Nothing New On Foreclosures [Housing Tracker]

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.

Foreclosure Sought Against 145-Unit Miami Apartment Complex. “A Miami investment group wants to foreclose on a 145-unit apartment complex in Miami where plans for a teardown condo development were scrapped. A lis pendens holding up the title to the Les Chalet apartment complex at 8215 SW 72 Ave. was recorded in Miami-Dade County court on Sept. 23… Dadeland Nadlan, an affiliate of Dadeland Towers, an Israeli company that trades on the Tel Aviv Stock Exchange… bought Les Chalet apartments in June 2007 for $35.5 million and obtained development rights for 726 condos in two 25-story towers. Dadeland Nadlan took a $25 million loan on it.” (South Florida Business Journal, Oct. 6)

Kitsap Home Prices Fall Further as Foreclosures Enter Market. “Foreclosurepoint.com: There were 112 Kitsap County, Wash. properties in foreclosure that had auction dates assigned to them in September. That means they were near the end of the long foreclosure process and could come on the market soon. That’s about 4% of Kitsap's total inventory of available homes, and it's still unclear whether the wave of foreclosures will further dampen prices or have no impact. In all, about 877 properties in Kitsap County are in various stages of foreclosure, and the 112 nearing the market constitute a 195% jump over the number of properties at that stage in September 2007.” (Kitsap Sun, Oct. 6)

Subprime Mortgage Defaults Rise In Salem. Oregon: Although Oregon and Salem did not have the hyper-appreciation of home prices like in hot markets in California, exotic subprime loans were made here. And housing prices were driven up with some speculation… First American CoreLogic: About 11% of all mortgages in the Salem metro area are subprime. There are more than 14,400 subprime, adjustable-rate mortgages in Oregon. And 60% of them have yet to reset rates… In the Salem metro area, nearly 14% of subprime loans are 60 days late on payments. Five percent of subprime loans in the area are in foreclosure or real estate owned. RealtyTrac: Through August, there were 1,442 foreclosures in Marion and Polk counties, up from 977 at the same time last year.” (Statesman Journal, Oct. 5)

                                                   

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