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The two mortgage GSEs, Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) have announced that it will suspend sales of foreclosure properties and eviction from foreclosed homes from November 26, 2008 to January 9, 2009. This move will keep troubled homeowners stay in their homes for the holidays without the fear of being kicked out or evicted from their homes.

The local government of Fort Wayne City has taken the time to allot $7 million of its federal money to manage nearly 4,000 foreclosure properties in their area. City Mayor Tom Henry said that Fort Wayne plans to buy out or demolish foreclosed homes to improve its neighborhood.

The Federal Neighborhood Stabilization Program has planned to take actions in the increasing number of areas that are very likely to have a lot of foreclosure properties the future. Topping the program’s list are areas such as Orient Park, vicinity of University of South Florida, Progress Village, Clair Mel and Palm River. Playing second in the said list are Gibsonton, Plant City and Town ’N Country.

Foreclosures.com has reported that foreclosure rates have fallen in October. It also said that the October rates were just a continuation of the September fall. The report released also cited that the decline in the rates has not been observed since February of this year.

Now that the elections have come to a close with Obama emerging victorious, the new president is faced with pressing issues concerning the dismal situation in the housing industry. With 1.9 million foreclosures realized and millions more imminent, working on these issues may begin immediately even before he takes seat in January.

An increase of 85% in home sales for August, followed by a 65% increase the following month brought vitality back to California’s real estate market. However, with millions of foreclosure properties still on the inventory list of banking and lending institutions, with hundreds of thousand new cases coming in each month, the state’s market stability may only be achieved until the middle of 2010.

The current administration is severely criticized for doing very little in stemming the tide of foreclosures. Despite arguments and claims from the White House that several actions have already been performed for a year, the number of foreclosure properties continue its monumental climb, and more American homeowners stand to lose their homes.

When the Pew Center placed Idaho as one of the inactive states taking action against foreclosures, state officials responded by outlining a plan of action derived from daily meetings with organizations, industry leaders and government agencies.

The Arizona State University’s Realty Studies department reported a significant increase in home sales for the third quarter this year as compared to previous quarters and with the same period last year. However, these sales were conducted mostly with foreclosure homes, which amounted to almost half of the total home sales.

Wisconsin State has designated county sheriff’s departments to handle processing and sales of foreclosure properties. For Fond du Lac County, the department closed 149 sales in 2005, 212 homes in 2007 and already 192 for 2008 with 26 more in-process. The numbers continues to grow towards the end of the year and more so by next year.