RealtyStore Foreclosure Blog

…Couldn’t Save the Harpers From Foreclosure.

Three years ago, Patricia and Milton Harper and their sick children were granted a free home reconstruct with enough money to cover their taxes for 25 years by “Extreme Makeover,” a show designed to help deserving families make repairs and upgrades to their homes for free.

It was recently announced, however, that the home, located at 5489 Ahyoka Drive, Lake City, GA is now in foreclosure as the result of a failed business venture, which they attempted to start up using a $450,000 loan they took out against the property and have failed to pay back.

Whether it was bad luck or bad planning, they now lack the support from the community that once worked so hard to fund the housing project. Combined with the pitiless foreclosure process, it is doubtful the Harpers will get a second chance to pick up the pieces and save their home.

The property is scheduled to be Auctioned on the Clayton County steps on August 5th, 2008.

Read the full article, “‘Extreme Makeover’ Home Facing Foreclosure.”
Copyright 2008 by FoxNews.com

It is already well known that the American economy and real estate industry are floundering, largely as a result of declines in American real estate. For the most part, however, commercial property has been considered safe. At the top of the U.S.’s list for foreclosure rate hikes lies Las Vegas, where news writers are now reporting an impact on commercial real estate. The bulk of commercial closures in Las Vegas, unlike what Realty Store recently reported on New York City’s commercial buildings, are not related to actual commercial foreclosure, but are more likely to be related to the economic slump, job loss, and business owners moving out of town as a result of losing their homes to foreclosure.

By J.W. ELPHINSTONE

“Las Vegas has the distinction of having one of the worst housing markets in the country. But now that slump, along with job losses and high fuel prices, is infecting Sin City’s commercial real estate market, sending vacancies in all sectors sky high.

“The city’s commercial sectors clocked the second-worst increase in vacancies in the past year, according to Marcus & Millichap Real Estate Investment Services, following only Orange County, Calif., where the main problem is too many empty offices.

“The first domino for commercial real estate was the loss of construction jobs. The second domino was the effect of job losses, foreclosures and lost home equity on the local economy. And the third domino was the national economic slowdown,” said Hessam Nadji, managing director of Marcus & Millichap.”

Read the full article, “Real Estate Close-Up: Las Vegas.”
Copyright 2008, El Paso Times

In a Press Release issued July 7, 2008 by Radar Logic, Inc., it would seem that primary U.S. cities are still experiencing a decline in housing market prices. The company, “a technology-driven data and analytics business that produces a daily spot price for residential real estate in major U.S. metropolitan areas,” calculates its findings based on actual market data, using “proprietary and transparent algorithms.” Their data reflects a continued slump in the housing market.

“For April 2008, evidence suggests that the broad housing slump continued as consumers showed persistent lack of confidence and difficulty in financing home purchases.

“Of the 25 Metropolitan Statistical Areas (MSAs) examined, one market showed a price per square foot (PPSF) increase, one was neutral, and 23 showed declines on a year-over-year basis; however, nine MSAs showed PPSF increases from March to April. Consistent with seasonal expectations, 21 MSAs showed a transaction count increase from March to April 2008.”

As bad as this may sound for the economy, this is actually GREAT news for foreclosure investors, first time home buyers, and anyone looking to buy a home at a huge discount any time between now and the next 6-12 months. So start your search TODAY, and get ready to make your move soon.

Read the Full Release: “RPX Monthly Housing Report.”
Copyright 2008, Radar Logic, Inc.