Market Insight
The Geographical Concentration Of Foreclosures
September 10, 2009 by James K Barath, CMPS · Leave a Comment
Once again, the country’s foreclosures are concentrated in just a few states.
As reported by foreclosure-tracking company RealtyTrac.com, more than 50 percent of the country’s foreclosure-related actions in August occurred in just four states:
- California : 25.76 percent
- Florida : 17.4 percent
- Michigan : 5.4 percent
- Nevada : 5.0 percent
The rest of the “Top 10″ foreclosure states included Arizona, Illinois, Georgia, Ohio, Texas and New Jersey.
Versus July’s numbers, the U.S. foreclosure rate improved last month. However, the August data is awful in comparison to last year — foreclosures are up nearly 18 percent.
The silver lining? High foreclosure rates are yielding tremendous opportunities for today’s home buyers. Buyers of distressed properties now account for about one-third of all home sales and low mortgage rates and a federal tax credit are spurring sales.
Search the complete August 2009 foreclosure report for yourself, including foreclosure heatmaps and other trends on the RealtyTrac website.
About the Author: James K Barath is a Certified Mortgage Planning Specialist, qualified liability advisor 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 Barath today for your Borrow Smart Analysis - the CALM Approach to Borrowing ! His Motto: I Facilitate the American Dream Through Responsible Mortgage Lending and Financial Literacy! 