The deputies of the sheriff of Cook County have run into bizarre and often dangerous situations while carrying out forcibly eviction orders. They have come up against drug peddlers, rotting animals, barricades and gangs running around in bicycles. This has left many deputies mentally disturbed. Of late they have come across another kind of poignant scene. They are meeting the renters who are learning from them the first time that the house is foreclosed and they will have to move out. But with a change in rules the sheriff’s team will be given new training about stopping the eviction of tenants from foreclosed homes. The chief deputy sheriff of Cook County is keen to see that “people are not taken advantage of”.

On an average the sheriff tackles one hundred evictions daily. Not all of these are connected with foreclosures but a large bulk of them is. From now on when the deputies call on a house where no one is available they will leave a bold sign saying that the occupant will be given seven days grace to come up with proof of tenancy occupation. If it is proved to be so then the eviction will be stalled. Previously if there were no one in the house at the time of calling, the staff would continue with the eviction process. In most cases the tenants are ignorant about the house being in foreclosure. They are enlightened only when the deputies come knocking with the dreaded orders.

Shannon Weiss of Center for Renter’s Rights, Chicago commented that his office receives many calls each day about how tenants are taken by surprise with a foreclosure notice they knew nothing about. He says, “It is worse for the tenants than it is for the owners. The owners made their own mess. The tenants were just helpless victims.”

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In July, foreclosure numbers increased by 55% across USA in comparison to July 2007. The trend continues without a pause. In the forthcoming months a bunch of sub-prime mortgages will increase its rates and in all probability this will trigger off another flood of foreclosures. Foreclosures combined with a slumping economy are wrecking the lives of many.

Leovardo Lopez, resident of Sacramento is a pool builder. He is one of the many trapped in this foreclosure crisis. He is under great stress with his work hours being slashed. However Lopez is luckier than his co-workers who have been retrenched. Leovardo is afraid that with his scaled down earnings he will not have enough to meet mortgage payments from the next month. To make matters worse, the present value of his house is worth $150,000 less than what he paid for in 2005.

Lopez is 42 years old, married and with two children. He participated in one of the numerous foreclosure workshops being held across Sacramento. This particular one was under the aegis of ACORN – a federally backed non-profit body for helping struggling house owners. The credit ratings of Lopez are good and he is backed by 16 years of blemish free work record with the pool company. Speaking in Spanish he said, “I became a citizen to fulfill the American dream. After all I’ve sacrificed it wouldn’t be fair to walk away from my house.”

Lopez has at least consulted the help agency before foreclosure knocks. Many others are not doing so and courting extra trouble. ACORN will try to talk to Lopez’s lenders to refinance the loan.

Meanwhile good news has come through. Shortly the federal authorities will start on its innovative programme of Hope for Homeowners. $300 billion has been allotted for refinancing mortgages so that they can move out of risky contracts to long-term mortgages with reasonable interest rates. The government is optimistic that 400,000 borrowers facing foreclosures will benefit from this measure.

However there are certain preconditions attached to the benefits and is not for everybody said Ed Corona of NeighborWorks Home Ownership of Sacramento.

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Recession or not it is an undeniable fact that the real estate industry is suffering and will continue to do so. This means potential buyers will find it difficult to get loans to purchase houses. Moreover if they do manage to get a mortgage, considering the mood of the market and economy, it will be a strain to keep up with the regular repayment schedules.

The question is that if recession sets in will foreclosures increase or decrease? Apparently it seems logical to say that foreclosures will worsen. But logic and real estate industry happenings do not go hand in hand. If the financial market worsens then the mortgage providers, to survive and continue with their livelihood, will come to terms with borrowers and negotiate terms of mortgage to more amicable terms. It will be to the interest of the lender to see that the house does not fall into foreclosure but mortgage payments continue – albeit at a lower rate.

This rule will not apply to all. Many will fail to renegotiate and some houses will unavoidably be lost to foreclosures. This is a standard economic model. The main point is that communication lines between borrowers and lenders will open up.

