Where are Foreclosures Rates Higher?
Posted on February 16, 2010
Filed Under foreclosures in florida |
Recent economic conditions have had an impact on foreclosures as well. Even though it has been noticed that the number of foreclosures decreased with a small percent, the trend is still maintained at a high level. Each day, more and more homeowners default on their payments and their properties are being repossessed. Banks and other lending institutions are obliged to file for foreclosures, desiring to recuperate the debt as soon as possible.
Compared to the year of 2007, the number of foreclosures has increased by a worrying number. Homeowners are having a hard time paying their mortgage and they find themselves in the situation of facing pre-foreclosure. Some have lost their jobs and have no way to pay. Others have been in default for some time and they have absolutely no possibilities to pay for their loans. Experts appreciate that even more properties are going to be foreclosed the following year.
There are three states that sit at the top of the list when it comes to foreclosures. We are talking about California, Florida and Michigan. Searching statistics for foreclosures by state, one will quickly notice that California occupies number one. The state has an increasing number of properties under foreclosure, the number having doubled since 2007. The situation is probably just as serious in Florida, the number of foreclosures surpassing the one registered in Michigan. As for the state of Michigan, the recently noticed decrease in foreclosed properties has not managed to erase it from the top three states where foreclosure rate is still as high as ever.
Following closely the three states mentioned above, we find an impressive number of territories affected by foreclosures. States like Texas, Ohio, Colorado and Nevada are deeply affected, ranking among the top list. Should we be worried about the number reported when it comes to foreclosures by state? The answer is obvious. Foreclosures happen in all parts of the country, often surpassing the national average. Some states have seen a decrease in foreclosure activity but the registered percent is still worrying.
California, one of the states where foreclosure rates have hit sky-limit, has seen an increase in the past few weeks. Analyzing foreclosures by state, we notice that the same thing has happened in Michigan where the number of foreclosures has increased with over 20%. As for the cities where foreclosure activity is intense, California and Florida cities occupy most of the places on the top 10 list. More recent data shows that one in ten properties is in default, with an even bigger number when it comes to properties that are already in foreclosure.
We could analyze foreclosure activity and trends by city, state or top ten lists. Searching foreclosures by state, there are numerous states where homeowners default on their payments and are unable to prevent repossession. Some cities have a higher rate, others have managed to keep it at a steady level. One thing is certain: the situation was not as concerning in 2007. As we approach a new year, it becomes clear that we need to take a closer look at foreclosures by state and identify possible solutions!
Jhoana Cooper
http://www.articlesbase.com/real-estate-articles/where-are-foreclosures-rates-higher-699172.html
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6 Responses to “Where are Foreclosures Rates Higher?”
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Where is the Mortgage bailout? Did the banks forget to bail out the public? Or did the government?
The number of U.S. households on the verge of losing their homes rose 7 percent from June to July, as the escalating foreclosure crisis continued to outpace government efforts to limit the damage.
Foreclosure filings were up 32 percent from the same month last year, RealtyTrac Inc. said Thursday. More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice, such as a notice of default or trustee’s sale. That’s the highest monthly level since the foreclosure-listing firm began publishing the data more than four years ago.
Banks repossessed more than 87,000 homes in July, up from about 79,000 homes a month earlier.
Nevada had the nation’s highest foreclosure rate for the 31st-straight month, followed by California, Arizona, Florida and Utah. Rounding out the top 10 were Idaho, Georgia, Illinois, Colorado and Oregon. Among cities, Las Vegas had the highest rate, followed by the California cities of Stockton and Modesto.
http://news.yahoo.com/s/ap/20090813/ap_on_bi_ge/us_foreclosure_rates
Where did the stimulus money go if not to the people to save foreclosures?
Pat, I don;t have a mortgage. I never spend more than I can afford and I don;t beleive in debt.
I do want to know where the money went since I have to repay it like every person in the USA that pays taxes.
Have you forgotten the debt is now in the trillions? I haven’t.
The bailouts were for the big businesses liberals love to blame. Why more people don’t see this, I’ll never know.
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The banks still have the toxic assets so they will hold the stimulus money to back those assets. If they released all the government money to home owners they would fall right back into the same mess that they were in last fall.
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Do you REALLY want the government to drop $2 billion out of helicopters into neighborhoods?
Real life is not like your teevee.
Stuff takes time.
Here’s your money:
http://www.hud.gov/news/release.cfm?content=pr09-047.cfm
And by the way, you shouldn’t have bought a house you couldn’t afford.
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Foreclosures mostly happen to people who spend liberally or are not willing to work. No bailout should be given because many hardworking Americans pay their bills on time and get shafted when government gives money to unreliable and irresponsible individuals.
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Because even though the party changed, its still the same ol’ people.
They all are sleeping with the enemy. I pray every night america will wake up one day.
Even though i’m not a real conservative, I have to admit they are sounding right to me all of sudden. They said that the bailouts were wasted money and they wouldn’t help regular people. Guess they were right. At least i’m not any poorer, but I never had the issues that alot of people had. And it seems they are still having them even after trillions are spent.
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