Dallas foreclosed homes for sale still floods the Texas housing market. For this month, nearly 6,000 foreclosure houses are scheduled for auction, representing an increase of 34 percent compared with last year.

For the first 9 months of this year, the number of foreclosure properties hit 51,000. Industry experts said that in previous years, the wave of foreclosures were caused by homeowners who borrowed risky loans, requiring no or low down payment and adjusting to exorbitant rates later. Lenders are also to blame for encouraging borrowers even if they are not creditworthy.

Experts said that the first wave of foreclosures was confined only to a certain group of borrowers. However, they pointed out that the next wave of foreclosures reflects the worsening economic condition not just in Texas but across the country. Many of troubled homeowners have lost their jobs or reduce their income. The rising unemployment rate resulted to more Dallas foreclosed homes for sale as indicated by the rise in the number of foreclosed homes placed on auction this month.

However, only about 50 percent of distressed properties placed for sale monthly are actual foreclosures. In many cases, lenders and borrowers have reached an agreement that gave homeowners an opportunity to save their properties from foreclosure or the repossession action is delayed.

Statewide, the highest increase in foreclosure rate was posted in Collin County. According to data, foreclosure filings increased by 61 percent to 778 homes compared with the numbers scheduled for foreclosure auction in October the previous year.

In Denton County, foreclosure filings jumped by 42 percent to 710 compared with a year ago. Similarly, Tarrant County posted a 43 percent rise to 1,975 while Dallas County foreclosure filings increased by 20 percent to almost 2,477.

But industry experts noted that the actual number of foreclosure this year dropped by 17 percent compared with last year. They said that this could mean that some federal programs aimed at preventing the spread of foreclosures are starting to show results.

One of the most popular federal programs is the loan modification. The Obama Administration has been offering incentives to lenders to motivate them to work with homeowners to find ways to save their properties from foreclosures.

Industry experts said that the loan modification program, despite its slow start, is on its track to reduce the number of Dallas foreclosed homes for sale.

An increasing number of volunteers find foreclosure homes to clean up thus preventing them from ruining the curb appeal of neighborhoods.

According to industry experts, in some areas where foreclosure rates are highest, such as Florida and Nevada, volunteering to clean up abandoned and vacant properties is becoming common in communities. These volunteers mend fences, cut grass, fix windows, clear away the rubbish and other works that would help prevent the unoccupied properties from becoming blights and attracting vandals and criminals.

According to officials of the National League of Cities, local residents are taking the matter of neglected foreclosure homes seriously because they are also affected by the presence of many dilapidated houses. Studies showed that home prices and values are dropping rapidly in neighborhoods with high foreclosure rates.

Some residents took the time out from their busy schedules to find foreclosure homes before they could fall into complete disrepair and attract criminals and vandals. Foreclosure homes that are not maintained can become eyesores or drive away potential buyers.

Furthermore, neglected foreclosure houses can pull the entire neighborhoods into disrepair, resulting in costly repairs. Some cities have implemented tough measures to prevent foreclosure homes from deteriorating.

In Cape Coral, Florida, code enforcement officers are also acting as property managers. The city started tracking foreclosure properties since June 2007. So far, about 5,234 lawns located on abandoned and vacant houses were mowed by city workers with the help of volunteers who do not want their areas to look unsightly.

Some cities that are initiating cleanup projects are charging property owners for the services done. However, many property owners could not be contacted resulting to cities shouldering the cost of property repair and maintenance.

According to industry experts, the major problem is the long gap between the time homeowners abandon their houses and the time banks take over the properties.

So far, about 350 cities across the country have passed ordinances that require banks and property owners to maintain foreclosure properties on their portfolio.

In Boston, Massachusetts, volunteers are also helping distressed homeowners avoid losing their homes to foreclosures. They conduct weekly door-to-door visit to inform homeowners and tenants at risk of foreclosures that many programs are available for free that can help them remain in their properties.

Industry experts said that initiatives to find foreclosure homes to clean up are an effective way to alleviate the impact of the foreclosure crisis.

Brooklyn foreclosed homes for sale under $300,000 are expected to swamp the New York housing market. Results of a recent market study showed that the foreclosure crisis has severely affected multi-family buildings located in low income neighborhoods in Brooklyn.

The study showed that 80 percent of repossessions filed in Brooklyn since last year was for mortgage loans below $1 million. Additionally, 51 percent of non-home mortgage loans were for residential buildings. The report also noted that majority of foreclosed units were located in low-income neighborhoods like East New York and Bedford-Stuyvesant.

Industry experts said that potential investors and homebuyers could expect a lot of bargain-priced brownstones in the coming months. Many of these three-unit or four-unit Brooklyn foreclosed homes for sale are priced below $300,000.

