The foreclosure crisis has helped analysts sift the myth from reality in the property market. There is nothing called a national property market. It is all local. The property value has not uniformly fallen – it depends on the segment in which the unit is situated. In some cases the drop is zero.

Many think that the market in Novato is weak. During the first six months of 2008 the median sales price sold through MLS was $706,250. In the last six months it was $625,000 and till now in 2009 it stands at $535,000.

On scrutiny it is found that more than 55% of all the residential house sales came from the distressed category of foreclosure or short sales. This messes up the median values. But if count is taken only of the houses that were sold for around $800,000 and did not belong to either of the group, the numbers look different. In the first six months of 2008 the medial sale price calculated to $1,129,500 and in the last six months it stood at $1,071,250 and till now the 2009 reading was $1,200,000. A little bit of hunting will produce more data to prove the point.

Plenty of meaning can be found in this. Banks and the lenders are slowly but surely falling under the scrutiny of the regulators. Most of the people go by the report of general plummeting of house prices without analyzing all the figures. It means that a typical house owner in Marin is unjustly bracketed with the housing market elsewhere in Merced, Vallejo as well as Stockton and informed that house value is falling when in reality this is not happening.

The value of the house is dependent on its own structure and where it is located – the amenities connected with its site as compared with the other houses under the same segment in the same area. For most of the region in Marin the real estate market is steady as well stable. There are a few exceptions like the condos in Novato and San Rafael.

The point is that one has to be careful to guard the value of one’s own house. The first thing is to see that the house is generally in a good condition. Problems should be attended to when they arise. The house continues to remain the best investment.  Secondly if one plans to buy or refinance in unit it is best to get a local appraiser. Last but not least a local realtor is the best person to know about the market trends in the locality.

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A new foreclosure law (Foreclosure Prevention Act) introduced in California does not hold out much hope for the sufferers. It has now been stipulated that the borrowers must postpone foreclosures for 90 days in those cases where both the parties have not sat down to try and modify the terms of the mortgage. The state law came into effect from Monday 15th June 2009. But Sen. Ellen Corbett (Democrat) warned that nothing will happen overnight. The people must have patience.

The lenders and servicers who are already involved in a modification programme are not included in the conditions of this new law. These programmes modify loans by bringing down the rate of interest for a minimum of five years, reduce part of the principal or defer it to a later date and extend the repayment period to a term of even 40 years.

Chris George of CMG Mortgage Services and also of Mortgage Bankers Association (California) said, “The vast majority of them are already in compliance with some regulation or requirement, either through federal laws or voluntary efforts.”

The lenders will automatically get a stay for 30 days when they ask for an exemption. During this time the officials of the state will find out whether the lending firm has a correct loan modification plan running. George added, “If they do not have a plan in effect, they will be (subject) to that 90-day moratorium.”

The spokesperson of ForeclosureRadar, Sean O’Toole thinks that the law will not have any real impact on the foreclosure scene. “It’s a law you could drive a truck through. All you have to do is put in a loan modification program.”

The director of Center for Responsible Lending based in Oakland, California, Paul Leonard thought that the law highlighted how the state was working in tandem with the federal government. Incentives are being offered to the lenders, the servicers and even the borrowers who take part in this programme. He said, “It’s a bit of a stick that will create incentives for the lenders and services to participate in the Obama plan.”

A spokeswoman from Corbett’s that as yet there are no details about how many will benefit from this new foreclosure law. The new law is applicable to those who have taken out first mortgages from 1st January 2003 to 1st January 2008 for homes occupied by owners.

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Foreclosures are rampaging through Long Island localities without any signs of slowing down. A street in Central Islip looks like any other with sprinkling of colonial buildings gracing tree lined blocks. A cursory look will not tell the sorry tale behind lights and curtains. There are boarded up windows and some of the houses look as if they have not been occupied for years. A big tree has fallen down in somebody’s unkempt garden while the window panes of another are broken. This is Willow Street.

What is happening here is repeated elsewhere on Long Island as the housing crisis tightens its grip on the country. The worst hit localities on Long Island have different types of houses covering a wide range of prices and demographics painting a patchwork picture of diversity.

In 2006 only one community in Long Island had about 200 foreclosures. In 2008 this number has shot up covering each corner of Long Island. Along Willow Street five houses have been marked by the stain of foreclosure – people have been evicted and banks have taken over without seeing to its maintenance. The houses are being offered for sale at heavy discounts. Twelve other houses are poised to enter the dreaded zone.

Joe Mass of Island Advantage Realty said, “Every one of these streets would probably tell you the same story. That’s the sad part.”

