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During July-August 2011, the prices for New Jersey foreclosures were decreasing statewide, while the prices for existing single-family homes were slightly higher resulting in flat prices for the market as a whole. On the employment front, the state gained a net of 1800 jobs, with 3900 private sector jobs added.

The New Jersey unemployment rate remains stubbornly high at 9.5 percent due to the loss of government sector jobs due to state budget cuts. The manufacturing sector continues to be a source of weakness in terms of jobs. Although New Jersey’s unemployment rate is higher than the national rate of 9.1%, it is moderated by the fact that many New Jersey residents find employment in New York.

There is hope for those seeking jobs in New Jersey: Governor Christie is promoting an initiative for business incubators and accelerators in the technology sector and the state is offering significant tax credits and funding opportunities for new businesses.
In terms of housing, several communities saw price increases in listed foreclosed properties.

* Paterson foreclosures increased in prices 14.61 percent in the period July through August. This upward trend is expected to collapse due to the extensive flooding and subsequent property damage caused by Hurricane Irene in late August.

* Clayton foreclosures prices increased 15.93 percent in the period July through August. Hurricane Irene caused less damage in this community than elsewhere in the state; thus, there is likely to be little impact on the real estate market.

* Bayonne foreclosures prices increased 19.8% percent in the period July through August. This community experienced limited flooding and some wind damage during Hurricane Irene, so there should be minimal impact on prices in this area.

Other communities experienced a decrease in prices for foreclosed homes.

* Elizabeth foreclosures decreased in price by 5.14 percent. Property in this area incurred minimal storm damage.

* Sicklerville foreclosures decreased in price by 5.3 percent. Minimal property damage occurred as the result of the storm.

* Irvington foreclosures decreased in price by 9.99 percent. This area experienced extensive flooding, thus it is likely there will be additional downward pressure on prices.

The news in New Jersey was dominated by the preparation for Hurricane Irene, as New Jersey is not a state usually affected by major hurricanes. The coastal areas of the state incurred less damage than anticipated as the storm significantly weakened as it approached the state.

Inland areas, especially along the Passaic River Basin and the Raritan River, experienced significant flooding because of the torrential rains; the market in these area is likely to be in a standstill for the next few months.

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The economy of Pennsylvania, a state that is dominated by coal and steel, has suffered in recent months. Pennsylvania continues to be the leading state in coal production in the United States, but the economic downturn has caused massive pricing fluctuations.

Pennsylvania’s unemployment rate has increased slightly since July and is listed at 7.8%. New reports have shown that job creation estimates by Marcellus Shale have been greatly exaggerated; the total job numbers have been lowered by almost 50 percent. Compared to much of the nation, Pennsylvania foreclosures have remained steady in both pricing and new foreclosure listings.

Elkins Park foreclosures have had a price increase of 0.04% since July. Prices throughout much of the state have remained steady. York, Pennsylvania has shown an increase in foreclosure home pricing of about 0.52%. New Kensington and Meadville have some of the greatest increases in foreclosure home prices.

New Kensington reports a price increase of 3.36% and Meadville comes in a little bit higher at 3.42%. This slight increase in foreclosure home pricing has not dampened buyer enthusiasm. There are an estimated 30,000 foreclosed homes listed in Pennsylvania at this time. Prices of foreclosures in Pennsylvania are all over the board, with some homes priced as low as $39,000.

The price of Allentown foreclosures has dropped in the last month. The price drop is slim at 0.99%. Allentown homes in foreclosure average about $62,000, with prices ranging as high as $170,000 depending on their location and size within the city.

Approximately 1 in every 800 housing units received a foreclosure notice in last month. The city is the third most populous in the state of Pennsylvania and is quite significant in American history. Allentown looks to be an excellent investment area for foreclosure home buyers.

Pennsylvania’s foreclosures have not impacted government scandal. Pennsylvania’s recent news reports ex-House Speaker, John Perzel, pleading guilty to charges of corruption. Perzel has actually pleaded guilty to 82 counts that include theft, conflict of interest, and conspiracy charges.

