Saturday, July 26, 2008

US Foreclosures Still on the Rise


According to Realty Tracs Results of 2008 2nd Quarter foreclosure filings, Foreclosures are up by 14% in the US. Nationally, 1 out of every 176 households received a foreclosure filing during the second quarter.

Foreclosures in California, Nevada, Arizona, and Florida continue to dominate the nationwide foreclosures. In Nevada, one out of every 43 homes received a foreclosure. In Las Vegas the number is even higher at 1 out of every 35 homes. In California the number is one out of every 65 households, in Arizona it's 1 out of every 70, and in Florida 1 out of every 78 homes received a foreclosure notice in the last three months. Because these states have such large populations (especially California and Florida) and so many foreclosures, only 9 states actually have more foreclosures than the national average. Even Areas Like Chicago Illinois where the real estate market seemed immuned from housing problems have seen foreclosures rise.

For more information visit the full report at Realty Trac.

Thursday, July 10, 2008

Utah Foreclosures up 141%

Yes, now that housing prices are declining and its tough to sell real estate in Utah, foreclosures are up. The last few years Utah has been best in the nation in not having foreclosures, but during that time real estate was golden. Now the market is declining and irresponsible borrowers can't get away from it. With the huge surplus of high end homes, and very few buyers looking for mega mansions, expect the foreclosure numbers in Utah to rise.

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