Lis pendens, the first stage in the foreclosure process has doubled from 2006 to 2008 according to an analysis by Newsday that takes note of foreclosures and sale of residential houses in West Islip.

From January to August 2008 the lenders filed 11,600 foreclosure notices against borrowers in Long Island. These included residential and commercial mortgages. The loan amount involved total to $4 billion. This was matched by a drop in sales indicating the collapse of the housing sector in this region.

In Long Island over half the communities saw the number of foreclosure go up by over double the figures from the first 8 months of 2006 to the first 8 months of 2008. The situation in Copiague can be held up as an example. In 2006 it had 34 foreclosures and this climbed to 138 in 2008. In Westbury during the same time slot it jumped from 77 to 231.

Foreclosures are no longer coming from the sub-prime loans but are affecting prime mortgage holders also.

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The foreclosure climate is telling most on women in Ohio and leading to stress. Lora Walker has a modest horse farm and this has been her shelter since she lost her job. But foreclosure is stalking her. Desperate she is planning to sell her piano because after August she does not have funds to see her through monthly mortgage payments. 50 year old Walker said, “Everything came crashing down at once, and I can’t control any of it. It’s been stressful.” A couple of years ago her husband died after suffering a heart attack.

Walker is just one among the innumerable women in Clinton County whose lives took a jolt when the courier company DHL withdrew from Wilmington. This led to massive job losses. Psychiatrists and other professionals dealing with mental health, comment that women are suffering from stress because they have families to care for. Signs of stress are tearful sessions and long hours of sleep.

The American Psychiatric Association undertook a survey of about two thirds of 617 women in Clinton County and noted that the foreclosed mood of the economy was adversely telling on their health. Across the nation half had been negatively affected by stress because of the economy.

Innumerable small American neighbourhoods have been staggering under the curse of job losses during these critical days. The hardest hit has been Wilmington – about 30 miles distant from Dayton. A year ago there were 8,000 jobs but today it has drastically dropped to 3,300 because of the DHL shifting.

The government has been endeavouring to get DHL grant the air park to the locality so that job-creating firms can be lured in but so far the efforts have been futile.

After losing her job Walker felt physically and mentally drained. She said, “There were times when I would be in bed for five days. I have worried and stressed about everything. Things came to a finalization for me, and I went to bed and I just slept - and I stayed there.”

Another victim is a laid off DHL worker Cheryl Bradshaw. She with her husband is putting up their modest mobile house up for sale without having used it once. There is no other way out for them to get much needed cash. 49 years old Bradshaw said, “To be honest, I never thought I would be one of these people who would worry about being homeless. You realize, that could happen.”

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Obama administration has come up with a new law to provide protection to those who have rented space in foreclosed properties. This will help dwellers in apartments like Sonesta Circle and Sonesta Drive who got eviction notices.

The law known as Protecting Tenants at Foreclosure Act of 2009 came into effect on May 20. According to this law, the lease will stay valid from one tenant to another provided he is up-to-date with the rental payments. If any one decides to buy the foreclosed property, he has no other option but to honor the lease contract. On expiry of the lease deed, a tenant will be given 90 days to move to a new home instead of the previous 30 days.

The Sonesta apartments tenants were not given even 30 days notice and that is not allowed. Robert Doggett, of Texas RioGrande Legal Aid says that he will have to know the date of foreclosures before he can judge if Sonesta tenants come under the new law.

John Sanchez, of The Property Management Co, said the agreement with the property owners is over. Without naming the owners he said that he does not know if a foreclosure has been filed. He provided eviction notices to tenants giving them the deadline of July 5 to shift from Sonesta. Doggett says that such a short notice for moving out is not even compliant with the previous state law. The deposits kept with the landlords will have to be given to the tenants anyway.  Landlords are normally hesitant to refund deposits but that should not happen in this case.

Sanchez, however, maintains his intention is not to harass the tenants. Rather, he wants to help the tenants by moving them into a house which has a well-manicured lawn and other amenities. The rents are comparable to the ones they are paying now. Sanchez said that he has refunded the deposits of most tenants. The deposits of the remaining residents will be refunded too.

Sanchez also says that he is not aware of the law that has recently come into force. Doggett echoes not many are aware of this law. According to this law, tenants can be evicted only if the buyer wants to occupy the entire space as his home but this is rarely the case with apartments. Still tenants can take the help of lawyers and present a copy of the Federal law at the eviction hearing.