If he is convicted of these crimes, Perzel will likely face forfeiture of his approximately $85,000 a year pension and jail time. Perzel has apologized publicly to the taxpayers of Pennsylvania. Also in the news, is Senator Jane Orie’s assertion that retrying her on charges that she used her publicly-funded staff to perform campaign work.

The Senator’s first trial resulted in a mistrial when the courts concluded that some of her trial documents had been forged. Senator Orie is due back in court this October.

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Ohio is believed to be one of the states that have been hit hardest by the recent economic crisis. Lawmakers are scrambling to promote policies that foster an environment that will lead to job creation and possibly lower unemployment.

Ohio foreclosures continue to be a low cost investment opportunity for those in the real estate market. According to the state’s economic archive, two sections of this state received the global Smart 21 Communities award in 2011.

Although the economy in Ohio is down, it is still one of the largest economies in the United States. Unemployment has increased slightly to a recorded 9% for the month of August. Wal-Mart, the largest private sector employer in Ohio, employs almost 56,000 people across the state.

No cities in the state have reported an increase in the number of foreclosures for the month of August. Buyers have found the prices of foreclosed homes in cities like Columbus to average in the $60,000 to $150,000 range, depending on the area.

The state average foreclosure price is about $90,000. Reports also show that 1 of every 608 housing properties in the state have received a foreclosure notice. Columbus foreclosures offer value for the real estate investor.

The number of foreclosures in the state of Ohio is dropping. New listings of Dayton foreclosures have dropped 16.3462% in the last month. Continuing this trend, listings in Youngstown have dropped approximately 7.4%.

Foreclosed home listings in Reynoldsburg have decreased about 6.7% and in Warren those listings have decreased over 16%. Hamilton, Ohio has a recorded decrease of new listings in the range of 11.1111%, making now the best time to invest in foreclosure homes in this state.

Recent news in Ohio foreclosures includes some of the best discounts prices across the nation. The Ohio Supreme Court has disciplined an attorney from Akron for mishandling a client’s appeal. The attorney was reported to have failed to file documents that were related to the client’s burglary charges. This failure led to a delay in the client’s court case.

Also in the news, a couple facing charges of illegally selling prescription pills has been prohibited by the courts from working at any facility that supplies medical care. The couple, Nancy and Lester Sadler, have been free on bond. The courts have moved to revoke the bond because the couple used the services of a public-funded defense attorney while they were earning thousands of dollars through their “pill-mill.”

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There are currently approximately 28,000 Colorado foreclosures in the market. That is a somewhat higher number than other states with a similar population. The unemployment rate in Colorado, currently at 8.5%, has been somewhat lower than the overall US rate.

The economy in Colorado has been somewhat cyclical in the past, in part because the energy business has such a large presence. With huge hydrocarbon deposits, the Colorado shale has more oil than the rest of the world’s proven reserves. The number of Colorado foreclosures has dropped in several of the Front Range towns during the last month:

* The number of Evergreen foreclosures fell by 0.98% during the last month. There are 132 foreclosed homes on the market now at an average price of $440,000. Evergreen is in the mountains just west of Denver and is at an altitude over 7,000 feet.

* The number of Boulder foreclosures fell by 1.17% during the last month. There are 182 foreclosed homes on the market now at an average price of $468,800. Boulder is just north of the greater Denver area and is the home of the University of Colorado.

* The number of Monument foreclosures fell by 1.70% during the last month. There are 83 foreclosed homes on the market now at an average price of $379,300.  Monument is located just north of Colorado Springs at the base of the mountains.

* The number of Sedalia foreclosures fell by 1.96% during the last month. Only 1 home went into foreclosure during the last month. The average price of listed homes in Sedalia is $524,900. Sedalia is a small town with a population of only 1,246 in Douglas County, south of Denver.

* The number of Erie foreclosures fell by 2.22% during the last month. There are 105 foreclosed homes on the market now at an average price of $258,600.

* The number of Golden foreclosures fell by 2.65% during the last month. There are 204 foreclosed homes on the market now at an average price of $215,000.

