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Real Estate Foreclosure Article
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Top Real Estate Foreclosure States
from:In the first quarter of 2008, RealtyTrac listed Nevada as the state with highest rate of foreclosures. It was 3.6 times the national average and became #1 of top real estates foreclosure states. The runner up, not surprisingly, was California. Foreclosure rates continue to climb at 32% from the previous quarter and show no signs of leveling out. Arizona was next with an increase of 45% from the previous quarter but with far fewer filings based on numbers alone when compared to California. There were 169,831 filings in California when compared to Arizona's 27,404. Florida and Colorado remain in the top real estate foreclosure states, still in the top five.
Why These States?
There are a lot of reasons why these particular markets continue to show up as the top real estate foreclosure states in the United States. The housing bubbles in these areas and speculation from investors drove prices so high that after the bubble burst, the housing depreciation left many homeowners who bought high owing much more than what their home is worth now. Seeing this sad state of affairs, homeowners decided it was far better to return the keys to the lender than to try to keep up a mortgage that was a losing investment. Add to that the problems with the loss of jobs in these states when the bubble burst and that was a perfect recipe for a mortgage meltdown.
Previously Hot Inner City Markets
During the time when people were buying into a high real estate market, they mostly picked large cities where they felt prices would continue to increase and the jobs were plentiful. So, the cities most affected were: Las Vegas, Detroit, Miami, Atlanta, and Los Angeles. House builders began to provide more and more housing in this area, building it up, to a point where, when the bubble burst, the inventory far outlasted the number of new buyers. Now, you can go into neighborhoods in these top real estate foreclosure states and see row after row of abandoned and foreclosed homes for sale.
Keep An Eye On Inventory And Foreclosure Rate
The turn-around in these top real estate foreclosure states will happen when the inventory of homes begins to decrease as the foreclosure rate declines too. Until then, either one or the other make the top real estate foreclosure states a buyer's market at deep discounts to some of the previous prices that homes were going for before the bubble burst. Some experts suggest it will be many years before the inventory drops sufficiently to signal a turn-around in the top real estate foreclosure states.
Real Estate Foreclosure News
Outside buyers get a deal on Dallas foreclosures - Dallas Morning News
Outside buyers get a deal on Dallas foreclosures Dallas Morning News After lenders foreclose on a house and pay for fix-ups and real estate fees, the discounts when they resell the properties are usually less than 30 percent, ... Foreclosed homes in Dallas-Fort Worth sold for 56% of appraised value |
Program Will Pay Homeowners to Sell at a Loss - New York Times
 UPI.com | Program Will Pay Homeowners to Sell at a Loss New York Times Chris Paul, a real estate agent, has a house he is trying to sell on behalf of its owner, who owes $150000. Mr. Paul has an offer for $48000, ... Decline In Late Mortgage Payments May Be A Positive Indicator For Foreclosures New Effort to Stem Foreclosure: The Government Pays You To Leave Obama's New Radical Foreclosure Plan: Pay People To Sell Their Homes Short |
Apollo Signs Citigroup Deal - Wall Street Journal
Apollo Signs Citigroup Deal Wall Street Journal The deal likely means déjà vu for investors in Citigroup's real-estate funds. Joseph Azrack, who headed the business, known as Citi Property Investors, ... |
Obama Foreclosure-Prevention Plan Lagging, New Data Shows (EXCLUSIVE) - Huffington Post (blog)
 PR Web (press release) | Obama Foreclosure-Prevention Plan Lagging, New Data Shows (EXCLUSIVE) Huffington Post (blog) More than 11 million homeowners, comprising about a quarter of all homeowners with a mortgage, are underwater, according to real estate research firm First ... Federal short sale program aims to help San Mateo County homeowners Government to push lenders to do short sales Can Citigroup Home Loan Modification Program Help Underwater Borrowers? |
Firm to Help Restructure Annie Leibovitz Debt - New York Times
Firm to Help Restructure Annie Leibovitz Debt New York Times Under the deal, Colony — which manages about $30 billion in assets, mostly in real estate — will become Ms Leibovitz's only creditor and will help her ... |