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Miami foreclosures can be bargain deals if handled skillfully, applying the right techniques. Although there are a surfeit of houses up for cheap it is not as easy as buying a pair of jeans from a shop. There are many sides to it that needs to be mulled over. The purchase must suit the taste and the pocket of the buyer.

The novices should tread the waters carefully in the Miami foreclosure market. There are so many thousands to choose from that it might be challenging and confusing to make a proper choice. Dozens might fit into the required specifications. All the pros and cons have to be sifted carefully before making the final choice.

The first thing is to narrow down the search to only a handful that approximates to the required specifications of the buyer. What these specifications are should be tabulated by the potential buyer well ahead. This will make the narrowing process easier.

Of prime importance is deciding on the location as one would like to settle down in a friendly neighbourhood with basic amenities close at hand.

The next point is the money in the pocket. How much can be afforded? One must be realistic. Houses are going cheap but are they cheap enough for the individual? One should opt for a price that will jeopardize the financial stability of the buyer as this will only invite trouble later on. One must be realistic and down to earth.

One of the best ways of finding the perfect home is to look around the city, talk to real estate agents and find one nearest to the perfect dream home. Browsing on the web will also help. Foreclosed units are listed in hundreds.

Even if one finds the first one most appealing it is best to keep in mind that there are many others like it in the market. Thus the search should be maximized before honing in on one.

Novices lack experience in house hunting. The process is not easy. Dealing with foreclosed houses needs expertise and know-how. There are many risks involved. Thus it is best to contact a professional agent. Doing it independently might cause overlooking of some important legal aspects.

Although the houses in the auctions are cheapest the risk is the highest here. Buying houses in the short sale market or repossessed houses are the best as regards clear title deed and condition of the house.

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The banks are recovering while foreclosed Properties continue to dominate the scene. After having received hefty sums from the government the banks are talking about repaying the money. Selling stocks and debts have proved satisfactory for the banks as they have begun to see returns on their mortgages, loan advances, increased credit card rates and refinances.

Goldman Sachs, JPMorgan as well as Morgan Stanley are indicating that they are now ready to start paying back the billions of dollars these banks had taken from the Treasury during the last couple of months.

The bad news is that foreclosures on residential houses reached record levels touching 342,000 in April. There was no improvement in the unemployment sector with it increasing to 8.9% - the highest point since 1983. Some of the communities are precariously dangling from a perch.

Rinku Sen of Applied Research Center said, “There’s an enormous impact of the foreclosure crisis and the unemployment crisis on people of color.” It is an institute dealing with public policy with a target of promoting racial justice with the help of research, journalism and by advocacy. Sen explained, “Because they were so concentrated in communities of color, the larger system didn’t pay attention. The banking system didn’t send out any red flags, and local and state officials didn’t start looking into the crisis; there wasn’t the scrutiny there should have been, given the millions of people affected.”

Many of the banks are facing legal charges filed by The National Association for the Advancement of Coloured People. The allegation is that the minorities and coloured people have been targeted with toxic loans with high interest rates and questionable terms. The irony is that it is these very banks who have been pampered with bailout money.

From bailout funds, nine jumbo banks got $125 billion. Smaller banks (586), insurers and automobile firms together got $400 billion. The government bought stocks from these banks – a deal that many experts considered to be just giveaways.

Professor emeritus Robert Hahnel of American University queried, “Is it possible taxpayers will get their money back 10 years from now? Yes, but it’s not likely. It’s clearly a massive subsidy.” Hahnel stressed that Larry Summers, one of the presidential advisors, Timothy Geithner the Treasury Secretary and Obama himself were not steering the economy in the right direction. He added, “My position is they are mismanaging this so badly they need to be fired immediately. They are putting us at terrible risk.”

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The Chicago suburbs have been inundated with tall grass in the innumerable foreclosed homes. It has become a growing problem.

Russian immigrant Michael Mazo is fond of insects and other forms of life that flit through the tall grass in the back yard of his town house in Buffalo Grove. To him this free growing grass symbolized the freedom he longed for in this adopted homeland. But the local government does not look at the grass with a friendly eye. Officials and neighbours observe with alarm the spurt of green growth as spring advances into summer. The length of Mazo’s grass had broken the norms. It was cut and he has been sent a hefty bill!

With foreclosures having the run of the locality the municipalities are having a trying time looking after all the derelict foreclosed houses. Many of the suburbs like Arlington Height, Aurora, Naperville and Northbrook are taking action to make the owners of the houses accountable.

Kelly Hamill of Northbrook Public Works said, “Usually we don’t get involved unless it is an extreme circumstance. But times are a bit different right now. The real odd part is the number of foreclosures. People aren’t keeping up with them because they are not there.”” The village takes a charge of $136 per hour to cut the grass that is taller than 10” growing in the gardens of private houses.

