Quote of the Day
"It forces people to downsize to condos with no backyards from houses with big backyards.” – Daniel Marchand, curator of the Herpetological Society in Phoenix, Arizona, blaming foreclosures for the rise in the number of turtles being abandoned. (ABC News, Sept. 1)
Foreclosure Data
Assembly Approves Foreclosure Bill To Assist Renters. California: “Renters caught up in the foreclosure meltdown could gain some much-needed assistance if a bill… becomes law… AB 2586 improves California’s notification laws dealing with renters living in homes that are in foreclosure and requires new owners of the units to return renters´ security deposits. One in every five foreclosed homes is occupied by renters, according to some reports. In Q2’08, 121,341 default notices were filed in California. Families are being forced out of their homes, frequently with little notice. Often renters don´t know their homes are in danger because California´s inadequate notification laws are aimed at owners, not tenants.” (California Chronicle, Sept. 2)
Renters In Foreclosed Buildings Get A Break. Chicago, Illinois: Cook County sheriff's deputies [often] encounter… renters who are learning for the first time from an eviction crew that they are living in a building in foreclosure… Record numbers of properties have fallen into foreclosure, evictions are rising. Starting today, deputies who enter homes where no one is present will hold off for seven days, leaving a brightly colored sign on the door to [inform] renters they have a week to provide proof of occupancy. If the tenants prove they are living there as renters, the eviction will be called off… In the past, if no one was home, the eviction would take place.” (Chicago Sun Times, Sept. 2)
Historic 'Little Liberia' Homes Face Foreclosure. Connecticut: “Community activists and preservation experts are fighting Bridgeport's plans to foreclose on two historic homes... The Freeman houses… named for two sisters who built them in the mid-1800s… became the foundation for a thriving community of free black people known as "Little Liberia." Bridgeport plans to foreclose on the vacant homes because it says the owner, Action for Bridgeport Community Development, owes $116,000 in delinquent taxes dating to 1990. The agency refuses to pay the taxes, saying its nonprofit status means its properties are tax-exempt.” (Newsday, Sept. 1)
Foreclosures Nearly Triple In Virginia Since July '07. “RealtyTrac: Foreclosures in Virginia nearly tripled last month compared with July 2007, with Northern Virginia accounting for more than half of the foreclosures. The number of Loudoun County homes in some stage of foreclosure rose from 378 to 581, up 54%. Loudoun's foreclosure rate, one of every 169 house, was the second highest in Virginia. Prince William County [had] one of every 103 houses in a state of foreclosure… Fairfax County's rate was one of every 226 houses. Arlington County [had] one of every 1,357 houses in foreclosure. Virginia had 5,745 foreclosure filings last month and the 10th-highest rate in the country last month.” (Washington Post, Aug. 31)
House Hunters Hop Aboard For Foreclosure Tour. Arizona: “Phoenix realtor Jason Hall has been showing Arizona real estate to potential clients through a foreclosure bus tour. It makes stops in various cities in the Phoenix Metro area, including Gilbert, Chandler, Mesa and Tempe.” (Edmonton Journal, Aug. 31)
Green Liens Set To Keep Lawns Lush At Foreclosed Homes In Elsinore Valley Water District. California: “Green liens are a go for the Elsinore Valley Municipal Water District, as the board voted 3-0 Thursday to start the program aimed at keeping the lawns of foreclosed properties green. The program allows banks, lenders and owners of foreclosed properties to place a lien on the property to keep the water meters on, which would allow them to water the lawns and other landscaping. The liens are voluntary and would be repaid when the home is sold.” (Press Enterprise, Aug. 28)
Seeking Alpha's Housing Tracker is a collection of housing-related excerpts from various sources, grouped by topic. Feel free to post any interesting links on the subject in the comments section below.
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