Market Insight
Foreclosures Still Concentrated in Just a Few States
July 16, 2009 by James K Barath, CMPS · Leave a Comment
For the fourth consecutive month, the country’s foreclosure activity was dominated by a small number of states.
As reported by RealtyTrac.com, more than 50 percent of the country’s foreclosure-related actions in June concentrated in just 3 states:
- California
- Florida
- Nevada
The states rounding out the Top 10 include Arizona, Georgia, Michigan, Texas, Ohio, Illinois and Colorado.
Meanwhile, June’s reported foreclosure figures are consistent with the data from earlier this year, suggesting that the foreclosure remedy plans put forth by the government and by lenders can barely keep pace with the national default rate.
Foreclosure-related actions nationwide are up 5 percent from May.
The silver lining in data this negative is that foreclosures are creating tremendous buying opportunities for the right buyers. Because foreclosed homes tend to sell at a discount versus non-foreclosed homes and because mortgage rates are low, home sales are showing strength in a multitude of markets because of ample supply at relatively cheap prices.
Distressed homes accounted for one-third of all existing home sales in May.
Search the complete June 2009 foreclosure report for yourself, including foreclosure heat maps and other trends on the RealtyTrac website.
