Michigan Ranks 5th in the U.S. in Foreclosures

Nevada leads the nation in percentage of foreclosed homes, but California records a massive 92,326 foreclosures!

In a recently released report, Michigan ranked 5th in foreclosures, based on the percentage of homes in foreclosure to non-foreclosed homes. In quantity alone, Michigan ranked 4th. Here is the breakdown:

#1 is Nevada with a ratio of 1 out of every 62 homes in foreclosure (17,902 total foreclosures

#2 is Florida with 1 out of every 140 homes in foreclosure (a whopping 62,401 total foreclosures)

#3 is California with 1 out of 144 homes in foreclosure (a massive 92,326 total foreclosures.

#4 is Arizona with 1 out of 150 homes in foreclosure (17,807 total foreclosures)

#5 is Michigan with 1 out of 234 homes in foreclosure (19,359 total foreclosures)

Believe it or not, many of these states have shown improvement in August over July, as some of the government & lender initiatives have helped cut this down.

What is your feeling or experience on the foreclosure crisis? Let us know.

12% of eligible borrowers helped by Obama plan

Almost 125,000 more people in program this month over July.

Mortgage lenders have placed 12% of troubled borrowers, or 360,165 people, into the government sponsored mortgage help program that started in February. This number is up from 235,247 last month, as lenders continue to accelerate their efforts to save homes from foreclosure.

Although the program did start off slow, it has gained ground in the past few months as mortgage companies are facing a wave of new foreclosures. Banks lose far less money by reducing or restructuring an existing loan than by placing a customer into foreclosure, so there is a definite advantage for banks to participate.

Some banks, however, are participating at varying degrees. Here is a breakdown of the top participating major lenders:

Saxon Mortgage Group: 39%
Nationstar Mortgage: 30%
GMAC Mortgage: 26%
JPMorgan Chase: 25%
Citi Mortgage: 23%
Wells Fargo: 11%
Bank of America: 7%

If you have any stories about receiving mortgage relief, please share them by posting a comment on this blog or email: info@erareardonrealty.com

Thanks!

Michigan Ranks 9th in the U.S. in Number of "1st Time Homebuyer Tax Credits" claimed so far

As of August 31st, Michigan ranked #9 in the U.S. in the number of tax credits claimed so far with 9,237. This number is made up of people who have closed on a qualifying home purchase this year and filed an amended 2008 tax return. Here are a list of the top 10 states:

California - 42,304
Texas - 29,536
Florida - 29,132
Georgia - 11,109
Pennsylvania - 10,250
Illinois - 9,918
Arizona - 9,357
North Carolina - 9,355
Michigan - 9,237
Ohio - 9,172

Pending home sales hit 6th straight increase

Index jumps by 3.2% in July, beating estimates and marking its longest streak on monthly increases on record.

Pending sales of existing of homes jumped up 3.2% in July, fueled by a combination of low interest rates, moderate home prices, foreclosure sales & the $8,000 tax credit. Good news for everyone!

Locally in Jackson County, sales of existing homes were reported to have risen 18% in the first half of the year over the same period in 2008.

Although the economic climate remains tough, there are signs of life! Foe every home sold, especially a foreclosure, that is a happy new homeowner filling a vacant home!