First the good news, foreclosures dropped nationwide 10 percent in the month of January, 2009. The combination of lenders and government intervention has stemmed the tide for the moment. This is good news for all in the housing industry.
As usual, California, Florida, and Arizona posted the top foreclosure rates in the country in volume, while as a percentage Nevada replaces Florida in the top 3.
A couple states had huge gains that could be outliers or better reporting that entered the list are Oregon (218% increase) and Idaho (105% increase). This bears watching as it could be a new trend of rural western foreclosures or just a statistic error by Realtytrac.
Top 10 States For Foreclosures in January 2009
State Total Change 12/08 1 1/every x HH Nevada 14,444 -3.96% 137 California 76,761 -0.14% 173 Arizona 76,761 -8.07% 182 Florida 40,770 -19.76% 214 Oregon 4,511 218.80% 357 Illinois 14,447 85.05% 363 Michigan 11,418 6.25% 397 Georgia 9,907 -1.24% 400 Idaho 1,512 105.71% 417 Ohio 11,199 -12.41% 452
Stats from RealtyTrac.
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{ 7 comments… read them below or add one }
At least it's good to see percentages are dropping for the most part especially in Nevada.
A slight drop for Phoenix metropolitan but I must say there are some incredible deals out there right now! If a person is thinking of putting money into RE than now is a great time to do so, as long as the property cash flow's. With the announcement of Fannie Mae increasing the number of financed properties from 4 to 10 and Phoenix being taking off the declining market list, the investor sentiment is turning up.
Cheers
Illinois……wow. What happened Obama? Georgia is about where I imagined for now. Although it looked to me that things were getting a little better here. I agree Tony, over all it seems percentages are dropping, but Illinois, Oregon, and Idaho, are getting hammered. I guess the foreclosure bug got those states last.
Definitely good to see numbers dropping but MSNBC reports they could rise from 2 million to 10 million in the coming years. http://www.msnbc.msn.com/id/29157502/
I'm a little surprised by the Oregon numbers, but not greatly. Bend, OR and Medford, OR had massive building that went on. Even my area Salem, OR has lost many builders to foreclosure.
We also have a 9.3% unemployment rate right now.
We are just late to the foreclosure party…
It's nice to see a decrease in foreclosures especially in most of the hardest hit states. I wonder what February numbers will look like?
conneticut unemployment at 7.3%,i cant even imagine what is like in those states with 10% and above.
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