Colorado is known for its exceptional beauty Magnificent mountains, crystal clear lakes, streams and rivers, and skiing resorts all make for a huge array of outdoor recreational opportunities.

For a family looking to start home ownership, now may be the best chance to make that move. Reduced prices for Colorado foreclosures together with historically low mortgage interest rates make a home within reach for many who have been excluded from the market.

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The number of Arkansas foreclosures in the middle range of surrounding states as economy of Arkansas has not been hit as badly as some other states. The unemployment rate has been below the US national average during the recent recession with a current rate of unemployment just over 8%.

The economy of Arkansas includes a variety of agricultural products. The northwestern portion of the state includes several large chicken producers and is headquarters for the largest company in terms of sales in the world – Wal-Mart.

There are currently just under 11,000 foreclosed homes available throughout the state with an average statewide price of $110,000. The price of foreclosed homes in selected cities around the state rose in several locations over the course of the last month:

* The listed price of North Little Rock foreclosures rose by 0.4% during the last month. There are currently 284 foreclosed homes listed for sale at an average price of $119,900.

* The listed price of Little Rock foreclosures rose by 1.06% during the last month. There are currently 901 foreclosed homes listed for sale at an average price of $125,800.

* The listed price of Greenbrier foreclosures rose by 1.2% during the last month. There are currently 42 foreclosed homes listed for sale at an average price of $117,000. Greenbrier is north of Little Rock and Conway.

* The listed price of Fort Smith foreclosures rose by 0.27% during the last month. There are currently 381 foreclosed homes listed for sale at an average price of $117,500. Fort Smith is on the western edge of Arkansas.

There are some locations where there was a decrease in the listed prices of foreclosed homes:

* The listed price of Jacksonville foreclosures fell by a very small 0.62% during the last month. There are currently 381 foreclosed homes listed for sale at an average price of $114,900. Jacksonville is on the northeastern edge of the greater Little Rock area.

One of the most interesting and unusual attractions in Arkansas is the world’s only public diamond mine. Run by the state, the Crater of Diamonds State Park is near Murfreesboro and the person that finds it keeps every diamond found. An average of two diamonds is found every day. Although most are small, there has been several large, gemstone quality diamonds found at the park.

For any family looking to purchase one of the available Arkansas foreclosures, now may be the best time to look. The prices are down and the mortgage interest rates are at historic lows.

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Nevada is among the states most significantly harmed by the glut of foreclosures. The 57.800 Nevada foreclosures available for purchase, at an average listing price of $122,600, really show the dire situation Nevada’s housing market is in.

To make matters worse, Nevada’s rate of unemployment has reached 14.9%, the worst in the US.  The economy started with mining as the primary industry, but over many decades has become based on tourism. Outside Nevada’s major metropolitan areas, agriculture and mining continue to provide a significant portion of the state’s economic revenue.

In spite of their problems in the foreclosure market, there has been some decrease in the number of foreclosures listed for sale on the market. The following displays findings from three significant areas of the state:

* The number of Henderson foreclosures fell by 4.08% during the last month. There are currently 6,424 foreclosed homes for sale at an average price of $163,500. Henderson is in Clark County and is in the greater Las Vegas area.

* The number of Carson City foreclosures fell by 6.25% last month. There are currently 457 foreclosed homes for sale at an average price of $128,700. Carson City is the capital of Nevada and is in the Lake Tahoe area of the state.

* The number of Sparks foreclosures fell by 7.41% last month. There are currently 1,491 foreclosed homes for sale at an average price of $137,000. Sparks is just outside Reno.

* The number of Las Vegas foreclosures fell by 8.46% last month. There are currently 33,063 foreclosed homes for sale at an average price of $114,700.

* The number of North Las Vegas foreclosures fell by 11.86% last month. There are currently 7,918 foreclosed homes for sale in this city at an average price of $104,303.

The attractions of Nevada include world-class entertainment and tourism facilities. Nevada has become known as the destination for conventions and business meetings. With many well-appointed hotels, golf courses, rooms and other facilities, Nevada has become on the U.S.’s most popular tourist destinations.

