Foreclosures and short sales still seem to dominate most real estate markets in the country. Foreclosure filings -defined as a default notice, auction sale notice or bank repossessions were up 1 percent in January from the previous month. That means one in every 497 housing units received a foreclosure filing during the month. The diminishing numbers may seem like good news but there is some indication that lenders are inundated with paperwork and legal issues, slowing the process.
We will probably see foreclosure notices increase in the near future. Follow this link for a full report on foreclosure activity.
Our Top Ten states with the highest foreclosure rates.
10. Colorado- one in every 438 households
09. Florida- one in every 409 households
08. Illinois- one in every 402 households
07. Georgia- one in every 318 households
06. Michigan- one in every 272 households
05. Utah- one in every 265 households
04. Idaho- one in every 241 households
03. California- one in every 200 households
02. Arizona- one in every 175 households
01. Nevada- one in every 93 households
Remarkable numbers that most of us never thought we would see.