Foreclosures still up!! Bank Closings
Foreclosures are spreading and does not seem to be letting up at all. Las Vegas has topped the market with foreclosures!! 1 in 20 homes are in foreclosure. Five cities listed below have the highest rate of foreclosures in the last quarter of 2009.
McAllen texas which had the highest increase in foreclosures over the third quarter was sited with a 1,197% increase. That is 1 in 250 homes went into foreclosure. McAllen, Texas is located in the Rio Grande Valley about 5 hours south of San Antonio. McAllen is considered a border town and has a large amount of unemployed which is standing at 11.4% compared to 8.2% overall in Texas. McAllen relies on Mexican Nationals to do business in their town by shopping and dining. About 35% all revenue come from Mexico.
Burlington, Vermont comes in second with a 400% increase in foreclosures. Was a contender for money magazine to be the best place to live. Lots of vacation homes in the mountains are now just a dream.
Third place is Lincoln, Nebraska with a 240%, 1 in 2,417 homes foreclosed. Lot of state and federal employees find themselves without enough work. Lincoln has been hit hard and if people do not find jobs the number will continue to climb for foreclosures.
First runner up is Gulfport-Biloxi, Mississippi in which after Katrina in 2005 the increase was so drastic that the housing industry could not even keep up. However in 2009, post Katrina home owners can only wish to sell their homes for a fraction of what they paid. Most do not want to short- sell and people are walking away from their homes.
Second runner up is Sioux Falls, South Dakota. It was one of this years best cities to live in with its motto as the "Best Little City in America". This area was one of the most stable areas in the United States until 2009. This is conservative middle america. They do not overspend and they pay their bills. But this last quarter the foreclosure rate skyrocketed to 116%. 1 in 492 homes in foreclosure.
Even though the foreclosures are rising in Colorado we are still behind many of the states that are experiencing large numbers of homes being lost. The banks are supposed to be modifying these loans and giving the homeowners a smaller interest rate but that is not the case.
Banks are being closed in Colorado by the Feds and they keep coming. The following banks have been closed in Colorado.
Frontier Bank in Greeley -- The "bank run," driven by whispers that New Frontier could inevitably close, helped hasten the bank's death spiral by further draining an already cash-starved institution. Its closure on April 10 was the nation's most costly bank failure last year.
McAllen texas which had the highest increase in foreclosures over the third quarter was sited with a 1,197% increase. That is 1 in 250 homes went into foreclosure. McAllen, Texas is located in the Rio Grande Valley about 5 hours south of San Antonio. McAllen is considered a border town and has a large amount of unemployed which is standing at 11.4% compared to 8.2% overall in Texas. McAllen relies on Mexican Nationals to do business in their town by shopping and dining. About 35% all revenue come from Mexico.
Burlington, Vermont comes in second with a 400% increase in foreclosures. Was a contender for money magazine to be the best place to live. Lots of vacation homes in the mountains are now just a dream.
Third place is Lincoln, Nebraska with a 240%, 1 in 2,417 homes foreclosed. Lot of state and federal employees find themselves without enough work. Lincoln has been hit hard and if people do not find jobs the number will continue to climb for foreclosures.
First runner up is Gulfport-Biloxi, Mississippi in which after Katrina in 2005 the increase was so drastic that the housing industry could not even keep up. However in 2009, post Katrina home owners can only wish to sell their homes for a fraction of what they paid. Most do not want to short- sell and people are walking away from their homes.
Second runner up is Sioux Falls, South Dakota. It was one of this years best cities to live in with its motto as the "Best Little City in America". This area was one of the most stable areas in the United States until 2009. This is conservative middle america. They do not overspend and they pay their bills. But this last quarter the foreclosure rate skyrocketed to 116%. 1 in 492 homes in foreclosure.
Even though the foreclosures are rising in Colorado we are still behind many of the states that are experiencing large numbers of homes being lost. The banks are supposed to be modifying these loans and giving the homeowners a smaller interest rate but that is not the case.
Banks are being closed in Colorado by the Feds and they keep coming. The following banks have been closed in Colorado.
Frontier Bank in Greeley -- The "bank run," driven by whispers that New Frontier could inevitably close, helped hasten the bank's death spiral by further draining an already cash-starved institution. Its closure on April 10 was the nation's most costly bank failure last year.
Colorado National Bank of Colorado Springs closed by Feds
Legacy Bank of Wiley, Colorado
Ninety-eight banks have failed so far this year as losses have mounted on commercial real estate and other soured loans in the wake of the financial crisis and the recession that has gripped the economy. The failures have cost the fund that insures bank deposits about $25 billion, the FDIC said Tuesday.
Read more: http://www.denverpost.com/business/ci_12170356#ixzz0gmFb5WtD
Legacy Bank of Wiley, Colorado
Ninety-eight banks have failed so far this year as losses have mounted on commercial real estate and other soured loans in the wake of the financial crisis and the recession that has gripped the economy. The failures have cost the fund that insures bank deposits about $25 billion, the FDIC said Tuesday.
Read more: http://www.denverpost.com/business/ci_12170356#ixzz0gmFb5WtD
Posted by Empiretouch at 2/27/2010 1:36 PM 
Categories: many closed because of Foreclosures, Bank Failures
Tags: refinance Foreclosure failures affordable modifications bank closings
Categories: many closed because of Foreclosures, Bank Failures
Tags: refinance Foreclosure failures affordable modifications bank closings
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