Once again, the country’s foreclosures are concentrated in just a few states.
As reported by foreclosure-tracking company RealtyTrac.com, more than 50 percent of the country’s foreclosure-related actions in August occurred in just four states:
- California : 25.76 percent
- Florida : 17.4 percent
- Michigan : 5.4 percent
- Nevada : 5.0 percent
The rest of the “Top 10″ foreclosure states included Arizona, Illinois, Georgia, Ohio, Texas and New Jersey.
Versus July’s numbers, the U.S. foreclosure rate improved last month. However, the August data is awful in comparison to last year — foreclosures are up nearly 18 percent.
The silver lining? High foreclosure rates are yielding tremendous opportunities for today’s home buyers. Buyers of distressed properties now account for about one-third of all home sales and low mortgage rates and a federal tax credit are spurring sales.
Search the complete August 2009 foreclosure report for yourself, including foreclosure heatmaps and other trends on the RealtyTrac website.
Chris is Florida’s #1 FHA Mortgage Broker and a syndicated mortgage blogger. He is regular contributor to the three leading industry blog-fronts including The Mortgage Chili Blog, My FHA Mortgage Blog, Top of Mind Networks, and is the resident “Money Guy” on Realty Resolve.
Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210
September 11, 2009
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