However, investors and homebuyers who are interested for good deals in prime communities and neighborhoods, like Park Slope or Carroll Gardens, may have to wait for a bit longer. A market report showed that 51 percent of mortgage loans (non-residential) that started foreclosure proceedings last year were for residential buildings. Meanwhile, 80 percent of mortgages were for properties below $1 million.

Industry experts said that low-priced neighborhoods are seeing a flood of foreclosures that sell way below the market price. For example, an eight-unit building located in Crown Heights could be had for as low as $400,000, which is half its original market price.

Furthermore, market data showed that 21 percent of walk-up apartments received foreclosure filings while 14 percent of filings were posted on mixed-use units and not more than 5 percent were filed on elevator apartment buildings, vacant land, retail and office buildings.

According to industry experts, more than 1,000 commercial properties are in some stage of foreclosure process in Brooklyn from September last year to September this year. For September 2009 alone, foreclosure proceedings on commercial properties totaled 70, a whopping increase from 25 foreclosures posted for the same month last year.

Experts said that based on lis pendens data, distressed sales may occur in Brooklyn in the next 20 months. They said that the flood of foreclosed small residential buildings in Brooklyn is a result of a great number of landlords buying into the housing market during the period of easy financing.

They said that because financing could be obtained easily, many of these small-time landlords bought any property they could lay their hands on.

Home prices in Texas continued to drop, albeit at a slow pace, partly due to the flood of Fort Worth foreclosed homes for sale that glut the market. Recent market data showed that pre-owned home prices dropped by 1.2 percent two months ago, compared with the same month in 2008.

According to industry experts, the August home price decline was the smallest annual drop. Month-to-month figures showed a rise in home prices for six consecutive months. August home prices in both Dallas and Fort Worth were the highest since September of last year.

The statistical trend prompted industry economists to hope that the market is now heading towards the right direction. However, they are not confident to say that the market has bottomed out. They said that current developments are not enough to conclude that the housing market is on the way to real recovery.

Economists said that the housing market could only take a breather from the flood of Fort Worth foreclosed homes for sale if the increasing unemployment rate could be reigned in and the economy would start to show stability.

Meanwhile, property prices in August across the country dropped by 11.3 percent compared with a year ago. However, market data showed a rise from July home prices which gave more hope to industry economists that property values across the United States are starting to bottom out. August improvement in home values was the seventh straight month of positive trend in the housing market for this year.

Industry economists pointed out a relative improvement in the rate of home price decline. They said that the biggest drop in annual home prices in August occurred in Las Vegas, Nevada which saw a decline of 29.9 percent and Phoenix, Arizona which dropped to 1.9 percent compared with August 2008.

Meanwhile, analysts pointed out bad loan decisions, recession and speculations as some of the major influences on the continuous drop in home prices. They said that the current trend has created an opportunity to home buyers, especially first-time buyers who availed of the federal tax credit program.

They added that the housing market, from here on, bears watching because of the discounted prices and the growing competition for cheap foreclosure houses.

The number of Denver foreclosures for sale is expected to grow by as much as 3.5 million in the next two years. This is the bleak prediction of industry experts as they noted the increasing number of homeowners who lost their jobs or have reduced their income.

Market data showed that 2009 will surpassed the number of foreclosure filings posted in 2007 and 2008. Additionally the number of actual foreclosures is accelerating on a steady pace. Colorado’s foreclosure rate is not the highest in the country but it is one of the top ranking states with high foreclosure rates.

Industry experts said that the foreclosure crisis has become a major factor hindering the recovery of the housing market. This is because low-priced foreclosure homes are pulling down prices and values of neighboring houses. But they pointed out that many smart investors and first-time buyers have taken advantage of the situation and flocked to the Colorado market to buy low-priced Denver foreclosed homes for sale.

Experts said that the foreclosure crisis is a tragedy beyond compare for many homeowners, but has created a unique opportunity for some. Because of the low-priced foreclosure homes, many sellers were forced to reduce prices of their properties on the market to be able to compete with foreclosure properties, thus making Colorado a buyer’s market.

Industry experts said that interested investors and first-time buyers can still take advantage of the low-priced foreclosure properties in the area. However, experts said that prospective buyers should always keep in mind that buying distressed properties is different from purchasing a new house or one that is not foreclosed.

They advise prospective buyers to take some time learning about the foreclosure market in the area where they plan to buy. Also, they should take note of where they can buy cheap foreclosure properties in good condition. Properties sold through short selling are some options that buyers can take when choosing a foreclosed home to buy, experts said. Short selling means lenders are agreeable for homeowners to sell their distressed properties at prices less than the amount of mortgage they owed.

It is hard to tell how far the number of foreclosure homes will go up. But most experts agree that the economy is nearing bottom, adding that potential buyers should act now while low-priced foreclosure homes are still flooding the housing market.

