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High Foreclosure Rates In April

June 2nd, 2008

California had the highest number of properties facing foreclosures with 64,683 foreclosed homes and the number being on rise as well. The rate of increase had occurred by 112% from April 2007. However, the number of properties facing foreclosure, have a declining rate which has been less than 1% in fact! The state had also posted records that its foreclosure rates have been the second highest in the country. There are at least one foreclosed household out of every 204 currently while at least one out of every 66 household gets a notice.

The metro areas of California have reported to have had a foreclosure rising by the rate of 6 houses out of every 10 have been involved with foreclosure related crisis. The state of Arizona experienced the third highest foreclosure rate on toe, having one out of every 224 households experiencing it. A whopping number of 11,620 homes have been reported to have experienced at least one filing. This is a rise of 181% compared to what it was last year. While compared to last month, this has been a reported 26% high.

Quite akin to LA and inland areas of California, certain areas in Arizona, received a sharp and cutting run-up in speculation-driven home rates. New homes have come up during the housing boom too. Florida on the other hand has reported to have had 35,264 homes with a minimum of one foreclosure filling during the last month. This is again a jump for the state and it is about a 17% hike as compared to March but a massive rise of 146% as compared to last year. This change into a foreclosure rate of one out of every 242 households had made it the fourth highest nation having received foreclosures.

In Florida in fact, the foreclosures are rather alarmingly back onto going higher. Within the span of a month, the numbers are violently on an up-swing. But, certain good news include that the Sunshine State has been lately passed on by Arizona with their new rates of billowing foreclosures placing them well ahead of Florida. So, a fresh report states an overall lower rate of foreclosures in Florida.

The states to have made into the top ten foreclosure places in the US currently are Maryland, Colorado, Georgia, Ohio, Michigan and Massachusetts. Nationally foreclosures have just gone up by 4% in the total rating as compared to last month and 65% since April 2007. This has had its effect over 243,000 real estate properties. This has also been the highest number of recorded foreclosure rating since January 2005.

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2 Responses to “High Foreclosure Rates In April”

  1. Audit Trail Blog Archive » Cha-clunk: Hard Times for Millionaires Says:
    June 3rd, 2008 at 5:54 pm

    [...] we mentioned last week , the ripples of the economic slowdown keep on spreading — from folks struggling to pay mortgages to Fortune 500 companies upping prices — and now to millionaires, according to the [...]

  2. Foreclosed Homes in Philadelphia - The Sheriff is Trying to Stop’em | Foreclosure News Says:
    July 15th, 2008 at 3:49 pm

    [...] This altruistic strategy seems to be the only one that has made any significant difference in the foreclosure rates in Pennsylvania. The Sheriff is all set with his own helping center of which you can get further [...]

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