Welcome to Real Estate Foreclosure Guide
Real Estate Foreclosure Arizona Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
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 Arizona News
Hispanic Real Estate Leaders Call on Arizona Governor Brewer to Use Settlement Funds to Aid State's Ailing Housing ...
PHOENIX, May 9, 2012 /PRNewswire-USNewswire/ -- The National Association of Hispanic Real Estate Professionals, Arizona Chapter (NAHREP-AZ), a non-profit 501c6 trade association, is calling on Arizona Governor Jan Brewer to use 100 percent of the funds awarded from the mortgage servicing settlement from the five largest mortgage servicers to help the state's ailing housing market. Hispanic real ...
Read more...Orlando foreclosure activity down from March to April
Foreclosure filings in Metro Orlando were down 9 percent in April from a month earlier, according to the real-estate research company RealtyTrac Inc.
Read more...Riverside County had California's highest foreclosure rate in April
Riverside County had the highest foreclosure rate in the state last month, even as the number of filings plunged, a real estate tracking firm reported today.
Read more...Foreclosures Fall...And That's a Bad Thing?
By Diana Olick, CNBC Real Estate Reporter NEW YORK (CNBC) -- A new report came out this week with a curious headline: "Foreclosure Activity Declines, Hurting Investors." I read it twice. You would think declines in foreclosure activity would be a good thing, that is, would help, not hurt. Not in this bizarre housing market. The report is from Foreclosure Radar, a foreclosure sales and analytics ...
Read more...County foreclosures lead state
RIVERSIDE — Riverside County had the highest foreclosure rate in the state last month, even as the number of filings plunged, a real estate tracking firm reported Thursday.
Read more...Nevada regains No. 1 spot in foreclosure ratings
Nevada retook its No. 1 spot, possessing the highest foreclosure rate in the nation, according to a monthly report released today by national foreclosure tracker RealtyTrac.
Read more...Most Underwater Homeowners Still Paying Mortgages
Nearly a third of homeowners with mortgages owe more than their houses are worth, but most are still making their monthly payments on time.
Read more...Foreclosure filings up in Philadelphia region
Philadelphia and Pennsylvania, along with New Jersey, saw higher rates of foreclosure filings in April from a year ago, RealtyTrac reported Thursday.
Read more...