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More news on Colorado, which is still the state with the highest foreclosure rate in the nation. New statistics however show that the state has been experiencing a 25% hike in the foreclosure rate form month to month over about the past year.
There are thousands of foreclosure investment opportunities available in Colorado these days.
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Around the country, many communities are taking action to teach homeowners how to avoid foreclosure oncce they get behind in their mortgage payments. With the foreclosure rate rising every quarter, citizens are worried that they too will become the next victim of the growing trend. The following article form the Des Moines Register in Iowa covers the growing trend in foreclosure educational groups, and provides some interesting tips and information on how homeowners can avoid foreclosure.
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The county of San Joaquin in California is still experiencing big rises in the foreclosure rate, and is now one of the highest foreclosure areas in the state. It’s rate of foreclosure is also rising rapidly compared with the national average.
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New studies show that Denver, Colorado has the third highest foreclosure rate of any urban areas in the country.
Denver’s rate of foreclosure is lower only than Detroit adn Ft. Lauderdael, Fl.
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Despite an overall increase in the national foreclosure rate from the second to third quarter this year, Indiana experienced a slight drop in its foreclosure rate. Indianapolis saw a 2.5% drop in its foreclosure rate, the largest regional drop in the state.
Indiana has been one of the states hardest hit by the foreclosure wave this year, so this drop is unusual given the current situation, but probably not a sign that things are suddenly going to turn around in the city. It will take a while for the foreclosure situation to normalize again.
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Alabama foreclosures rose significantly in the third quarter, particularly in the urban area surrounding Birmingham. Birmingham ranked 62nd out of a list of the top 100 urban areas in the country with the highest foreclosure rates. Experts attribute this to rising interest rates, fading property values, and economic sluggishness in the area.
Areas with the highest foreclosure rates during the same period included Detroit and Ft. Lauderdale, Florida.
[via Birmingham Business Journal]
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Interesting article on foreclosure situation in Collin County, Texas. Also covers the Dallas/Ft. Worth area and the rapid foreclosure expansion happening there.
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New statistics show that the rate of new homes entering foreclosure in the Chicago metropolitan area is shockingly double that of the national average. Second only to Dallas among urban areas with the highest percentage of foreclosed properties within their limits, it seems residents are unable to keep up with rising interest rates. Another factor could be that many residents who could traditionally turn to selling their homes during times of financial stress now cannot do so because the real estate market in the area is flooded with homes. Many are still trying to sell properties bought up when property values were at a high in the earlier half of the decade. Since then, values have come down considerably, and many homes that have not been sold are now left on the market. This often leads to foreclosure, as it becomes impossible to keep up with month to month payments.
For those looking to buy foreclosures in the Chicago area, now would be an excellent time to get involved. With property values low and the situation only showing signs of escalating, it is the prime time to buy distressed properties for discount prices.
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The national foreclosure rate jumped 43% from the second to third quarter, as new statistics indicated recently. Experts say that while the rate is high, it may be somewhat of a natural occurence, since rates were at an extended low for the first part of the decade. With more Adjustable Rate Mortgages scheduled to kick in over the next year, officials say the rate will rise more during the next quarter.
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The state of Georgia experienced a 3.5% climb in their foreclosure rate from the second to third quarter of this year, statistics show. This means their current rate is now 41% higher than at this time in 2005.
Experts attrubute this to the abundance of Adjustable Rate Mortgages and their climbing interest rates, as in many other states. ARMs remain at a fixed rate for a given period of time after their instatement (usually around one year), but then are given to changing rates, which means variable mortgage payments that homeowners cannot keep up with.
An interesting fact about Georgia’s foreclosure situation however, is that over the next year and a half, more than $1 Trillion worth of loans are going to enter their adjustable phase, which could mean that the foreclosure rate is going to rise drastically higher than it already is.
[via Atlanta Journal-Constitution]
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