Foreclosure Crisis Continues In All Corners Of The Country
June 3rd, 2008
Lately, the foreclosure crisis has posed to be one of the single most intimidating factors in the nation’s real estate sector. There has been a huge slump in the overall economic conditions, affecting the national economy in a big way. While some places had their foreclosure rates subsiding this March, many saw things flaring up again in April.
There has been a 9.4% cessation in March which again hiked by a further 34% in April. On a broader, national level, there has been 243,353 foreclosure filings. This was 4% higher in March and about 65% higher since April 2007. RealtyTrac reports that there was at least one foreclosure filing for every 519 households in the country.
Illinois was recorded as the 13th highest foreclosure state lately with one filing taking place for every 620 households. This has been a 1% increase as compared to last April. Nevada has in fact recorded the highest foreclosure rate with one filing out of every 204 households. Arizona came in third having a single filing every 224 households.
California being on the top slot had one filing out of every 204 households which is still the second highest foreclosure rate. Arizona came third with a foreclosure filing rate of one out of 224 households.
Irvine, California based RealtyTrac has stated that the national database of foreclosures as well as bank-owned properties has crossed over 1.5 million, from across 2,200 counties, all across the US. While this has been the case with the heart of the country, our focus also shifts to the foreclosure impact in Hawaii. There, the foreclosure rates have indeed climbed up by 218%.
Hawaii’s foreclosure rates have in fact tripled during April. With a whopping and mind boggling hike of over 218%, this has occurred to the state in a really short time! The state’s rank in foreclosure ratings was 36 on a national level last year. An online database concluded that it had 210 foreclosures filed, at the rate of one out of every 2,381 households.
Local economists have commented that it is however quite early to attribute any one factor or a group of factors for the upsurge in foreclosure rates. Even the recent collapse of Aloha Airlines and ATA has not affected the foreclosure rates that rapidly. Economist Carl Bonham finds these recent incidents in fact, could not have been the sole reason for this. There have been over 200 people who have lost their homes due to these reckless property dealings and transactions.
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