Top Five Foreclosure States

Posted in Foreclosure, August 31st, 2006 |

Last month, Texas, Ohio, Michigan, Georgia and Indiana led the nation in foreclosed homes. This shows a growth trend in residential foreclosures currently happening across the United States.

In addition to having the largest number of foreclosed homes in the nation, these five states also experienced some of the fastest growth from month to month in foreclosure rates in the country.

Texas currently leads the nation in the number of foreclosed homes. While this is somewhat dependent on the state’s large population, it also experienced a 38 percent increase in its total number of residential foreclosures during March. The total number of foreclosed homes in Ohio, Michigan, Georgia and Indiana also increased in each state by roughly thirty three percent last month.

As has already been posited, the reasons for high foreclosure rates now do have a basis in the inflation of certain markets during the real estate boon on the past few years. Now that the market is slowing, homeowners are having trouble keeping up with mortgage payments and difficulty selling their homes for the prices they expected.

We will keep an eye on these trends to see how they develop in the coming months.

-John Grady