Foreclosure filings were at an all time high in August and September. Foreclosures increased 300 percent during the third quarter in a...
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Foreclosure filings were at an all time high in August and September. Foreclosures increased 300 percent during the third quarter in a year-over-year comparison, with Nevada, California, and Florida posting top foreclosure rates.
According to a foreclosure report released last week by online foreclosure marketplace RealtyTrac, U.S. foreclosure filings reached record levels during the third quarter.
Nationwide, a total of 635,159 foreclosure filings were reported on 446,726 properties-up 99.5 percent compared to the same quarter last year. RealtyTrac estimates that there is one foreclosure filing for every 196 households.
|State||1 Filing for Every # Households|
Foreclosure activity increased in 45 out of 50 states. Nevada, California, and Florida had the highest foreclosure rates in the third quarter. Filings in these three states accounted for more than 60 percent of the nation's total foreclosure activity.
Other states with foreclosure rates higher than the national average during the third quarter include Michigan, Ohio, Georgia, Arizona, Illinois, and Colorado.
Although many analysts predicted the foreclosure crisis would be limited to a few states, it is obvious that the problems have become widespread. The Joint Economic Committee recently estimated that U.S. homeowners will suffer $1 billion in lost equity as a direct result of foreclosure auctions.
On average, property values decline 1.5 percent for every one foreclosure within a 1/8 mile radius. In neighborhoods with exceptionally high foreclosure rates, such as Stockton, CA where there is one foreclosure filing for every 27 households, this is a serious problem for everyone--including the homeowners who aren't facing foreclosure.
Downward pressure on home prices has already been observed in many of the nation's largest metro areas. According to the most recent S&P/Case-Shiller Home Price Indices, single-family home prices have fallen 4.4 percent nationwide in a year-over-year comparison. Eight major metro areas (Cleveland, Las Vegas, Miami, Minneapolis, Phoenix, San Diego, Tampa, and Washington D.C.) had the lowest annual returns on record.
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