However, other things attract people to this state. Skiing and boating in the Lake Tahoe area are world class as well. Lake Mead is another place where fishing, water skiing and other outdoor activities are available. Since Lake Mead is only a short drive from Las Vegas, many city dwellers as well as visitors to Las Vegas come out there to enjoy a respite from the city.

For young families looking to buy a home, now may be the best time to look into Nevada foreclosures. Prices are low while interest rates are even lower.

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The economy in Michigan is still in a very painful position. Unemployment rates are hovering at just under 11% and have increased slightly in the last few months. With almost 130,000 new layoffs in July, Michigan residents are not hopeful about the future of the housing market.

Residents also complain of decreased unemployment benefits and changes to the structure of state welfare programs. The only bright side in Michigan economy is a reported 3.8% increase in job growth in the first quarter of this year. Michigan foreclosures rate and increased unemployment rate have created an excellent market for the Michigan foreclosure investor.

The number of foreclosures on the market has not increased at all since July. Most Michigan cities report a lower number of foreclosed homes for sale this month than in recent months.

Detroit foreclosures have decreased by almost 12% between July and August. Of the large cities in Michigan, Grand Rapids has had the largest change in the number of foreclosed homes for sale. Grand Rapids boasts a 20% decrease in foreclosed homes that are presently on the market.

With Warren, Michigan foreclosed home listings decreasing by 13.6364% and Flint foreclosures decreasing by 12.5%, now is the time to invest in Michigan homes. The decreased number of foreclosed homes will offer investors less in the way of choices for home purchases.

Homes in Detroit are ranging between $10,000 and $70,000. With these prices, it is no wonder that this state is fast becoming a foreclosed home investor’s dream. Foreclosure listings in Lansing have also decreased by about 14% in the last month. This steady decrease in listings is expected to continue as the prices for housing in Michigan seem to have bottomed out.

Recent headlines in Michigan proclaim that the state is spending over $14 million dollars to hire a contractor to run the welfare computer system. The state government has argued that there is not enough money in the budget to attract highly-skilled employees who are willing to work outside of private companies. Also in the news, Michigan has cut benefits to unemployed workers by six weeks.

This comes as no surprise to many because of the depressed state of Michigan’s economy. Headlines have also recently declared that over 150 of Michigan’s school systems are on the verge of bankruptcy.

Governor Rick Snyder has proposed budget cuts of almost $500 per student. This budget cut is painful for both teachers and students and might make it impossible for these schools to recover. A positive is that investors continue to find great values in Michigan foreclosures.

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Arizona’s economy is looking up while the housing sector is finding it hard to recover. This summer, the economy has gone up with increased tourism dollars. Arizona foreclosures have not slowed because the unemployment rate is around 9%, causing many families to find themselves on the edge.

Over 23,000 new layoffs in the month of July have put pressure on the Arizona government to create new jobs for its population. Arizona wages are almost 5% lower than in the rest of the United States, making the state uncomfortable for wage earners.

In Phoenix this month, foreclosed home prices have risen 4.31%. Phoenix is one of the few cities in the state that has seen an increase in the average price for foreclosed homes. In the nation, most home prices have continued to fall with some states seeing an average price drop of 20% or more.

Phoenix foreclosures are priced all over the board and range from $60,000 to well over half a million dollars for a single family home. The increased pricing on foreclosed homes is thought to be due to an influx of buyers looking for a home in the Phoenix area. Phoenix, Arizona offers a wider selection of career opportunities for home buyers than most other cities in the state, making it the ideal city in which to seek a new beginning.

The price of Tucson foreclosures has decreased by over 20% between July and August. The city of Mesa had a 33.12% decrease in foreclosed home prices, making Mesa one of the best places to purchase a foreclosed home.

Prices in Glendale and Scottsdale are now in the range of 32-33% of the original housing prices. Foreclosed home prices are predicted to continue this downward trend for at least several months. Single-family homes in the Glendale and Scottsdale area have prices that average between $110,000 and $270,000.

