Foreclosures Still Concentrated in Same Areas
September 10th, 2009 categories: Buyer Strategies, Mortgage & Finance
Chantilly area homeowners, especially those who may be dealing with the possibility of foreclosure, may have wondered where the foreclosures are concentrated. That story has not changed much. Once again, the country’s foreclosures are disproportionately concentrated.
If you check the RealtyTrac.comdata you will see that over half of the foreclosures nationally are still unfortunately happening in these hard-hit four states:
- California : 25.76 percent
- Florida : 17.4 percent
- Michigan : 5.4 percent
- Nevada : 5.0 percent
The others among the “Top 10″ states in which there were the highest number of foreclosures were Arizona, Illinois, Georgia, Ohio, Texas and New Jersey.
Compared to last August, foreclosures are up nearly 18 percent.
If it does not stretch things too much to see a silver lining in this foreclosure cloud, we can at least point to the fact that this large number of foreclosures is opening up unheard of opportunities for those able to buy. And that is what many buyers are doing. About one-third of all home sales are involved in foreclosure and distressed properties. Couple that with low mortgage rates and federal tax credits for buyers, and you have conditions that are encouraging buyers to take action.
If you want a bit more detail, you can check out the August 2009 report on the Realty Trac website. It includes foreclosure heatmaps and other trends
