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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
Real Estate: National foreclosure settlement delayed, Nevada AG concerned - Reno Gazette Journal
 GlobeSt.com | Real Estate: National foreclosure settlement delayed, Nevada AG concerned Reno Gazette Journal Ap File BY THE NUMBERS Foreclosure-related filings for 2011 for Washoe County, Nevada and the United States. Filings include notices of default, notices of sale or auction and bank-owned foreclosures. Washoe: 7981 (down 27.3 percent and 27.6 percent ... States Balk at Signing $25B Foreclosure Pact No Deal Yet For California And Nation's Largest Banks |
CoreLogic Reports 830000 Completed Foreclosures Nationally in 2011, a Decrease ... - Sacramento Bee
 Bloomberg | CoreLogic Reports 830000 Completed Foreclosures Nationally in 2011, a Decrease ... Sacramento Bee If the home is purchased by the lender, it is moved into the lender's Real Estate Owned (REO) inventory. In "foreclosure by advertisement" states, a redemption period begins after the auction and runs for a statutory period, eg, six months. Banks See Paying Bonus to Troubled Homeowners Beats Foreclosure: Mortgages How 'Shadow Inventory' Is Killing the Housing Market Delaying the Inevitable: The Effect of Foreclosure Moratoriums, Mediations and ... |
Bank of America Plaza becomes Atlanta's priciest repo - Atlanta Journal Constitution
 Bloomberg | Bank of America Plaza becomes Atlanta's priciest repo Atlanta Journal Constitution Bank of America Plaza, the South's tallest skyscraper and an Atlanta skyline icon, was taken back by its lender at a foreclosure auction at the Fulton County Courthouse. The 55-story tower, bought for a record price in 2006 by a California real estate ... American Foreclosure Hits Bottom With Tower Auction in Atlanta: Mortgages Bank of America Tower in Atlanta Foreclosed; Sells for Half Price Bank of America Plaza sold at foreclosure sale for $235M |
Michigan to Join in Huge Foreclosure Settlement - LoanSafe
 Independent Voter Network | Michigan to Join in Huge Foreclosure Settlement LoanSafe ... 2012 in Real Estate (Source: Greta Guest Detroit Free Press) – Michigan plans to join 40 other states in a multibillion-dollar settlement with the nation's five largest banks over allegations of errors in the ways foreclosures were processed. California to Reconsider Foreclosure-Gate Settlement Talks |
Plots & Ploys: Atlanta Tower Proves too Tall an Order - Wall Street Journal
 International Business Times | Plots & Ploys: Atlanta Tower Proves too Tall an Order Wall Street Journal ... on Tuesday was taken in a foreclosure auction by special servicer LNR Partners LLC, acting on behalf of holders of its $363 million mortgage. The move wipes out BentleyForbes Group LLC, the California-based real-estate investment firm that bought ... American Foreclosure Bottoms at Atlanta Tower Auction: Mortgages Bank of America Plaza: why it's facing foreclosure today Atlanta's Bank of America Plaza Set for Foreclosure Auction |