Thought everyone would find this article interesting. These are difficult economic times for many. However, as this relates to Old Towne, currently all unit owners are current with common fees and assessments (no one is behind 3 payments or more which initiates the first demand letter for payment in the foreclosure cycle). If you wish, check out the link below for more information on US property foreclosures.
http://www.opalesque.com/Realestate_Briefing/?p=1534
From Propertywire.com: The number of property foreclosures in the US rose to a record high in August with analysts predicting a further 10% fall in house prices by the end of next year. One in 416 home owners in the US got a default notice in August, according to the latest figures from Realty Trac, the California based seller of foreclosure data. It is the highest monthly figure since records began in January 2005.Bank seizures, the last stage of the foreclosure process, have more than doubled from a year ago. Defaults have risen 10% in the last year and auctions are up 7%, the figures show. Nevada had the nation’s highest foreclosure rate for the 20th consecutive month, with one in 91 households in some stage of default. California had the second-highest rate, one in 130 households. Arizona had the third-highest rate at one in 182 households, followed by Florida, Michigan, Georgia, Ohio, Colorado, Illinois and Indiana. The worst US housing slump since the 1930s shows little sign of abating.
http://www.opalesque.com/Realestate_Briefing/?p=1534
From Propertywire.com: The number of property foreclosures in the US rose to a record high in August with analysts predicting a further 10% fall in house prices by the end of next year. One in 416 home owners in the US got a default notice in August, according to the latest figures from Realty Trac, the California based seller of foreclosure data. It is the highest monthly figure since records began in January 2005.Bank seizures, the last stage of the foreclosure process, have more than doubled from a year ago. Defaults have risen 10% in the last year and auctions are up 7%, the figures show. Nevada had the nation’s highest foreclosure rate for the 20th consecutive month, with one in 91 households in some stage of default. California had the second-highest rate, one in 130 households. Arizona had the third-highest rate at one in 182 households, followed by Florida, Michigan, Georgia, Ohio, Colorado, Illinois and Indiana. The worst US housing slump since the 1930s shows little sign of abating.
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