This year spring has been damp and chilly complicating matters further. Marvin Ganek of Chicago Botanic Garden said, “The majority of grass grown in the Chicago area is Kentucky blue, which is a cool weather grass. In addition, it needs moisture, and we have had plenty of that. I can tell you it has been growing better this year than it has in a number of years.”

In Aurora it is the rain that is more to be blamed for the spurt in grass growth. It is not so much the fault of the real estate market as much as the vagaries of Nature. This was the view of Mark Anderson of Department of Neighborhood Standards.

Till the end of May Aurora noted 1,412 violations of grass growing more than 8”. In the previous year during the same period there were 1,141 cases. Aurora levies $50 for cutting grass on those who have offended for the first time. The fifth time offender is charged $500.

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Florida courts are being flooded by foreclosures and the judges are trying to find ways to ease the congestion.

Florida is responsible for one sixth of all the foreclosures in USA. The state legislators are apathetic in finding solutions. Only a couple of judges are trying to find ways to tackle the overflow of foreclosure cases in the courts.

Judge Burt Conner said, “It’s very frustrating to recognize that consistently over the last three years we’ve sustained budget cutbacks and staff reductions in the court system and this tsunami has hit with foreclosures.” His jurisdiction covers the counties of Lucie, Martin and Okeechobee.His circuit has started to stipulate that the two parties sit across the table before appearing in court. The policy has worked and many cases have been settled.

Palm Beach County started a new programme to assist the borrowers to understand the options available that will help them continue to stay in their homes.

In Tallahassee similar action has been sluggish. It is accountable for 11% of the mortgage that are in foreclosures. The rate is the highest in USA as per the findings of Mortgage Bankers Association.

Although compared to April the number of foreclosures in Florida dropped in this year, it continues to be 50% than the figures of 2008 according to RealtyTrac

In the spring session that came to a close in May, the state legislators introduced some bills (15 in all) to try to solve the foreclosure problem. Ten of these bills never got a hearing. A good number of these required meetings between the lenders and the borrowers According to the estimates of Center for Responsible Lending one third of those facing foreclosure can manage to stay in their homes if mediation is brought about.

The legislators gave the nod to only two bills dealing with foreclosure. One lays down the minimum federal rules that the lenders have to comply with and another refers to increase in court expenses for foreclosure suits. It has jumped from $300 to $1,900. This has made Alex Sink the Chief Financial Officer of the state comment that the state “should have done more”. He is a Democrat running for the post of governor. He charged the Financial Regulation Office of Florida for failing to regulate the mortgage lenders. It is this has allowed many with criminal records to enter the industry with impunity.

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There are still many American citizens who have remained current on their mortgages but today they are running another type of risk. The foreclosed neighbours are forcing others to toe the same line due to a chain of circumstances. They have allowed their dues to homeowner’s associations to pile up.

Many residential house owners are waking up to the fact that the associations overseeing protection of the locality, mowing of gardens, planting of flowers and cleaning up of common swimming pools have the right to foreclose if dues are not paid. It is signed in the purchase agreement.

One of the victims is Lacey Pilat who lost her job of catering to luxury corporate parties. She nearly surrendered her two storey house in Dallas to foreclosure. Her husband Steve Pilat said, “Basically, our landscaper was foreclosing on the house,” said Steve Pilat, her husband. “That’s the way we looked at it.”

These types of foreclosures are not personal with one group taking up arms against another. Many of the associations have handed over the task of collecting dues from the members to outside professionals. For them business is impersonal. Dues have to be collected. The associations defend their measures that all the value of the entire locality is kept at level. Andrew Schlegel of Merit Property Management said his firm supervises over 140,000 houses in California under the umbrella of respective associations. He said, “We have compassion for those folks. At the same time, we feel for the rest of the homeowners who are paying their dues.”

As per the laws of California the associations can proceed with the foreclosure step only after 12 months has lapsed or the backlog of dues amounts to $1,800. Schlegel explained, “No one wants to do this. It’s only coming up when people are completely obstinate about it.”

Generally dues are paid and most of the people manage to save their houses. Home associations are faced with the problem of dwindling subscriptions when foreclosed members move out. Then they have to reach some sort of understanding with those who are left to increase their dues and keep things running. The Pilats were caught in this situation.

No proper statistics is available about the number of associations in trouble across the country. In Texas the attempts by associations to foreclose and realize dues in 19 counties have increased by 30% according to the findings to Foreclosure Listing Services based in Dallas.

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