The foreclosure situation in Duval County, Florida, home of the city of Jacksonville continues to worsen, now with 1 in every 652 homes in some stage of foreclosure. The foreclosure rate seems to strangely fluctuate in Duval County, as it sank to a low of only 85 homes in foreclosure in September, falling from 1,009 in July.
[via Jacksonville Biz Journal]
California’s foreclosure levels are three times what they were one year ago, with 16,000 properties reported to be in some stage of the foreclosure process during the month of October this year. Even foreclosures in the tradtionally more stable San Francisco bay area have risen, with the highest rise in Contra Costa and Alameda counties.
As the Arizona foreclosure rate climbs, so does the amount of homes in foreclosure proceedings. Maricopa County in Arizona experienced a 10% climb int he number of foreclosure son the market during the third quarter, one of the highest increases in the state. While still far from being one of the states with the highest foreclosure rates, it appears the national trend is having its effect in this state where real estate has traditionally been desirable for investors.
The Massachusetts foreclosure situation seems to be growing more dire, as new studies show that foreclosures in the state are up 66% from the level they wer at this time last year. With 13,000 foreclosures already processed this year, the state is drawing close to its record of 17,000 during 1991.
With more adjustable rate mortgages scheduled to go past their intital fixed rate year to a period of fluctuation, it seems the market for foreclosures will only grow. With many homeowners seeing the signs around them, many may be wary of an impending foreclosure. This could also mean it’s an excellent time to look into pre-foreclosure opportunities, since homeowners will be looking to avoid becoming another statistical victim of foreclosure.
[via Boston Business Journal]
With 95,862 homes in foreclosure during the third quarter of this year, Florida is now second in the nation in the amount of homes in foreclosure, and number one in the southeast region of the United States.
However, it’s important to remember that this statistic shows merely the volume of foreclosure homes in the state, not the rate of foreclosure. Florida is a rather large state, so it is naturally going to have a higher number of foreclosures than say, sparsely populated Montana. However, this still means that Florida is a prime market for buying foreclosures. With many homes to choose from, and so many on the market, the foreclosure investor will find not only lots of options, but low prices as a result of the flooded market.
[via Orlando Business Journal]
The Central Valley Business Times is reporting that California’s metropolitan areas did not experience the increase in foreclosure during the third quarter that many other metropolitan areas across the country did. While the Bakersfield, Stockton and Sacramento areas are all in the top 50 group of metropolitan areas with the highest foreclosure rates, their rates remained rather normal, and did not undergo an upward surge.
[via Central Valley Business Times]
New statistics show that during the third quarter Detroit led all other urban areas antionally with the highest rate of foreclosure. With one out of every 80 houses entering some stage of default or foreclosure, Detroit’s foreclosure rate rose 42% during the second and third quarter.
Many experts say that this is no surprise. Michigan is following the national trend, with many more homes entering foreclosure due to dropping property values, rising interest rates and the adjustment of Adjustable Rate Mortgages bought up during the housing boom of the early decade. However, due to certain circumstances unique to the state, Michigan is being hit especially hard. Michigan’s economy has been struggling for years now, and currently the state holds the second highest unemployment rate in the country. It seems people simply don’t have the means to keep up with their monthly mortgage payments.
While investing in Michigan foreclosures right now may offer very low prices, it might be best to see where the market is going in the area before committing to any big investments.
Home values continue to fall singificantly in the Denver area, which is assureduly a contributing factor to why the foreclosure rate in the city is so high. Colorado currently tops the charts of states with the highest foreclosure rates. Experts feel that with a sluggish economy and continually rising interest rates, many people are simply giving up, and giving in to foreclosure.
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