Foreclosures across the country have been increasing, that is not a surprise to those watching the real estate market. California, Ohio, and the Northeast have seen the biggest increase, while foreclosure activity has been decreasing in South Carolina and Texas.
What caught my eye was the increase in some of these cities. Stockton, California saw a 256 percent increase in foreclosures, Sacramento 241 percent, and Riverside 142 percent. Looking at the refinancing numbers that are coming up, these will have to increase in the near term as adjustable rate loans resets will increases in speed. The only saving grace is that interest rates on a fixed 30 year loan are still at historic lows.
Top 10 Cities For Foreclosures – 1st Half of 2007
- STOCKTON, CA 1 foreclosure per 27 households
- DETROIT/LIVONIA/DEARBORN, MI 1 in 29
- LAS VEGAS/PARADISE, NV 1 in 31
- RIVERSIDE/SAN BERNARDINO, CA 1 in 33
- SACRAMENTO, CA 1 in 36
- DENVER/AURORA, CO 1 in 42
- MIAMI, FL 1 in 46
- BAKERSFIELD, CA 1 in 47
- MEMPHIS, TN 1 in 49
- CLEVELAND/LORAIN/ELYRIA/MENTOR, OH 1 in 50
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You know what they say. When you can't beat em', join em'. Just kidding. Seriously though, to be really successful in business, you must take what the market hands you and make it work for you. I am a licensed Realtor in Ohio, which for those who don't know, Ohio's real estate market sucks! So, sales are down and listings are far and few between. But, there's those darn forclosures. Wait, do I hear ching, ching? Yep, I have been buying those darn forclosures and turning them into huge profits, far better than I could ever make as a sales agent. I don't have the time to go into all the details, but there is lots of cash to be made from these forclosures. http://www.tuscarawascountrealestate.com.