The big 4 lead the way again. Nevada, California, Arizona, and Florida both have foreclosure rates above the rest of the country for May, 2008.
The rates are significantly worse than April with Nevada being up 23 percent. Colorado foreclosures were down 10 percent signaling a slowdown but for the most part the states saw rapid increases in the rate of foreclosure activity.
Top 10 Worst Foreclosure States For May, 2008
Rank State Per 1000 April Change
1 Nevada 118 23.82 2 California 183 11.2 3 Arizona 201 11.52 4 Florida 228 5.96 5 Michigan 353 24.57 6 Georgia 378 11.45 7 Colorado 388 -10.05 8 Mass. 406 32.83* 9 Ohio 410 5.27 10 New Jersey 467 44.47*
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Foreclosures are way up and it appears we’ve only seen the beginning. It doesn’t take a real estate guru to see that. But with all the heart ache there can be incredible potential. There’s a Google Maps/MLS mashup by PropertyMaps that lists and shows pictures of foreclosure properties across the US. It’s been very helpful.
I agree, short sales and foreclosures are going to keep quite common the MLS for some time.
I totally agree with you. Thank you for sharing
Well, it’s interesting to see that the states most affected are ones that have stressed economies already. The fact that many are doing everything to get jobs is directly related to their ability to pay a mortgage. Dale
I am writing to you in hopes of you contacting me about my solution to the mortgage crisis and foreclosures facing thousands of homeowners in America.
I have the solution to this problem but I need financial backing and Government assistance for it to work.
I will cover some of the highlights of my plan but my desire would be to make a presentation to you in person.
I went through foreclosure on my house back in 2007. I used the knowledge and experience I gained in representing myself in court for over 20 years to get my case Dismissed without prejudice.
I now live in my home free and clear of any mortgage payments. Since that time, I have been on a crusade to help others facing foreclosure.
Here are some of the highlights of my plan.
1. There is NO LENDING involved 2. The homeowner never pays interest.
3. The homeowner receives interest on his mortgage payments 4. The Organization created by this plan will be a Non-Profit Organization 5. There is a stock purchase plan
Contact Jon jledin03@yaoo.com
I think it makes sense investing in real estate during depression since prices are falling but you should be very attentive to know when the prices hit the bottom, you might miss the ride.. You can park the properties and sell it later for a good price and remember “millionaires are made during economy depression!”.
I also agree, this is the best time to invest when prices are coming back to their real state.Now prices are low and chances to go more down are less.
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