Top 10 Worst States For Foreclosures in 3rd Quarter, 2007
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RealtyTrac has released their foreclosure numbers and they are looking pretty ugly. Over 446 thousand homes are under foreclosure, and almost half of these have multiple liens on them. This works out to 1 out of 196 homes in the country are facing some form of foreclosure.
Nevada is the worst state having nearly 1 in 61 homes in foreclosure up 200 percent since last year. Since a huge portion of the market was speculation in Nevada and Las Vegas this was not the mortgage money that was lost but instead investment dollars. None the less, the combination of heartache and opportunity will remain the longstanding tradition that is Las Vegas.
Top 10 Worst States For Foreclosures in 3rd Quarter, 2007
- Nevada – 1 in 61 households
- California – 1 in 88 households
- Florida– 1 in 95 households
- Michigan– 1 in 102 households
- Ohio– 1 in 107 households
- Colorado– 1 in 109 households
- Arizona– 1 in 112 households
- Georgia– 1 in 142 households
- Indiana– 1 in 196 households
- Texas– 1 in 205 households
via RealtyTrac
Click here to for a Free Foreclosure search in your area if you are still interested in getting into the foreclosure game to find properties near your home.
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Pingback by Top 10 States With Least Amount of Foreclosures in 3rd Quarter, 2007 — The Real Estate Bloggers on 3 November 2007:
[...] Top 10 Worst States For Foreclosures in 3rd Quarter, 2007 → [...]
Pingback by Brent Fong : Top 10 States With Least Amount of Foreclosures in 3rd Quarter, 2007 on 4 November 2007:
[...] will show. Vermont has only 25 homes in foreclosure and the Dakotas are not far behind.Most of the foreclosure activity is concentrated in 10 states while these 10 states it is barely an issue outside of the newsroom.Top 10 States With Least Amount [...]
Comment by Robert on 6 November 2007:
Not sure if Ohio is #5. Cleveland is foreclosure capital of North America! Wanna see empty blocks of grass that used to be homes? Drive on up. The poachers are stealing the copper pipes, wire, and aluminum siding along with sinks, water heaters, A/C units, everything, and leaving the wood. They even pull off the roofs and sell in the roofing nails! More cost effective to tear it down that fix it.
I really question if kicking people out of the house vs. just giving them the house would be a better option. Having entire fields were older neighborhoods were does not seem to be the better option.
Comment by LC on 7 November 2007:
We’re in Northern California, and one of my biggest markets as a strip center developer was the #1 growth city in the US in 2005.
The statistics there are amazing. One in four houses on the market are either bank owned or short sales. 82% of the homes financed within the past three years were done with subprimes.
The consumer spending is down, people are not feeling as rich as they were even a year ago. We are almost to the point where an investor can borrow out and make break-even, and that’s scary to us as the speculators will once again enter the market, causing the supply to again escalate when cap gain time comes. Vicious circle, but it’s California and we continue to figure it out over time.
Comment by the Amazing Miss M on 26 November 2007:
No wonder Las vegas nevada is doing so bad. Those who dont gamble thier homes away in a casino fell for those ARMS that where EVERYWHERE. I still get at least 10 offers in the mail a week and 2 phone calls. I have a fixed rate I am not falling for that. People move to Las vegas by the 1000s a day only to learn the cost of living is sky high but the Jobs pay you minium wage and tax the hell out of everything.