Foreclosures increased over 80% in 2008. The figures are no less scary in 2009:
The foreclosure rates in several states were up significantly lately: Arizona was up 36.1% for September. Florida was not far behind with a 29.67% increase, followed by: Texas 24.38%, Michigan 18.22% and California with a 15.57% increase. All 50 states saw an increase in foreclosures, but not all were as drastic. For example, the increase in Kansas was only 3.65%.
The major increases were driven mainly by changes in urban areas. In Arizona, the statewide foreclosure deluge was fostered by a massive 81.37% increase in Phoenix Foreclosures. Other cities with big increases included: Las Vegas, NV at 47.47%, Atlanta, GA at 39.96%, Chicago, IL at 36.27% and Houston, TX at 33.29 percent.
While the Federal Government is struggling with their impeded programs, states have started to take action to protect the fabric of our society.
I am proud to say that my very own South Carolina was the first state in the union to take action against Foreclosures judicially. In May the SC Supreme Court temporarily stopped thousands of pending foreclosure sales in order to give homeowners more time to take advantage of new federal programs to help them refinance mortgages. The injunction — which mortgage experts said appeared to be the nation's first court-ordered stop for an entire state — prevents judges in South Carolina from finalizing foreclosure sales on properties guaranteed by Freddie Mac, Fannie Mae or any other mortgage company that has signed on to a federal assistance program.
In April, the South Carolina legislature has introduced House Bil 3952, which, if adopted during the '09-'10 session, will provide for a 6 months Moratorium on Foreclosures in this state.
Diametrically opposed, Geographically and otherwise, California implemented its own Foreclosure Moratorium in June. Banks in California can no longer foreclose on a mortgage without either renegotiating the loan or giving the homeowner three months’ notice. There have been more than 365,000 foreclosures in California since 2007, with many more already scheduled.
“California is ground zero for foreclosures. We’re getting about 80 to 90,000 foreclosure filings every month. That’s one every 30 seconds, so until we start mitigating the number of foreclosures, our economic recovery is going to be hampered,” said Assemblyman Ted Lieu, the Torrance Democrat who authored the bill.
In Detroit, citizens are organizing a massive movement scheduled for November 7th, asking the state legislators and their Governor to impose a state-wide moratorium on Foreclosures and support Senate Bill 29, which provides for a 2 year moratorium on Foreclosures. The People’s call to action urges: Bail out the people—not the banks!
Meanwhile, Ohio’s legislators are in a heated debate over a 6-month Foreclosure Moratorium already approved by the House.
What we are seeing here is National Movement of MONUMENTAL PROPORTIONS. By taking a stand on this incredibly important issue – Foreclosures – we are seeing increased autonomy of the individual states. Add to the mix a general disgruntlement with our Federal Government and its BIG BUSINESS largess and what we have here is a precipitous movement towards the decentralization of power. Just my two cents’ worth.
The following two movies provide the most thourough information on the Foreclosure Crisis. The House of Cards made my skin crawl. Please watch it and let me know what you think of it. We need to be aware of how we've arrived at this juncture, this moment in history our children will talk about..
We have definitely noticed it here in Arizona.
Yeah, you've had a huge increase there. You've also had a price increase in the foreclosures. I've provided links to all the articles and sites. I hope you guys delve into them for some excellent information.
Mirela- Great information for us all, even those of us who are not Realtors. We're all affected by these numbers. I will stay tuned to see what your new journey will be and where it will take you!
Thank you Kathy! One thing I've never been able to do is sit, watch and do nothing. I am excited by the opportunities I see for us to get involved and help bring about change. The emotional perils of the many homeowners impacted by this crisis affect us all in more ways than we could even imagine.
Has anyone clicked on the links provided to the two most talked about movies:
The Meltdown
The House of Cards
Mirela, interesting stats. What I also find interesting is the wide disparity of bank NOD/foreclosure timing-- some let people go months without paying and don't file NOD, others file NOD asap. I clicked on the meltdown link.
Mirela, interesting stats. What I also find interesting is the wide disparity of bank NOD/foreclosure timing-- some let people go months without paying and don't file NOD, others file NOD asap. I clicked on the meltdown link.
Barb: Good! Let me know if it makes your skin crawl. That documentary kept me on the edge of my seat from beginning to end.
I put a lot of work into this blog because I am very concerned about this situation. I've provided a lot of educational material here that should benefit the Agents. The more we understand, the better we can navigate these treacherous Real Estate Waters....
yes, I clicked on both. and am again reminded on how we got here! it seems like we're constantly distracted by this and that. thanks for telling us the truth.
and what a tragedy for hundred of thousand... that are in these frightening situations. They need HOPE,
Ill stay tuned in.