Foreclosures Keep Soaring Nationwide With California In The Lead

May 30th, 2008

California is in the leads currently with its foreclosure rates soaring way higher than the rest. One out of every 204 households in California now is in some way or the other related to foreclosure. According to a report from RealtyTrac, the rate is just half the total that it used to be in March. Amazingly, there has been an increase by 112% during the last one year. This Irvine-based foreclosure tracker has in fact set all the necessary statistics to keep the foreclosure hike in check.

Followed by California, we have Florida closely on a massive hike with a rapid rise in its number of foreclosures. Foreclosure in Sarasota County, Florida, is up again by 20% since March with about 1,286 filings. The rise has been reported to have been higher by 59% as compared to the first three months of the year. The foreclosure count in Manatee County has been up by 66% to 868 fillings now. Its current rate also states it to be on the rise by 104% since the start of the year.

California has however ruled the foreclosure number game with a huge bulk of its real estate lying foreclosed, and 64,683 properties on the stage of being foreclosed. The danger is great, and has already led to a mass scale economic slump in the state.

States like Nevada, Arizona, Colorado, Maryland, Georgia, Ohio and Michigan has followed suit. Nevada has in fact had an alarming number of one out of every 146 households receiving a filing.

In a more local stage, there has been some fresh news too! Sacramento fell out of the top 10 cities exposed to foreclosures. Instead, it has gone down to no.12 in April. It was in the 5^th position till March 2008 until it fell to the twelfth spot in April. On a national level, the rate of filings has wildly increased by about 65%, still on the rise. As foreclosure filings increased in comparison to last year, about 243,353 properties have been claimed to be on the brink of further experiencing foreclosures! Foreclosure filings now stand at a rate of one out of every 519 homes nationwide.

While California had been seeing a tough time, Missouri had the 20^th highest foreclosure rate this April. In Missouri, there had been one out of every 860 houses receiving a foreclosure notice or a foreclosure filing as it is. Overall, Missouri had around 3,051 foreclosures in the last whole month.