New Orleans bucked the national trend and had fewer foreclosures than many other cities in many other states.
According to Mortgage Bankers Association (MBA) Chairman John Robbins, the report overstates the number of foreclosures.
Completed foreclosures slowed in January, falling to 5.54 homes foreclosed out of every 10, 000 homes nationwide.
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The Case-Shiller index can sometimes overstate the magnitude of price increases because it includes foreclosures.
Foreclosures in general have increased in 72% of all the other major cities across the country.
And the discounts have diminished too: short sales fetched 15% discounts on average, foreclosures 18%.
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Home foreclosures rose to the highest level on record in the fourth quarter of 2007.
Housing prices are about to fall precipitously and this will create a new wave of foreclosures.
The recession left a vast legacy of foreclosures, personal and business bankruptcies, debt-collection and credit-card disputes.
Foreclosures increased in 46 states and in 90 of the nation's 100 largest metro areas.
In industry speak, a shift from the first wave of foreclosures to the second wave.
In the suburbs where foreclosures are their highest, more businesses have closed their doors.
Even some higher-growth cities, including Dallas, Houston and Oakland, are seeing high rates of foreclosures.
So why would a moratorium on foreclosures be a bad thing, no matter what the circumstances?
Many of these foreclosures remain on the market, and thousands more come online each month.
In fact once the investigation has run its course RealtyTrac expect foreclosures to resume.
Bank of America Corp. announced on October 8th it was going to refrain from further foreclosures.
Yesterday, I wrote a post about the effect of foreclosures on a neighborhood.
Foreclosures on mortgages backed by Fannie Mae and Freddie Mac increased 21% in June from May.
Foreclosures, particularly if properties are vacant, can drag down housing values in a neighborhood.
Banks completed 860, 000 foreclosures last year, down from 1.1 million in 2010, according to CoreLogic Inc.
Then there's the record number of foreclosures depressing the value of other homes on the market.
The ongoing wave of foreclosures is continuing to glut the market and push down prices.
Home foreclosures flattened in May despite bank repossessions reaching a record high, according to RealtyTrac.
Mayor Kasim Reed has made dealing with foreclosures one of his main goals for 2012.
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It is well known that foreclosures are rising on both homes and commercial buildings.
House Democrats reportedly thought a Senate bill designed to curb foreclosures was too lenient towards lenders.
On a national level, rising subprime mortgage foreclosures are sure to have a ripple effect.
Foreclosures place downward pressure on house prices, contributing to a vicious cycle of economic pain.
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That's a tiny percentage of the more than one million foreclosures expected over the next year.
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