subject: Foreclosures at Record Levels [print this page] The numbers are sobering banks had foreclosed on 95,364 houses the highest figures in a month since the last five years RealtyTrac has been keeping tabs on the foreclosure market. The number is near to the number of houses that banks took over from defaulting house owners during the entire twelve months of 2005.
By foreclosure RealtyTrac refers in general to properties lying in the different stages of the process. The foreclosure rate in the country is 1:381. In Maryland the rate is 1:480. The highest is in the county of Prince George.
Foreclosures are a source of worry for not only those in the dreaded zone but also others owning property because of the tumbling value of real estate. It is worrying to those living near vacant foreclosed houses because of it attracting vagrants and criminals.
Despite this gloomy picture James J. Saccacio of RealtyTrac contends that the banks are handling the matter of disposal of these properties properly. There has been a lessening of numbers of seriously delinquent mortgages entering foreclosure while those already in the zone are moving at a steady pace rather than in a flood. The bank is alert about sudden drop in prices if this happened. Saccacio added, "A lot depends on the patience of the banks".
In the Wall Street Journal it was commented by a researcher that the if the typical house sales did not gather speed then the sale of distressed units would be responsible for over half the market deals by the close of this year. The prospect is not only amazing but also frightening.
The background is ideal for David Lidz whose work is to take care of houses the banks plan to sell. Foreclosures at record levels mean business for the trashing out personnel. Lidz is now experienced in this line of "trashing out".
He has to get rid of all the trash left behind by previous owners and maintaining the house as the foreclosure process unwinds through court. Officially his line of business is known as property preservation' and alternatively as mortgage field services'. His aim is to get the distressed units into saleable condition.
Lidz recovering from alcoholism swayed from trashing to dabbling in real estate Maryland but quickly realized that the future lies in trashing jobs in the middle of the ongoing recession. It offered more opportunities. So he gave up real estate and returned to his old job of trashing. His firm in Hagerstwon is named Appalachian Field Services.
