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Efforts are made to entice buyers to the commercial real estate market, including reducing sale prices of REO properties for sale. However, Real Capital Analytics reported that sales of commercial properties, such as retail parks and office buildings, remained in place despite the significant price cuts.

The number of mortgage loss mitigations and loan modifications completed under Citigroup Inc.’s program of reducing repo property inventories in the first quarter declined by 12 percent, compared to last year’s fourth quarter.

For the first time since his election, President-elect Obama criticized the current administration for its lack of effective actions and countermeasures in stopping the flood of foreclosures that is hitting the nation.

One of the 11 mediators known to many is Edmond O’Garro. His average workload is 10 meetings a day. He is engaged in making residents and lenders reach a compromise that will hopefully help the residents in their problems with their soon-to-be foreclosure properties.

There is no doubt that the crisis in foreclosures is worsening. Recent surveys have all been proofs of the rising number of foreclosure properties in the country. With this situation in mind, some states did what they have to do in order to manage foreclosure crisis.

Deb Manuma, 49, is living in the Beacon Hillhouse for over 6 years with her daughter, niece and sister. As a renter of the said house, she has been a consistent on-time payer. Never had she imagined that the unit she and her family are renting is now considered a foreclosure property.

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 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.

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.

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.