Foreclosures Could Be on the Rise Again, Report Says

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foreclosuresForeclosure filings fell last month, but there are indications that they could soon rise again, a report by RealtyTrac says.

Foreclosure filings across the country dropped 3 percent from October 2011, and 14 percent from November 2010, according to the report. About 224,000 homes across the country received a default notice, were scheduled to be sold at a foreclosure auction or were repossessed by a lender. Banks foreclosed on fewer homes in November than at any time since March 2008, the report found.

But because the dip was the smallest annual decrease over the last year -- and some hard-hit states actually posted increases -- it could mean that the ebb in foreclosure activity, which has come during government action against lenders, is ending.

James Saccacio, co-founder of RealtyTrac, says the real estate market must still grapple with issues like the glut of foreclosed homes that banks are afraid to sell, ramped-up regulation of the foreclosure process and settlements over "robosigning," a term used to refer to the practice of filing shoddy foreclosure paperwork.

"All of those things need to clear in order for there to be clarity in the marketplace," Saccacio told AOL Real Estate, adding that, nonetheless, he "would expect you could see more activity" next year.

Saccacio also highlighted the 13 percent monthly increase in scheduled foreclosure auctions that was documented in the report. He attributed the increase to a wave of default notices that began in August.

For the 59th straight month, Nevada, ground zero of the housing crisis, posted the highest foreclosure rate in the country. One out of every 175 Nevada housing units was in a state of foreclosure, despite a bill passed in October that has made it harder for banks to process foreclosures in Nevada.

California came in second with one in every 211 properties being in some state of foreclosure, and Arizona third, with one in every 256. The report also found that a staggering nine out of 10 cities with the highest foreclosure rate are in California.

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Pushing the Limit: High-End Homes for 3.5% Down
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Foreclosures Could Be on the Rise Again, Report Says


FHA Conforming Loan Limit: $729,750

Price: $729,000
Beds/Baths: 3/2
Sq. Ft.: 1,250

As you might expect in the country's most expensive city, New York residential real estate has the highest conforming loan limit allowed under law, $729,750. While in the chicer parts of Manhattan that'll get you beans, if you're willing to live a little south of the action, you can snatch up an apartment like this three-bedroom -- for only 3.5 percent down. 

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That's ample space for a New York apartment. And with its gleaming hardwood floors and spic-and-span kitchen, this downtown dwelling strikes us as a pretty good deal. 

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FHA Conforming Loan Limit: $729,750

Price: $729,000
Beds/Baths: 2/2
Sq. Ft.: N/A

The country's second biggest -- and notoriously traffic-plagued -- city is also just about as expensive as it gets. Awesome views of Beverly Hills, Wilshire Blvd. and the mountains beyond are the highlight of this classy apartment

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This apartment's building is set on a 3.5 acre lot that offers a pool, tennis court and fitness center. There's also valet parking and a concierge.  But if you have pets... well, that's OK! The listing boasts of the building's "rare pet friendly environment." 

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FHA Conforming Loan Limit: $410,000

Price: $409,000
Beds/Baths: 3/3
Sq. Ft.: 2,000

Chicago's conforming loan limit is substantially lower than those of Los Angeles or New York. At $409,000 this duplex flirts with its FHA-loan ceiling. The apartment's kitchen has a cherry-stained inlay floor with a breakfast bar. 

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In all, the home has 25 windows. If that's not enough to take in the views, you can venture out to the home's landscaped patio or enclosed balcony, "perfect for morning coffee," asserts the listing

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FHA Conforming Loan Limit: $420,000

Price: $419,000
Beds/Baths: 1/1
Sq. Ft.: 822

Our country's fifth largest city doesn't have property values as high as you might think. The relatively low median sale price of $305,000 pulls the FHA conforming loan limit down to $420,000. That delivers one bedroom and one bathroom in the case of this contemporary apartment. Is the stunning skyline looming outside the apartment's floor-to-ceiling windows worth that sum? Your call. 

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The hanging lights, gleaming marble countertops and hardwood floors make this space quite the flashy abode. But with only one bedroom, couch-surfing friends will probably have to take the, uh, couch.

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FHA Conforming Loan Limit: $271,050

Price: $270,000
Beds/Baths: 4/2
Sq. Ft.: 2,791

The Loan Star State's real estate comes pretty darn cheap and Houston dirt is no exception. The FHA will only insure your loan up to $271,050. But, considering bang-for-your-buck value in the state, that means the government will sponsor some pretty comfortable digs. This 2,791-square-foot traditional home offers four bedrooms on its well-landscaped plot. If the place strikes a chord with you, be sure to make the open house this weekend. See the listing for details. 

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Think back to that stylish Philly apartment. You know, the one-bedroom that cost in the neighborhood of $400,000? Now consider that this home's living room alone probably comes somewhere close to rivaling that apartment in total size. A reminder of just how much location determines value.

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FHA Conforming Loan Limit: $346,250

Price: $345,500
Beds/Baths: 4/3
Sq. Ft.: 2,707

Located on a cul-de-sac, this Phoenix home offers four bedrooms. At $345,500 it's priced close to $150,000 above the median sale price, allowing relatively well-heeled borrowers to take out substantial loans for as low as, you guessed it, 3.5 percent down. 

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Landscaped with native plants and trees and sited near a mountain, this shingle-roofed house boasts generous space, an outdoor patio and even a backyard. 

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FHA Conforming Loan Limit: $332,500

Price: $329,648
Beds/Baths: 4/4
Sq. Ft.: 3,106

While the space may distinguish this home on paper, the home's interior really seems to set it apart. There are stone-arched doorways, exposed-beam ceilings and black hardwood floors. All of it potentially attainable for just 3.5 percent.

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The decor of the place gives it an elegant glow. When you move from room to room, you might turn your head now and then. 

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Conforming Loan Limit: $271,050

Price: $269,500
Beds/Baths: 4/3
Sq. Ft.: 3,205

Less than $300,000 gets you this gleaming new traditional. The cream-colored interior's open floor plan and high ceilings make its 3,205 square feet feel even airier than it is. 

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With soaring ceilings, classy upholstery and quite a bit of space this Texas house seems almost like a luxury home. If it is, then it's a luxury home that costs only $84 per square foot. 

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FHA Conforming Loan Limit: $729,750

Price: $729,000
Beds/Baths: 3/2
Sq. Ft.: 2,149

Now move to $339 per square foot -- that's closer to the norm in San Jose, where the conforming loan limit, like its big brothers New York and Los Angeles, maxes out at the national limit of $729,750. 

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In addition to this sun porch, the ranch home offers a well-landscaped front yard and backyard with patio on its 1/5-acre plot.

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FHA Conforming Loan Limit: $387,500

Price: $379,900
Beds/Baths: 4/4
Sq. Ft.: 2,831

Ravaged by the foreclosure crisis, Jacksonville real estate values have plummeted over the last few years, allowing deals like this large single family. Priced at $379,900, the home is just shy of the point where the government steps back and says: "It's 20 percent from here on out." 

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Who knew you could find a glass-enclosed pool just yards from a pond on a property below $400,000. An amenity like this, plus the home's exquisite, varnished interior should be a reminder that today's market is, undoubtedly, a buyer's one. Worried you're not up to financial snuff? In case you didn't hear, you can buy a lot of homes like this one for just 3.5 percent down.

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