Stockton foreclosed homes for sale did not increase in number in September as expected by buyers and brokers, as banks controlled the release of their foreclosed properties, according to research firm Trendgraphix and realtors in San Joaquin County.

Because of the decreased number of foreclosures released by banks, the total number of homes for sale in September dropped by almost 70 percent to 1,158 units, a substantial drop from more than 5,100 units released to the market in September last year.

Consequently, the median home sales price in September remained at $160,000, the same as the August median.

Home loan broker Jerry Abbott explained that there will be no significant change in the home sales price if foreclosures are not released by lenders to the market.

Some realtors and housing analysts however contend that banks have been trying to respond to stepped up efforts by federal agencies to increase loan modifications. Abbott said that foreclosures will increase in 2010 when homeowners who obtained modifications will redefault and when recently laid off borrowers cannot find jobs quickly.

Over the past year, Stockton foreclosed homes for sale and foreclosures from nearby cities dominated the San Joaquin housing market, but foreclosure sales slowed as the pace of short sales increased.

In September, a total of 453 pending short sale contracts and 492 pending foreclosure sale agreements were signed.

Realtors also observed that sales of non-troubled homes have been rising. A total of 319 pending sales of previously owned homes were signed in September, comprising one-fourth of the housing market.

According to Ben Balsbaugh, head of a real estate business in Stockton, the increase in conventional sales was driven largely by investors flipping properties. He said that about 90 percent of conventional sales are flips – when investors buy homes, make quick improvements and then resell them quickly at a profit.

Based on data from Trendgraphix, the median price for non-distressed pre-owned homes sold in September in San Joaquin County was $215,000. The median price for foreclosure homes was $142,000 while the median price for short sales was $170,000.

According to an online foreclosure research firm, the cities which were most battered by foreclosures at the start of the crisis, such as Stockton, Cleveland, Modesto, Toledo, Detroit and Columbus, slowed down in foreclosure activity in the first 6 months of this year while other cities not previously considered hot spots increased in foreclosure activity.

Oregon is seeing the number of properties on foreclosure home listing growing daily. The economic downturn is taking its toll on the lives of residents and neighborhoods from Portland, Salem to Medford and even in rural areas.

Aside from the increasing foreclosure home listing that has been plaguing the state for some time now, Oregon is also experiencing a record high unemployment rate. The unemployment rate in the state is competing with California, where foreclosures are also rampant, for the fourth place nationwide.

Market data showed that unemployment dropped 0.5 percent in September from the 12 percent adjusted rate in August. Industry experts attributed the drop in the unemployment rate to discouraged workers who left the job market. The continuing economic downturn resulted to a job loss of 10,300. And exacerbating the unemployment problem is the reductions in social services and inflated housing market prices despite the abundant supply of houses for sale in the area.

The official unemployment rate in Oregon is 11.5 percent, slightly below than the 12.2 percent in May which was the highest rate since 1947. The data do not include those who worked part-time or who have stopped looking for employment.

In 2005-2006, Oregon had the fifth highest economic growth nationwide. Fast forward to 2009 and the state is experiencing a negative growth. Job loss in the manufacturing sector totaled 27,000 or 14.1 percent in 2008. The 1,000 job employment gains in the construction industry lagged behind the 13,799 job loss or 14.8 percent.

Meanwhile, affordable housing is lacking in Oregon despite the overbuilding of condominiums during the peak of the housing market. Nowadays, it is common to see vacant, unsold condominium units, particularly in Portland’s Peal District sections and waterfront. With the housing market collapse, these condominiums are being marketed as rental properties.

Additionally, the homeless population has exploded in Oregon. Market data released by the Housing and Urban Development showed that Oregon has the highest rate of homelessness in the country, with 0.54 percent.

Industry experts said that many people became homeless when they lost their properties to foreclosure home listings. They said that unemployment and foreclosures are the top major issues that need to be addressed first before homelessness could finally be faced.

Georgia foreclosure homes for sale are still growing in number, based on a report of nationwide foreclosure filings released this week by a real estate research company.

In the third quarter, foreclosure actions filed by lenders in Georgia reached 33,385, marking a jump of 25 percent from the same quarter last year and a rise of nearly 7 percent from the April to June quarter this year.

With a foreclosure rate of one in 119, Georgia ranked seventh among all states based on foreclosure rates.

Just like any other place in the country affected by high unemployment rates, the continued increase in foreclosure activity in Georgia is also largely caused by continued job losses in the state.

Although the unemployment rate in August stayed the same in September, the 10.1 percent jobless level is still high, above the 9.8-percent national unemployment rate.

Based on data from the Georgia Department of Labor, September was the 23rd straight month that the state jobless rate surpassed the national rate.