The recession will open up opportunities to investors and first time nest builders to snap up bargains with the increase in number of foreclosures. Thus the issue of difficulty in getting a loan will be skirted. Houses will become affordable thanks to the recession climate. Perhaps an increase in foreclosure numbers is what the economy needs to pep up the financial situation.

Although it may sound contradictory but it is true that the real estate investment market is dependent on foreclosures. Foreclosures actually release properties from the frozen debt situation. Properties are taken out from the freezer and put into the market to make it hot. Slowly sales pick up speed with investors hopping from one unit to another.

With foreclosed properties getting sold the health of the communities also improve. The owners of properties now turn to stores dealing with construction business and interior decorating activities to kick start movement and bustle in the dull market.

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It was inevitable that foreclosures would follow such types of loans because the borrowers did not have the income to afford these. The point is – why were they allowed to proliferate and multiply infecting every part of the socio-economic structure? The entire economy has been brought down to bite the dust.

The sub-prime mortgages were able to do this damage thanks to the tacit support and encouragement of Wall Street. The key players at Wall Street had their eyes on global finances including the waking dragon – China. Wall Street went all out for investments in mortgages. It became a dangerous circle. America poured funds into China and that money came back as capital for investment to purchase securities that were backed by house mortgages. This was a new type of investment wherein mortgages were bundled into million dollar pools – something akin to stocks and questionable bonds. These were sold to many investors who gained from the interest coming in from these mortgages.

But like any other schemes that smacked of quick profits this new type was not free from risks and hazards. A demand for mortgages was created that was artificially manipulated. Instead of the people wanting to buy houses the powerful investors vied with each other to purchase mortgages. The market turned upside down – not good for its health, it being an act that defies gravity. To make the arrangement work, higher interest rates were required. The mortgages were contracted with as many borrowers as could be located. They were lured in and it was only a question of a short time before the interest would rise. Either way the investors would win – it was a case of getting more interest or the property.

Instead of focusing on their regular clients the mortgage industry kowtowed to the investing giants like gods from another world.

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Another resident Matt Travis had made a heavy down payment when he purchased his house. Right now he is not thinking of selling it. But his apprehensions are that the foreclosed houses sitting empty on either side of the street would bring down the value of his house by thousands of dollars. He had paid $120,000 for it but most probably, at a guess, he will not be getting $94,000 for it if he tried to market it.

The Houston real estate market is going through an extreme chapter. In some areas 80% of the houses are in foreclosures. But there are other areas where the prices of houses have started to climb up. Appraiser Frank Lucco says, “Land Prices are going through the ceiling in some of these neighbourhoods.” The Woodlands can be cited as an example. Five years back Lucco had noted there were about two dozen houses in The Woodlands with an asking price of over $1 million each. In 2007, 70 houses were sold for more than $1 million. One unit was sold for an astonishing $5 million! This raises the poignant question of who are the buyers of such fancy houses? It is those related to the oil industry – of that there is no doubt. Profits from oil are being poured into the real estate market and boosting up the job market also.

The story of the Boyd family is just one of the many who did not suffer any difficulty in leaving California, coming to Houston and finding a job within a week. The Boyds are not worried about finding a house in Houston. The data from United Van Lines show that he is not incorrect. California has been one of the worst hit foreclosure regions. During the first six months of 2008 United helped hundreds to shift from California into Texas. This gives rise to the hope that even those areas in Houston that have been badly affected by foreclosures will get chance to bounce back.

The problem is that the financing industry has not recovered as yet. This means loans to buy houses will be difficult to get.

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Deutsche Bank is the largest of its kind in Germany. Since Eichner began defaulting in January the bank has been mulling over the matter of foreclosure and sale. Deutsche Bank is opening talks with MGM Mirage and Hilton Hotels Corporation to enable it to keep up operations in this 80,000 square feet casino.

