Top 10 Foreclosure States
The bit plays out a lot funnier on David Letterman, but the good folks over at the Real Estate Bloggers have compiled this fascinating—but terrifying—top 10 list based on a recently released RealtyTrac report.
Overall, 1 out of every 538 U.S. households received a foreclosure filing last month.
Top 10 States for Foreclosures in March
- Nevada: 1 in 139 homes
- California: 1 in 204 homes
- Florida: 1 in 282 homes
- Arizona: 1 in 283 homes
- Colorado: 1 in 339 homes
- Georgia: 1 in 351 homes
- Ohio: 1 in 448 homes
- Michigan: 1 in 475 homes
- Massachusetts: 1 in 486 homes
- Maryland: 1 in 538 homes
The list shows the titanic force of the housing bust, as the states with the scariest ratios—Nevada, California, Florida, and Arizona—were the hottest spots during the boom. Look for more pain coming out of midwestern states like Ohio and Michigan, where tough housing markets could trigger a spate of failures at small banks that got deep into housing construction.
Lucky you, Vermont. Foreclosures in the state—known for cows, liberals, and maple syrup—stand at only 1 in every 154,779 homes. Keep up the good work.
Want to read more about the report? Here's the post I did on it earlier this week.
Tags: housing market | foreclosures
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Reader Comments
Why Banks Don't Care About Foreclosures....
Folks the reason banks don't care about you falling behind on payments and usually uninterested in re-negotiating, is that most loans are insured by Fannie Mae or Freddie Mac. The fact is, they are going to get their principal back regardless if it takes 3 months or 3 years to foreclose and sell off the property. The only reason some banks are moved at all to deal with foreclosures is government pressure, or the loan is NOT insured. If it isn't insured, the loan officer will be helping you move out!
foreslosure markets
Currently living in California--this is Gi-normous economic problem
The housing market is the thrust of our economy. Housing will yet drop more before year end, as well as personal income. Has any other cost associated with housing dropped? Certainly our utilities have not, food, etc.
This a long haul out---and I saw it coming! More to come folks. The Banks are not cooperating with delinquent homeowners--the biggest cure is to keep people in their homes. The banks need to renogiate principal balances as well as at least a 5 year reduction in the rate--but still not happening. They would rather foreclose--take another 12-16 months to dispose of the property, kill the value of property in the neighborhood, and lose thousands ($100,000+) more dollars than a principal and rate reduction for the homeowner. The American Dream is dying!!!
REALITY CHECK
"IT'S NOT AS BAD AS IT SEEMS".....ANOTHER BLIND REAL-TOR....IT FIGURES.
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