State       Total   Change 1/09  1/every x HH       

1.  Nevada      15,753   9.27           70
2.  California  80,775   5.23           165
3.  Arizona     18,119   23.48          147
4.  Florida     46,391   13.79          188
5.  Idaho       1,764    16.67          358
6.  Michigan    12,564   10.04          360
7.  Illinois    14,218  -1.59           369
8.  Georgia     10,185   2.81           389
9.  Oregon      3,608   -20.02          446
10. Ohio        11,231   0.29           451

There Are 5 Responses So Far. »

1. 

   Comment by Mark Madsen on 12 March 2009:

   Foreclosures have hit Vegas hard this year. I’ve been a loan officer here for 9 years, so this foreclosure problem has a significant impact on my past clients.

   When a bank tells a homeowner that they have to be 90 days late on mortgage payments before they will negotiate better terms, most people that I’ve spoken to decide that it is better to just find a new place to rent vs paying a higher payment on a home that has lost 65% equity. Banks should at least give the people with perfect credit and steady jobs the ability to keep their homes without forcing them in to a difficult credit position.

   Another factor for the high foreclosure rates is that it is taking banks upwards of 12 months to foreclose on homes, so people are just sticking around until the last minute.
2. 

   Comment by Esko Kiuru on 15 March 2009:

   It’s disturbing to see that only 35 counties, which accounted for a large chunk of last year’s foreclosures, could shake the banking system as badly as is now happening. Mortgage lenders saw these markets as fertile and kept writing loans there without following prudent underwriting guidelines. Even when these areas obviously started overheating, anyone could see that, they still wouldn’t stop which would’ve reduced their exposure. They blindly ignored the growing bubble and just kept counting the fat fees coming in.
3. 

   Comment by Portland Real Estate on 17 March 2009:

   Sad to see Oregon on that list *sigh*
4. 

   Comment by Karen Geselle on 21 March 2009:

   I’m a Realtor in Idaho and saw home prices soar in 2005 – 2006 due to the number of out-of-state investors that came to Idaho looking for those low priced homes that they could buy for investment properties. Investment seminars were touting Idaho as the place to buy. We Realtors were having a difficult time pricing new listings because the demand was so great. And appraisers were having difficulty keeping up with the rapidly rising prices.

   Because I had a fairly high rated website site, many investors contacted me for help in purchasing. I talked some out of buying, some told me off when I suggested to them I didn’t think it was smart to buy. Now I’m wondering if these same investors are why our foreclosure rate is so high. Are they walking away from the 100% loans they got to finance their investments?

   Given the number of pages in the local newspaper dedicated to foreclosure notices, I won’t be surprised to see another record in March.
5. 

   Comment by Ivan Crago Missoula Realtor on 21 March 2009:

   In Montana we have been fortunate to have missed high forclosure rates, though our market has slowed considerably the last two years. If the local economy stays slow and jobs don’t come back, we may end up closer to national trends in forclosures, I just hope it picks up before that happens.

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