Foreclosures Rates Continue To Rise Unabated

May 29th, 2008

As more and more foreclosures increase due to homeowners falling behind their mortgage deals, there leaves little to be written or left on account of mortgage payments. The number of filings is slow to be delivered, and the driving number of homes on foreclosure is rising by 65% more, compared to the same time last year. Home values continue their downward spiral on a larger scale than before.

RealtyTrac has not been able to provide the adequate statistics required to note the changes in the greater rate of foreclosures. Whereby home prices have fallen, the number of second-hand houses too has been sold to mainland buyers. The rates in places like Hawaii have been quite higher than Oahu currently, coming as a surprise. Over 243,353 homes have received a nationwide fill-up. During this time last year, there had been just 147,708 homes receiving notices of being foreclosed. So, looks like the rising rates last year did not help much to pack in a corrective measure seal. About 65% higher than last year, foreclosure rates still tend to reach for the skies.

States such as Nevada, Arizona, California and Florida are among the hardest struck under a full blown foreclosure crisis. The upper class metropolitan areas in California and Florida have had nine out of the ten major areas devastated with the highest foreclosure hits. Florida’s rate of foreclosure filings has been particularly alarming in April. The Tampa Bay area has been voted to be the worst among all the metros. A high number of filings (about 35,264) had been recorded with the state of Florida with a 17% rise since March and 146% rise compared to April last year.

Tampa, St. Petersburg and Clearwater have already seen a 9% increase in their filings in April. Florida got edged out by Arizona for its strange and overwhelming rise in foreclosure filings. Nevada and California became the primary and secondary states to have experienced this distinction. The California based real estate statistics firm, RealtyTrac, has kept a count of all these foreclosure filings for statistical and economical analysis. There have also been notices of bank repossessions, auctions, etc. not accounted for here in these figures.

On a widespread nationwide scale, one out of all 519 households received a notice last month. These filings were reportedly on 243,353 properties with a 4% rise as compared to the previous month of March. There has been approximately 65% rise in foreclosure filings in April 2008 as compared to April 2007.