Top 10 States By Foreclosure Filings in 2008

January 15th, 2009 • Related • Filed Under

Filed Under: Featured • Foreclosure

There is no surprise that the foreclosure activity has been focused in the states where real estate speculation was rampant. 26 percent of the foreclosures in the United States in 2008 were just in California.

The top 5 states were the worst by far, accounting for more than half of the foreclosures.

The top 10 states (out of 50 for those who are not sure) had 76.2 percent of the foreclosures in the country. To put it another way, only 24.8 percent of the foreclosures that occurred in the United States happened in the other 40 states.

So while we all worry about real estate and foreclosures, the fact of the matter is that the carnage is still fairly isolated. The worst of the states are taking a beating while the rest of the country just is in the doldrums partially due to the media firestorm that is covering the downturn and the credit crisis. But they are still are able to stay in their homes.

Top 10 States By Foreclosure Filings in 2008

State                   Filings        Per Household*

California              260,709         2.27%
Florida                 107,833         1.71%
Texas                   70,037          1.17%
Arizona                 65,898          3.47%
Michigan                62,419          2.09%
Georgia                 53,423          2.55%
Ohio                    47,544          1.22%
Nevada                  37,043          4.99%
Colorado                30,132          1.96%
Illinois                27,957          0.74%

* Percentage of every 1,000 households in state

Related posts:

1. Top 10 Cities For Relocations in the United States

There Are 11 Responses So Far. »

1. 

   Comment by Tony Sena on 15 January 2009:

   I would anticipate that every time this list is released, Nevada will be in the top 10 for the next couple of years. Not a ranking worth bragging about!!!
2. 

   Comment by Robert Unusual Loans on 17 January 2009:

   California is getting ready to go thru what could be it’s worst financial problems to date. Is it going to get better? We shall see 4 of the top 10 cities in the nation are in CA.
3. 

   Comment by Ryan on 19 January 2009:

   Unfortunatly, this can be the result of unwise investments. It is easy to forget the basics when there is a rush on properties in a certain area.

4. Pingback by Foreclosures Rise, Cause HELOC Borrowers Headaches | HELOC Basics on 22 January 2009:

   [...] Real Estate Bloggers report: “There is no surprise that the foreclosure activity has been focused in the states [...]
5. 

   Comment by David Allen on 26 January 2009:

   Great post, very interesting content, thanks

   Enormo is the world’s largest property portal
6. 

   Comment by Inna on 26 January 2009:

   OMG! That was really interesting to know. Thanx!
7. 

   Comment by Esko on 28 January 2009:

   2008 was a year of many disappointments in the reale estate and mortgage markets and then subsequently in the entire economy. Hopefully this year will bring us more cohesive policies to get the markets back on their feet and moving forward again.
8. 

   Comment by mike on 29 January 2009:

   ANY OWNER OF REAL ESTATE IN CALIFORNIA TODAY WHO IS UPSIDE DOWN ON THEIR PROPERTY AND DOESN’T WALK AWAY NOW IS A DAMN FOOL AND A PATSY FOR THE LYING BANK AND REAL ESTATE INTERESTS WHO ARE GROWING NOSES THAT PUT PINNOCCIO TO SHAME!!!

   Securitized mortgages cannot be mitigated and the major banks cannot be “fixed”—no matter how many trillions we throw at the crooked bankers. There will be no “fix” until California real estate values go back to 2000 levels. (Read Meredith Whitney on line, the only analyst who has been right all along about real estate and the condition of the banks).

   I am walking on my house this month and–when I do–I will be able to rent the house next door for ½ of what I am currently paying in mortgage payments, mortgage interest, property taxes, and maintenance. My credit will be bad for awhile but I am going to get my life back.
9. 

   Comment by New Yorker on 6 February 2009:

   Mike – you are an idiot and are one of the problems in this market. Go ahead and blame the “bankers” – you are the rest of the sheeples of this country who took out loans they knew (or suspected or should not have gotten) they couldn’t afford are to blame. Congress created this mess with the Community Reinvestment Act, which was made worse by lax laws and guidelines and Alan Greenspan. These “bankers” you blame – assuming you mean Wall Street? – only took advantage of lax regs and did what Wall Street does best – make money. Yes, greed – the American pastime. Then, when they were giving mortgages away, you and the rest of the sheeples got mortgages….and now you just want to walk away? Stick someone else with debt? You are a punk.

10. Pingback by The Top 10 Least Happy States To Live In - yournetinfosource.com Real Estate Blog - Real Estate Blog on 30 December 2009:

    [...] Top 10 States By Foreclosure Filings in 2008 There is no surprise that the foreclosure activity has been… [...]
11. 

    Comment by KB on 31 December 2009:

    I have been working short sale negotiations for the better part since 99 before they were called short sales, but now I see the number of defaults rising in New York in towns like Middle Village where no one would imagine a short sale let alone a foreclosure.

    Hope we see a light at the end of the tunnle soon.

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