Foreclosures are a part of the United States housing landscape right now, and a new report from RealtyTrac shows that the problem is not going away anytime soon. 1.65 million homes were in some stage of foreclosure in the United States during the 1st quarter.
In Nevada it was even more dramatic with one out of every 17 homes in foreclosure. To give this some perspective, Nevada foreclosures back in February of 2009 were historically high at 1 in 70 homes. The next closest state was California at 1 in 165 homes.
Now the top 9 worst foreclosure states are under the 1 in 70 homes mark.
Foreclosures and short sales are now the dominant part of the real estate market.
Yikes.
Top 10 Highest Foreclosure States For First Half of 2010
Rank State Total 1/every X HU _______________________________________________ -- U.S. 1,654,634 78 1 Nevada 64,429 17 2 Arizona 91,484 30 3 Florida 277,073 32 4 California 340,740 39 5 Utah 18,058 52 6 Georgia 71,949 56 7 Michigan 78,509 58 8 Idaho 10,799 59 9 Illinois 85,223 62 10 Colorado 30,177 71
{ 5 comments… read them below or add one }
Wow, the Nevada rate is very alarming because of the drastic change in only 1 year! I wonder if the decrease in gambling/tourism is the main factor there?
Nevada, Arizona, Florida and California are the four biggest Tourist states in U.S. and also where many have a second home. Hand in hand goes spending money on holydays and economic crisis. This is the same over here in Europe with Greece, Portugal, Spain and Italian, no tourist – no money and big problem with foreclosures.
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Interesting data, with California & Florida (absolute numbers) and Nevada (relative numbers) looking especially affected by foreclosures. As long as these foreclosures haven’t been procesed, this will probably put further strain on home prices.