Deutsche Bank has on its hands many foreclosed units and is biding its time waiting and watching the real estate market. With the general tendency of the economy it seems that hanging on to these will mean further loss. Among other units on its list are two high-rise towers, three wedding chapels, and a golden beach with a view of Las Vegas strip and a deck with European style bathing facilities. This development project is spread across 8.5 acres of prime land.

Analyst Matthew Clark of Keefe, Bruyette & Woods explains that Deutsche Bank wants to be busy with banking and not in “running a casino”. Scott Helfman of Deutsche Bank as well as Yvette Monet of MGM Mirage was not prepared to make comments. Robert Allegrini of Hilton also remained silent. A viable option will be for the bank to get a gaming licence. Alternatively it could bring in an operator with a licence and lease out the entire casino zone

Las Vegas is reeling under foreclosures combined with a slow economy and inflation. The revenue from the casino business slumped by 16% in May 2008 according to the findings of Nevada Gaming Commission.

MGM is owner of Bellagio casino and is moving ahead with plans to build a $11.2 billion CityCenter to surround the Cosmopolitan. This makes MGM a potential candidate for it. This was the opinion of Robert LaFleur who oversees gaming companies of Susquehanna Financial Group. MGM is the second largest casino company in the world.

Deutsche Bank had $22.6 billion of loans from real estate mortgage till 30th June as per company reports. It wrote down many investments and hedges. Earlier in 2008 it had foreclosed on New York office towers after its owner Harry Macklowe defaulted on $7 billion. The shares of the bank fell by 30% in this year making it eager to sell of units.

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Sabrina Wilson, 51, had been diagnosed with HIV about 18 years ago. She was always apprehensive about finding another landlord who would accept a rental subsidy from the city authorities. But her current landlord is in foreclosure. With the nightmare turning into reality she has had to be hospitalized due to the trauma and fear of eviction and finding another accommodation with an accommodating landlord. She admitted that the stress got her sick. She bemoaned, “I cried day in and day out. Where am I going to stay? Where am I going?”

Sabrina Wilson is not the only sufferer. As many as over 50 HIV affected tenants have complained to city authorities that in the past few months they are being forcefully evicted or threatened with it because of foreclosure related problems. The exact numbers are not available but all the HIV tenants are in a fix.

The housing search of these unfortunate victims is worsened because of high rents, insufficient public beneficial funds and ineffective anti-discrimination laws. The HIV victims are dependent on the landlord or the lenders for notifying them well ahead about the impending foreclosure suit. If they do not then the tenants are helpless and have little time at hand to find shelters.

For those who are poor and saddled with children there is no choice but to huddle into small houses in bleak localities. These areas are the most prone to foreclosures. Starting from 2004 till 2007 foreclosure rates doubled in New York City with two to three family buildings being the prime targets. The tenants living here have no protection from eviction even if they have a lease. The problems start long before the date of eviction – it being the final stage of the drama. It starts with the landlord stopping mortgage payments without letting the tenant know.

Another such victim is a 49-year-old woman who is a HIV sufferer. She does not want her name to be known. She lives in Queens with her children and grandchildren. In June her gas supply was disconnected although this was included in the rent. The next blow when there was a letter in the mailbox saying that the owners of the unit were facing foreclosure.

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According to RealtyTrac over 220 houses and foreclosure in New Britain. Apart from these 43 are listed for auction and 79 have been repossessed by the banks. In Hartford County out of every 810 houses, one is cowering under the risk of foreclosure. All this has resulted in a crowding in of houses for sale in the real estate market. Hundreds of houses, apartment complexes and condos are lying empty and abandoned. It takes a long time for these to make it to the over worked courts.

Each foreclosure listing has a tale behind it. Artur and Beata Sarat saw their house on Overlook Avenue go into the pre-foreclosure stage. But when they realized that there was little chance of holding on to the house that had been their home for long eleven years, they just left it and walked away without a murmur. Initially they had rented out the second storey of the house but when the tenant left they could not manage the mortgage. The couple now lives in rented quarters with their daughter. Beata is unwell and her husband has had to opt for a lower paying job having lost the previous one. Today the house is an eyesore with peeling paint and downed black shutters. Creepers and weeds have begun to crawl up the edifice. Neighbours fearfully ask each other as to who is accountable for this condition to happen. Their worry is that this will bring down the value of other units in the locality. This is happening all over the town.