Michael Thurmond, Labor Commissioner for Georgia, said payroll jobs across the state decreased by nearly 6 percent to 237,000, compared to September last year.

These job losses pushed more homeowners into foreclosure, adding more than 11,200 real estate-owned homes to lists of Georgia foreclosure homes for sale in the July to September quarter.

Of the more than 33,000 foreclosure postings in the third quarter, over 22,000 were notices of trustee sales, the stage of the foreclosure process when homeowners are notified that their properties will be sold in an auction if the missed payments, fees and penalties are not paid.

Thurmond explained that although the unemployment rate did not increase in September, underlying trends show the continued deterioration of the employment situation in the state.

Workforce level in the state fell to 4.73 million this September, marking a 2.4-percent drop from 4.85 million during the same month in 2008.

The number of unemployed workers who received jobless benefits from the state in September this year climbed up to 139,000, a jump of nearly 59 percent from 88,121 in the previous September.

An additional number of 150,000 were provided with jobless benefits by the federal government.

Majority of job losses in Georgia occurred in the manufacturing, construction, trade and business support sectors. The cities of Dalton and Rome suffered the highest level of job losses.

The accuracy of the 2010 census count will be greatly affected by the increasing number of foreclosure homes across the country. U.S. Census Bureau Director Robert Groves explained that many families who have lost their houses to foreclosures have moved in with relatives or friends or have become homeless.

He expects that census questionnaires that will be mailed out next year will land at abandoned and vacant foreclosure homes. Because of this trend, census workers will have to knock on every door to verify if the property is occupied or not and to determine how many people are living in a single roof. And the additional work will cost more money, according to Groves.

According to industry experts, the massive job cuts across the country resulted to over 13 percent of homeowners with delinquent mortgage loans or in some stage of foreclosure. And states badly hit by the foreclosure and unemployment problems are Arizona, California, Florida and Nevada.

Experts are anticipating another wave of foreclosures in 2010 after lenders imposed foreclosure moratorium this year to abate the crisis. But the unabated unemployment problem is the major factor that will drive another flood of foreclosures across the country.

Meanwhile, experts pointed out the need for census workers to focus on families that have lost their homes to foreclosures and are currently living with their relatives or friends. They said that many distressed homeowners may believe that their housing situations are just temporary and eventually, they would get back on their feet and buy a property again. These homeowners still need to be counted even if they only have temporary accommodations.

Meanwhile, census workers are giving attention to counting the number of new homeless, such as families who belonged to the upper-middle class before they got into foreclosures.

The Census Bureau hopes to overcome various challenges by mailing replacement forms and bilingual forms to areas dominated by Spanish-speaking families and to use shorter questionnaire. The agency also increased its workforce to expedite identification of areas that the bureau has difficulty counting.

However, industry experts are not sure if the bureau’s efforts to overcome these challenges would help it achieve its target 67 percent rate response. Experts said that many families from foreclosure homes would be reluctant in confessing the total number of people sharing a house.

California foreclosure homes for sale are still among the country’s highest in number in September and in the whole third quarter of this year, based on data released by a foreclosure tracking firm.

In September, California had more than 86,300 foreclosure filings and in the third quarter, it posted more than 250,000 foreclosure actions. The postings in September marked an increase of more than 24 percent from the same month last year and a drop of more than 6 percent from August while postings in the third quarter marked a nearly 19 percent rise from the same quarter last year and a 1.52-percent drop from the April to June quarter.

California is also one of the six states – along with Florida, Nevada, Arizona, Illinois and Michigan – that comprised 62 percent of the country’s total foreclosure postings in the July to September quarter. These six states accounted for nearly 580,000 residential properties that received foreclosure postings in the third quarter.

In California, there were more than 16,300 units already repossessed by lenders in September, increasing the number of California foreclosure homes for sale to nearly 51,000 units in the July to September quarter.

With a foreclosure rate of one out of every 53 households in the third quarter, California ranked third in the chart of states with the biggest rates. Nevada had the highest rate, with one out of every 23 households in the foreclosure process. Arizona followed with one out of every 53 households getting hit with a foreclosure notice.

In September, California ranked second in foreclosure rate, next to top-ranking Nevada and followed by Florida and Arizona.

In addition to problems of risky mortgage loans taken by homeowners, the rising unemployment rate of California is being cited by analysts as a major reason for the continued high level of foreclosures throughout the state.

In September, a total of 39,300 employees were laid off, based on a report from the California Employment Development Department. The number marked an increase of almost six times compared to the numbers of workers laid off in August.

The state unemployment rate has soared to 12.2 percent in September, far above the 7.8-percent jobless rate in September last year and far above the national unemployment rate of 9.8 percent. Most of the job cuts in September occurred in the construction and government sectors.