Understanding Foreclosure Rates
Before we talk about foreclosure rates, you need to know exactly what foreclosure is. Foreclosure is the process in which the legal rights to of one’s possessions are revoked and their property is taken away from them and sold at an auction. The percentages of available foreclosure properties are known as foreclosure rates. For example, if there are 1000 households in a town of which 8 are foreclosed, then the foreclosure rate is 0.8%.
People who do not have the sufficient credit ratings to take out a loan at a high interest rate are often driven to take out subprime loans against a Mortgage Commitment. The trend of people taking out subprime loans has increased in recent times. If a debtor is unable to repay his debts, than he loses his equity right to redemption. Rising foreclosure rates also having a negative effect on the economy in this country.
We published in our latest press release that the national foreclosure rate in January was one foreclosure filing for every 466 U.S. households; the most severe problems occurring in the west as well as in Florida. Unemployment, economic hardship, negative equity, and credit availability are the driving forces of foreclosures.
Yet between the months of December 2009 and January 2010 a drop in the actual number of foreclosures was recorded. The latest data revealed the following statistics:
| Top States of Number of Foreclosures | |
CA | -16.68% foreclosures |
FL | -11.95% foreclosures |
MI | +14.85% foreclosures |
TX | +15.85% foreclosures |
GA | +1.9% foreclosures |
The biggest drop in the state foreclosures was in Arkansas at -24.75%. Oklahoma had the highest increase in state foreclosures at 37.28%. But Nevada had the highest monthly foreclosure rate in the country with one in every 94 households receiving a notice. Arizona ranked second with one in every 132 households receiving a foreclosure notice, followed by Florida (one in every 158 households), Idaho (one in every 159 households) and California (one in every 165 households).
You can continue reading our latest press release or you can see the most up-to-date statistics of nationwide foreclosure rates.
Latest articles about Foreclosure Rates
Freddie Mac has over 1.5 million homes for sale at any one time. These are obtained as a result of the previous buyers defaulting in the loans. In April last year, they were planning to sell of 300 homes in Southern California and Las Vegas. The quick sale would allow buyers to receive an $8000 [...]
Texas foreclosures have long known for their low numbers during the economic recession when they are compared to the economic state of rest of the nation. But, recently there has been a slight change in these numbers as foreclosure filings have been on the rise in some parts of the state. Despite the increase in [...]
Last month’s recent decline in the number of Florida foreclosures is a welcome help to the state’s economic outlook. The hope is that these changes will provide more jobs for working people who are still struggling with unemployment.
The foreclosure crisis is on the rise because of various economic factors facing the American public today. There is soon going to be a readjustment of the rates of mortgages and that will raise the number of foreclosures even further. According to various surveys the last year was bad enough with at least one house [...]
New research shows that national foreclosure rates are still rising. Foreclosures are up 38% this year, higher than any other quarter in 2005. One of the areas hit hardest by this trend is the mid-west, where automotive industry layoffs are attributed with rendering people unable to make their mortgage payments. Ohio has seen a rate [...]
