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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.
Tax Foreclosure Real Estate News
Roanoke County asks state tax agency to take a gander at software glitch - Roanoke Times
Roanoke County asks state tax agency to take a gander at software glitch Roanoke Times By Mason Adams Roanoke County officials don't think property owners were charged extra due to a software glitch that has some worried they paid more real estate tax than they owed. But to make sure, they've asked the Virginia Department of Taxation to ... Roanoke County homeowners could have problems recouping tax money |
N. Schuylkill plans cuts, tax hike - Standard Speaker
N. Schuylkill plans cuts, tax hike Standard Speaker The real estate tax increase in Schuylkill County is .73 mills to 36.79, which holds the line with the Act 1 index amount of 2.4 percent. The real estate tax in Columbia County (Conyngham Township) will increase by 1.49 mills to 38.10 mills. |
Tax Abatement Helps Move New Business to Rocky Hill - Patch.com
Tax Abatement Helps Move New Business to Rocky Hill Patch.com Simoniz USA's relocation to Rocky Hill could generate more than $122000 in real estate and personal project tax revenue for the town and create 37 new jobs. By Joseph Wenzel IV Simoniz USA will consolidate its operations at the vacant Clearly Millwork ... |
State cancels MPH tax sale , taxes to be recovered in bankruptcy - Hope Star
State cancels MPH tax sale , taxes to be recovered in bankruptcy Hope Star “Even though a bankruptcy has been filed, the taxes must still be paid,” Heck said. “Real property taxes cannot be discharged by a bankruptcy. The taxes may be part of a court approved plan that will require them to be paid or if a foreclosure is ... |
Group submits real-estate tax petitions - The Register-Guard
Group submits real-estate tax petitions The Register-Guard By AP A group backed by real-estate agents says it's submitted more than 160000 signatures for a ballot measure that would prohibit real-estate transfer taxes. The Secretary of State's Office will review a sample of the signatures for accuracy. |