. Florida took the No. 2 spot from California, which posted the nations third highest foreclosure rate one in every 180 housing units received a foreclosure filing during the month.

After three straight months of decreases, Arizona foreclosure activity increased nearly 8 percent in November and the state documented the nations fourth highest foreclosure rate with one in every 186 housing units receiving a foreclosure filing.

Despite a nearly 2 percent decrease in foreclosure activity from the previous month, Idaho posted the fifth highest state foreclosure rate in November with one in every 259 housing units receiving a foreclosure filing.

Other states with foreclosure rates ranking among the nations 10 highest were Michigan, Illinois, Utah, Maryland, and New Jersey.

Four states account for more than 50 percent of national total

For the second month in a row, the same four states accounted for 52 percent of the nations total foreclosure activity: California, Florida, Illinois and Michigan.

Despite a 13 percent decrease in foreclosure activity from the previous month, California continued to post the highest total of any state with 73,995 properties receiving a foreclosure filing in November still up 22 percent from November 2008 but down nearly 32 percent from its July peak of 108,104. November marked the fourth straight month that California foreclosure activity has declined on a month-over-month basis.

After two straight month-over-month decreases, Florida foreclosure activity increased slightly in November. A total of 52,935 Florida properties received foreclosure filings during the month, an increase of nearly 2 percent from the previous month and up nearly 8 percent from November 2008.

Illinois foreclosure activity decreased nearly 18 percent from a record high in October, but the states 16,422 properties receiving foreclosure filings in November was still nearly 108 percent higher than November 2008 and third highest among all the states.

A total of 15,988 Michigan properties received foreclosure filings in November, a decrease of nearly 3 percent from the previous month but still nearly 10 percent above the states total in November 2008.

Other states with totals among the 10 highest in the country were Arizona (14,349), Texas (12,095), Ohio (10,587), Georgia (9,664), Nevada (9,295) and New Jersey (9,227).

Las Vegas drops out of top spot among 10 highest metro foreclosure rates
After four straight months with the nations top foreclosure rate among metropolitan areas with a population of at least 200,000, Las Vegas dropped to No. 5 thanks to a 33 percent decrease in foreclosure activity from the previous month. One in every 102 Las Vegas housing units received a foreclosure filing in November still more than four times the national average.

The top three metro foreclosure rates were in California. Merced took the top spot, with one in every 83 housing units receiving a foreclosure filing in November thanks in part to a 21 percent increase in foreclosure activity from the previous month. Stockton foreclosure activity increased 37 percent from the previous month, and the city documented the nations second highest metro foreclosure rate with one in every 85 housing units receiving a foreclosure filing. Despite a 7 percent decrease in foreclosure activity from the previous month, Modesto posted the nations third highest metro foreclosure rate, with one in every 87 housing units receiving a foreclosure filing in November.

Other California metro areas with foreclosure rates in the top 10 were Riverside-San Bernardino-Ontario at No. 6 (one in every 102 housing units); Bakersfield at No. 7 (one in 111); Vallejo-Fairfield at No. 9 (one in 126); and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 132).

Florida accounted for two of the top 10 metro foreclosure rates: Cape Coral-Fort Myers at No. 4 with one in every 96 housing units receiving a foreclosure filing; and Orlando-Kissimmee at No. 8 with one in every 120 housing units receiving a foreclosure filing.

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTracs report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

About RealtyTrac Inc.
RealtyTrac (http://www.realtytrac.com/) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTracs foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures. RealtyTrac publishes a blog with daily updates on the foreclosure market (www.foreclosurepulse.com) and a monthly print newsletter covering the foreclosure market in depth (www.foreclosurenewsreport.com).

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Media Contact:
Michelle Sabolich
Atomic Public Relations
415-402-0230
michelle.sabolich@atomicpr.com

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