Number of Foreclosures in August, 2010 Still Falling

/PRNewswire/ -- Foreclosure Deals, an online leader in the foreclosed homes for sale listings and information industry, announced today that foreclosures increased by 4% nationwide during July and still have fall in the month of August. The month's total of 325,225 homes represents a 10% decrease from foreclosure totals in June 2009, and indicate that the trend of rising bank repossessions is continuing well into the summer.

Using statistics drawn from the Foreclosure Deals database of foreclosure properties, the company revealed that bank repossessions, also known as REO properties, totaled 94,500 during July with a drop of less than 1% in the month of August, nearly matching the single-month record. Bank repossessions represent the final stage of the foreclosure process, but are still sold for discounts as bank owned homes. Notices of default, which mark a new foreclosure, were up 1% in July, but down over 28% from July of 2009.

The trend of increasing bank repossessions and fewer Notice of Default has been the case for several months, but experts are careful to point out that it does not signal that the foreclosure market is flagging.

"Foreclosure totals are up over 300,000 for the month of August, and that's a huge number," remarked James Foxx, a business analyst with Foreclosure Deals. "A lot of bank repos are occurring because they're finally clearing out the huge log of properties that have been in foreclosure limbo due to moratoriums, loan negotiations and similar delays. Notices of default are down, but a lot of that has to do with foreclosure prevention programs. So we're cutting down on new foreclosures, but there are still plenty of bank-owned homes out there, keeping the foreclosure inventory high."

The top 5 states for foreclosure totals, California, Florida, Michigan, Illinois and Arizona, all saw foreclosures increase during August by at least 7%, except for California, which saw its totals decrease slightly by 3.1%. Illinois saw a staggering monthly increase of 33% mainly in Chicago.

The states with the highest rates of foreclosure however, Arizona, Florida and Nevada, all saw a dramatic decrease in foreclosures from August of 2009. Other states saw their foreclosure rate increase dramatically during the same time period, including Michigan, up 128%; Illinois, up 35%; Maryland, up 35%; and Georgia, up 13%.

"A lot of buyers are reporting great deals on bank repossessions," notes Foxx. "Banks are looking to get rid of that surplus inventory, and prices have been very competitive."

Foreclosure Deals is a leading source for detailed foreclosure listings, news and information for buyers and investors. For more information on foreclosures or to browse listings in your area, visit www.ForeclosureDeals.com.

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Exclusive North Augusta Golf and Country Club to Sell at Real Estate Auction

(BUSINESS WIRE)--Located minutes from Augusta National, North Augusta Golf and Country Club, one of the premier golf courses in the area, will sell at auction on January 29th onsite. J. P. King Auction Company, the nation’s leading auction marketing firm specializing in luxury properties, will manage the sale of the property.

“It’s a rare opportunity to purchase an active golf course in one of the golf industry’s most sought after areas,” said Craig King, president & CEO of J. P. King. “Golf enthusiasts annually flock to nearby Augusta National Golf Club for The Masters. The close proximity allows North Augusta Golf and County Club to host visitors and cater special events during The Masters Golf Tournament.”

The 18-hole golf course is situated on 135.5 +/- acres with a rolling terrain, towering pine trees, natural lakes and creeks throughout the property. The lakes throughout the property provide irrigation to the entire golf course. The course was renovated in 2005 and new tee boxes were constructed.

"North Augusta Golf and Country Club has been a staple in the Augusta community for over fifty years,” said Fred W. Layman, III, chairman and CEO, North Augusta Golf & Country Club. “It offers a strong and vibrant membership, which caters to the avid golfer and tennis player, and boasts over one hundred swim team memberships. This offering, as well as, The Pinery, are low hassle, turn key businesses with high-end opportunity.”

Founded in 1962, the club has remained the only full service country club in North Augusta offering members a unique golf experience with a pro shop, junior Olympic swimming facility and restaurant. Approved plans and all preparatory site work have been completed for the construction of a new state-of-the-art clubhouse facility.

Adjacent to the North Augusta Golf and Country Club, The Pinery, a turnkey residential land development opportunity consisting of 35.5+/- acres, is zoned for multi-family use.

The Pinery has been approved for 102 luxury residential townhomes providing spectacular golf course and lake views. An exceptional five bedroom, four bath model home has already been constructed and currently serves as a sales office. The Pinery is only two hours from the vacation destinations of Hilton Head, Savannah and Charleston.

Individuals interested in more information about the upcoming sale may contact J.P. King at (800) 558-5464 or visit the company’s web site at www.jpking.com.

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