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Real Estate Losses 2007 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 Losses 2007 Foreclosure News
Texas Firm Sues Calif. Homeowners With Foreclosed 2nd Mortgages - KQED (blog)
 KQED (blog) | Texas Firm Sues Calif. Homeowners With Foreclosed 2nd Mortgages KQED (blog) During the recent real estate boom, an estimated 25 percent of house buyers took on a second mortgage rather than make a down payment, according to a 2007 Federal Reserve study. A giant foreclosure wave swept hundreds of thousands of Californians from ... |
Half of metro Atlanta mortgages underwater - Atlanta Journal Constitution
 Los Angeles Times | Half of metro Atlanta mortgages underwater Atlanta Journal Constitution Their negative equity will slow a real estate recovery as some homeowners who would like to sell and move are "trapped in their homes," because they cannot afford to sell at a loss, said Zillow's chief economist Stan Humphries. Percentage of underwater homeowners still growing |
Sales of New Homes in U.S. Climb More Than Forecast: Economy - San Francisco Chronicle
 Bloomberg | Sales of New Homes in U.S. Climb More Than Forecast: Economy San Francisco Chronicle May 23 (Bloomberg) -- Demand for new US homes rose more than forecast in April, indicating residential real estate may contribute to economic growth for the first time in seven years. Purchases rose to a 343000 annual rate, up 3.3 percent from a ... New US home sales climb to 3.3 percent, above forecast |
Guest opinion: Mortgage Debt Relief Act of 2007 to expire; act now - The News-Press
Guest opinion: Mortgage Debt Relief Act of 2007 to expire; act now The News-Press This program has been considered the most successful government program enacted to address the national real estate collapse and the resultant mortgage foreclosure crisis. To be entitled to the protection under MDRA, the home in question has to be the ... |
Mortgage Banking Update - May 24, 2012 - JD Supra (press release)
Mortgage Banking Update - May 24, 2012 JD Supra (press release) by Ballard Spahr LLP on 5/24/2012 The US Supreme Court today unanimously rejected the US Department of Housing and Urban Development's interpretation of Section 8(b) of the Real Estate Settlement Procedures Act. HUD, in its Statement of Policy 2001-1, ... |