The Top 10 Foreclosure States (as of July)
RealtyTrac recently released its U.S. Foreclosure Market Report for July.
From RealtyTrac, via The Real Estate Bloggers:
Foreclosure filings—default notices, auction sale notices and bank repossessions—were reported on 272,171 U.S. properties during the month, an 8 percent increase from the previous month and a 55 percent increase from July 2007. The report also shows one in every 464 U.S. households received a foreclosure filing during the month.
Which states have the highest foreclosure rates?
1. Nevada: One in 106 homes
2. California: One in 182 homes
3. Florida: One in 186 homes
4. Arizona: One in 195 homes
5. Ohio: One in 375 homes
6. Georgia: One in 385 homes
7. Michigan: One in 389 homes
8. Colorado: One in 390 homes
9. Utah: One in 472 homes
10. Virginia: One in 562 homes
Tags: real estate | housing market | housing | foreclosures
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Defaults
These are the opinions of Robert Sheridan, CEO of Sheridan & Partners, a Chicago-area real estate & development company. Their site is www.sheridanpartners.com/market.php.
A Bad Thing for Housing Gets Worse
The lead article in the 8/4/08 issue of The New York Times by Vikas Bajaj, “Housing Lenders Fear Bigger Wave of Loan Defaults,” comes as no surprise. Bajaj’s reporting illuminates a problem that has been apparent for a long time: foreclosures will be greater than recent estimates (now, even homeowners with good credit are finding themselves caught up in the morass) and price declines are likely to be deeper.
What is not immediately as obvious is that this bigger-than-expected wave of defaults will likely push “the bottom” out further. It’s hard to see it occurring in most markets before 2010.
Read the article here:
http://www.nytimes.com/2008/08/04/business/04lend.html?_r=1&scp=2&sq=vikas%20bajaj&st=cse&oref=slogin
Are you kidding me?
Our country is in for a huge awakening. The worst is yet to come. Distressed individuals have not tapped out all of their financial resources as of yet. Wait 9 to 18 months from now, our nations economic landscape will be crazy.
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