With so many issues weighing down our national economy these days, it’s easy to get excited about the little victories–a positive jobs report or a month-over-month increase in home sales. But one of the core problems facing this country’s housing market isn’t expected to go away anytime soon: distressed real estate.

According to the Center for Responsible Lending, we’re not even midway through the foreclosure crisis. And the longer the crisis drags on, the more downside foreclosures will bring to their surrounding communities.

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Did you receive a foreclosure notice while making trial payments under HAMP?

Did you provide the proper paperwork for a modification but were still denied?

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Recent groups of protestors that have sprouted up across the city of Boston haven’t been voicing their displeasure with their baseball team’s September collapse, they’re protesting against Bank of America.

Today, over 1,000 people are expected to march in downtown Boston to protest against the bank, and “rally against Wall Street greed, predatory lending, and skyrocketing foreclosures in urban communities,” according to a press release.

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How many additional foreclosures are likely in the pipeline during the next few years?

The answer is as many as 10,367,515, according to Laurie S. Goodman with the Amherst Securities Group.

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A few months back I received a letter from a defunct video store explaining that I owed $160. This demand letter received a suitable response which I sent to the debt collector by certified mail with a return receipt requested.

What was the response? In essence, it was: Prove it.

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High levels of stress can lead to health problems. Knowing that, it’s no big surprise that foreclosures are putting homeowners’ health at risk.

According to WebMD, “Forty-three percent of all adults suffer adverse health effects from stress.”

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The government is out with its latest housing scorecard and the figures look good:

As more homeowners secure mortgage relief, fewer borrowers entered the foreclosure pipeline. Entering June, 4.4 percent of prime mortgages were at least 30 days late–a significant decline from the peak of 6.69 percent seen in 2010. Similarly, subprime mortgage delinquencies were 32.9 percent, down from 36.6 percent a year ago. 

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As most of us are already familiar, distressed real estate–foreclosures, bank-owned or real estate owned (REO) properties and short sales–is taking over many neighborhoods, weighing down home prices and making it harder for homeowners to sell.

However, this very same distressed real estate can come at a steep discount, and pending the condition of the home, could be a great buy for you and your family.

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A new study tells us that a lot of homeowners would be better off with cheaper homes:

The latest Rasmussen Reports national telephone survey of American adults shows that 62% believe it’s better for homeowners who can’t afford to make increased mortgage payments to sell their homes and find less expensive ones. Twenty-five percent (25%) think it’s better for the government to assist those homeowners in making their payments. Thirteen percent (13%) are undecided. 

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The longer foreclosed homes remain on the market, the worse off we all are (simple as that). While homeowners struggle to stay afloat thanks to distressed real estate bringing down local home prices, potential buyers of these properties face different issues, seen and unseen.

As these foreclosures sit vacant, their landscaping becomes overgrown and they’re open to squatters and vandalism. However, another new problem is growing inside these homes: mold. Read the rest of this entry »