Sylvania Garcia comes to visit her mother in Overlook Avenue. She thinks the banks should be held responsible for this situation that is affecting the entire neighbourhood. She feels that if the banks fail then the city fathers should step in to clean and maintain the units. Later a lien can be put on the property and the costs recovered from the next owner. Maintenance involves heavy expenditure and this is what is deterring the city authorities from coming forward.

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Recently the National Association of Realtors stated that the sale of existing houses increased by 3.1% in July as more and more buyers came forward to take advantage of the offers of heavily discounted properties. This tendency is most prominent in those parts of the country where foreclosures have been the most intense and staggering under the blow of the housing collapse.

On the one hand there is no doubt that with foreclosed units flooding the market, prices are falling with supply out pacing demand by leaps and bounds. But on the other hand the bargains are attracting buyers and expediting sales. Thus in a way foreclosed units are speeding up the sale of houses. This in turn gives rise to the hope that the market will make a turn around and find its level.

According to NAR the sales, which were expected to climb by 1.6%, increased to a seasonal adjusted rate counting to 5.0 million unites. The average price of a house fell by 7.1% from what it was a year ago. The number of houses that were sold in a month was lower by 13.2% from what it was a year ago. This increased the number of houses waiting to be sold by 100,000 in July 2008. On an average this calculates to a supply of 11.2 months as per the findings of TradeTheNews.com.

While the price of houses decline on one side, on the other more house owners are slipping into default being unable to meet mortgage expenses. As foreclosures surge the housing prices fall further. The government, in this election year, is struggling hard to stabilize the position by increasing the powers of the Federal Housing Agency. FHA insures mortgages. The mortgage rates are also being lowered by keeping the government backed jumbo lenders Fannie Mae and Freddie Mac running and fit.

Some calculate that those regions that have suffered the worst battering at the hands of foreclosure, like southern California will recover the fastest. Here the price has gone down by a third and thereby attracting bulk purchasers. At never before prices buyers can move into exclusive enclaves – and many are doing so. With demand for rented accommodation on the rise, at this point investing in foreclosed houses seems to be a safe bet.

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About a dozen queries were about the blight caused by vacant foreclosure houses in residential as well as commercial regions of southeast Glendale. There were about 50 residents. Darlene Saracio was one among many who was dissatisfied with the answers. She categorically stated that she wanted “solid solutions”.

Phil Lieberman was seeking a fifth term as the councilman of the district. He said that he regularly contacted the code department of the city. His observations are that in other parts of the city the problem was three fold worse. He added that the city authorities were aware of the worsening situation in Glendale Avenue. As such the council had taken up the job of revitalizing the namesake street of the city the top priority. Operations had taken off this spring with the building of a city courthouse at Glendale and 47th avenues.

Gary Hirsch who was challenging Lieberman lauded the Glendale Avenue project but given a chance he wanted to extend it to southern parts of Camelback Road. Here the vacant or about to be vacant properties could be improved upon to interest business firms. A wider tax base and new jobs could give a fillip to the area. He argued that the city government could not be held responsible for foreclosures although the negative impact was undeniable. Hirsch suggests partnering with banks and realtors to find a way out of the foreclosure related problems.

Some of the queries were candidate specific and related to particular districts. Others were directed at all including Councilwoman Joyce Clark and Carole Marx who were in the fray for seats in Yucca District of west Glendale.

Mayoral candidate Terry Pennington did not give any reply to questions after introducing himself. Mayor Elaine Scruggs is seeking re-election. She was unable to be present because of attending an executive committee meeting of the League of Arizona Cities & Towns.

Although questions were raised about food tax and illegal immigrants the problem uppermost on the minds of most was the foreclosure problem. It was creating havoc with empty units attracting crime and disease while pulling down the real estate market.

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