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Top Real Estate Foreclosure States
from:In the first quarter of 2008, RealtyTrac listed Nevada as the state with highest rate of foreclosures. It was 3.6 times the national average and became #1 of top real estates foreclosure states. The runner up, not surprisingly, was California. Foreclosure rates continue to climb at 32% from the previous quarter and show no signs of leveling out. Arizona was next with an increase of 45% from the previous quarter but with far fewer filings based on numbers alone when compared to California. There were 169,831 filings in California when compared to Arizona's 27,404. Florida and Colorado remain in the top real estate foreclosure states, still in the top five.
Why These States?
There are a lot of reasons why these particular markets continue to show up as the top real estate foreclosure states in the United States. The housing bubbles in these areas and speculation from investors drove prices so high that after the bubble burst, the housing depreciation left many homeowners who bought high owing much more than what their home is worth now. Seeing this sad state of affairs, homeowners decided it was far better to return the keys to the lender than to try to keep up a mortgage that was a losing investment. Add to that the problems with the loss of jobs in these states when the bubble burst and that was a perfect recipe for a mortgage meltdown.
Previously Hot Inner City Markets
During the time when people were buying into a high real estate market, they mostly picked large cities where they felt prices would continue to increase and the jobs were plentiful. So, the cities most affected were: Las Vegas, Detroit, Miami, Atlanta, and Los Angeles. House builders began to provide more and more housing in this area, building it up, to a point where, when the bubble burst, the inventory far outlasted the number of new buyers. Now, you can go into neighborhoods in these top real estate foreclosure states and see row after row of abandoned and foreclosed homes for sale.
Keep An Eye On Inventory And Foreclosure Rate
The turn-around in these top real estate foreclosure states will happen when the inventory of homes begins to decrease as the foreclosure rate declines too. Until then, either one or the other make the top real estate foreclosure states a buyer's market at deep discounts to some of the previous prices that homes were going for before the bubble burst. Some experts suggest it will be many years before the inventory drops sufficiently to signal a turn-around in the top real estate foreclosure states.
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How To Buy Foreclosure Real Estate News
Trade Groups Seek Forgiven-Debt Tax Break Given to Homeowners - Bloomberg
Trade Groups Seek Forgiven-Debt Tax Break Given to Homeowners Bloomberg - “This would be an item that would affect essentially any real estate property at risk of going into foreclosure and every over-leveraged property,” Singer ... |
NYC real estate defies gravity - so far - CNNMoney.com
NYC real estate defies gravity - so far CNNMoney.com - Few New Yorkers used exotic mortgage products to buy apartments, for example. These were the kind of loans that led to the huge foreclosure problems in ... |
Orlando Foreclosures Expo set for February - Examiner.com
 Examiner.com | Orlando Foreclosures Expo set for February Examiner.com - “Most people, even real estate professionals, do not have access to foreclosure listings or to the people who regularly buy and sell them. ... |
Real estate pros expect failed bills to resurface - Denver Business Journal
Real estate pros expect failed bills to resurface Denver Business Journal, CO - Proposed laws related to foreclosed houses, eminent domain and the greening of real estate, among others, could come back in the new year. ... |
Foreclosures Steady, Home Prices Down in Kitsap Real Estate Market - Kitsap Sun
Foreclosures Steady, Home Prices Down in Kitsap Real Estate Market Kitsap Sun, United States - By Rachel Pritchett (Contact) Foreclosure sales continued to rule the local home real-estate market as 2008 came to a close. Linda Rowe, owner of RE/MAX ... |