Top 10 States for Foreclosure

Top 10 States for Foreclosure

  1. Nevada – in the third quarter of 2009, more than one in every 20 Nevada households went into foreclosure.
  2. Florida – had unrealistic appreciation for the last 4 years.
  3. California – claims many toxic loans to non-English speaking buyers.
  4. Arizona – is severely overbuilt – over 80,000 vacant homes in Phoenix alone.
  5. Idaho – unable to sustain their 20% appreciation every year from 2003-2006 combined with the current economy.
  6. Michigan – automotive related job losses.
  7. Illinois – received the third largest volume of foreclosure notices in the US
  8. Utah – in 2009, more than 42% of their sub-prime loans adjusted, the national average was 27.8%
  9. Maryland – officials are blaming exotic loans and balloon mortgages
  10. New Jersey

These state all had unsustainably high home prices and many buyers who really couldn’t afford the houses they were purchasing — most with toxic mortgages — followed by downturn-related unemployment. It was the perfect storm for a real estate collapse.

Unfortunately, foreclosures are not letting up. RealtyTrac reports more than 300,000 U.S. properties received a foreclosure filing in November 2009 for the ninth straight month.

This post has No Comments | Would you like to leave a comment?

Leave a Comment

%d bloggers like this: