Market Insight, Real Estate

The 3 States That Accounted For Half Of The March 2009 Foreclosures

April 16, 2009 by · Leave a Comment 

Since 2007, foreclosures have dominated real estate news. You can’t turn on the news or open a paper without some foreclosure-related story.

But for all of the discussion, foreclosures continue to be geographically concentrated.

Adding up the latest stats from RealtyTrac.com, more than half of the country’s foreclosure actions from March occurred in just 3 states — California, Florida and Nevada.

Those 3 states represent just 19 percent of the nation’s population.

Despite the local concentration of foreclosures, however, they remain a national problem. This is because mortgage lenders lend in all 50 states — not just 3 of them — so the impact of mortgage defaults in one region can quickly spread to others.

In part because of foreclosures are higher, the following has happened:

  • Mortgage guidelines have tightened
  • Downpayment requirements have increased
  • Private mortgage insurance has become more expensive

That’s an important set of changes for a would-be borrower. In some cases, it can keep a person from qualifying.

Search the March 2009 foreclosure report for yourself on RealtyTrac.com’s website.

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James K Barath, CMPS®

James K Barath is a Certified Mortgage Planning Specialist®, Certified FICO® Professional, Certified Military Housing Specialist® and your FHA Home Loan Expert. He is also a graduate of Purdue University, The CMPS Institute, Dale Carnegie Human Relations Course & Napoleon Hill Foundation's PMA Science of Success Class. It's your home and your future. It's his profession and his passion. He is ready to work for your best interest. Contact James for your FREE Home Loan Approval !  His Motto: I Facilitate the American Dream Through Responsible Mortgage Lending and Financial Literacy!

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