Foreclosures are a part of the United States housing landscape right now, and a new report from RealtyTrac shows that the problem is not going away anytime soon. 1.65 million homes were in some stage of foreclosure in the United States during the 1st quarter.
In Nevada it was even more dramatic with one out of every 17 homes in foreclosure. To give this some perspective, Nevada foreclosures back in February of 2009 were historically high at 1 in 70 homes. The next closest state was California at 1 in 165 homes.
Now the top 9 worst foreclosure states are under the 1 in 70 homes mark.
Foreclosures and short sales are now the dominant part of the real estate market.
Yikes.
Top 10 Highest Foreclosure States For First Half of 2010
Rank State Total 1/every X HU _______________________________________________ -- U.S. 1,654,634 78 1 Nevada 64,429 17 2 Arizona 91,484 30 3 Florida 277,073 32 4 California 340,740 39 5 Utah 18,058 52 6 Georgia 71,949 56 7 Michigan 78,509 58 8 Idaho 10,799 59 9 Illinois 85,223 62 10 Colorado 30,177 71
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Wow, the Nevada rate is very alarming because of the drastic change in only 1 year! I wonder if the decrease in gambling/tourism is the main factor there?
Nevada, Arizona, Florida and California are the four biggest Tourist states in U.S. and also where many have a second home. Hand in hand goes spending money on holydays and economic crisis. This is the same over here in Europe with Greece, Portugal, Spain and Italian, no tourist – no money and big problem with foreclosures.
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this is whatever frantic message virtually scary in a way, so I was in the knowledge of foreclosure at one stop in my experience too… I got to say when everything was resolved and I did get added shelter I victimised this consort, they real helped me out and maybe they can help you guys out too City Texas Heartwarming Company
Interesting data, with California & Florida (absolute numbers) and Nevada (relative numbers) looking especially affected by foreclosures. As long as these foreclosures haven't been procesed, this will probably put further strain on home prices.
Buying foreclosures are at the top of real estate now. As you can see there are many homes facing foreclosure. With this many foreclosures, the market is obviously not going up anytime soon. If you're interested in picking up foreclosures in Arizona check out http://www.bidazforeclosures.com. We provide real estate foreclosure information for investors and bid on their behalf at the live auctions occurring daily. Hundreds of homes go to sale everyday at a fraction of their value.
This is one top ten list nobody wants to be on. After the election if one of the Congressional bodies has a majority shift, we can possibly have some good old gridlock. Markets including real estate could use a break from govt activity.
Everyone needs to stop sitting around wondering how low prices will go when the reality is that there is very limited real financing available to buy any of the forclosures as well as the fact that the market will not begin its upside until we find a viable way to absorb excess inventory. It will help to expidite the modificaton of all these pending forclosures and keep additional inventory off the market. Forclosures ruin neighboring property values and taxable municipal values. It will be cheaper to modify the loans than to forclose. The gravy train is over! Now the work begins.
One possible solution is to create a legal documet, a short form modification. Find out what they can pay and have them pay it. Even if it is an interim modification. This will get the cash flowing again.