In the last month, Arizona news stated that their state had the lowest gas prices in the entire nation. The average price per gallon for regular gas ranged from $3.43 to $3.45 per gallon. This is below the national average of $3.58 per gallon. The lowered gas prices have encouraged vacationers to travel within the state and spend money locally. This is a boost for those looking to purchase Arizona foreclosures. Also, in the news this month, is Arizona’s lawsuit against the Obama Administration over the Federal Voting Act. Arizona’s lawsuit claimed that provisions of the Federal Voting Act were unconstitutional, especially those provisions requiring a state to receive federal approval prior to changing election laws.

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According to Governor Bob McDonnell, Virginia’s economy is on the mend. This means that now is the perfect time to invest in a foreclosed home in this beautiful state. State revenues have been increasing steadily since February 2011, which means that Virginia’s economic status is one of the strongest in the nation.

Unemployment in the state has dropped below 7 percent, the lowest it has ever been since 2009. State revenue is expected to continue to grow as Virginia’s airports and cruise terminals pump billions of dollars into the state’s coffers. Virginia has survived well in even these difficult economic times, making Virginia foreclosures some of the hottest homes on the market.

This month, Virginia’s steady economic recovery has led to a decrease in the number of foreclosure homes available. In cities such as Richmond, Stafford, Virginia Beach and Springfield, there are less foreclosed houses listed now than there have ever been in the last three years.

Suffolk foreclosures have also decreased. In fact, foreclosure prices have recently risen in a few Virginia cities. Foreclosed home prices vary according to the style and size of the homes, but Richmond single-family homes can be purchased for as low as $53,000. With the upturn in Virginia’s economy, these prices are expected to continue to rise.

The price of foreclosures in Stafford dropped almost 27% between the months of July and August. The number of Virginia Beach foreclosures also decreased by 7.1429% during these months; most likely due to the decrease in unemployment. Foreclosed homes for sale in Suffolk, Virginia have also decreased sharply.

New foreclosures in Suffolk are down 13.6364% since July. The average purchasing price of a foreclosed home in Suffolk, Virginia ranges from $80,000 to about $212,000.Virginia’s foreclosed homes are really beginning to look like excellent investments. Richmond and Springfield have begun to prosper with foreclosures decreasing approximately by about 7% in Richmond and almost 5% in Springfield.

In recent news, Virginia’s earthquake is taking up most of the space in the newspapers. The recent earthquake’s 4.5 aftershocks have not caused any significant problems, thankfully, for infrastructure or health care in the state. Hurricane Irene is also threatening Virginia.

The storm is expected to make landfall in eastern North Carolina and then continue on to Virginia. State officials are beginning to ready the bridges and roads for evacuation, if the need should arise for the state to do so. In lighter news, Virginia foreclosures are not rocking the state as much as the weather has been. Now is definitely the time to invest in Virginia.

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The number of Tennessee foreclosures currently number 19,965 homes on the foreclosure housing market and are now available for purchase. The average listed price of foreclosed homes across the state is about $98,400.

The economy of Tennessee has been quite similar to those other U.S. states, with the unemployment rate recently rising to about 1 percent above the national average. Tennessee recently attracted major automobile plants for Nissan and Volkswagen. Fed Ex is also located in Memphis because it is a good position for their delivery operations. The historic agriculture business is centered in the delta regions, but do extend throughout the state.

The number and prices of foreclosed homes has risen in these towns:

* The number of Murfreesboro foreclosures rose by 3.8 percent during the last month. There are currently 422 foreclosed homes on the market with an average price of $142,300.

* The price of Jackson foreclosures rose by about 9.4 percent during the last month. There are currently 448 foreclosed homes on the market with an average price of $103,400.

The price of foreclosures has fallen in other cities, however:

* The price of Hixson foreclosures fell by 20.3 percent during the last month. There are currently 115 foreclosed homes on the market with an average price of $159,900. Hixson is located in the greater Chattanooga area.

* The price of Antioch foreclosures fell by 11.7 percent during the last month. There are currently 677 foreclosed homes on the market with an average price of $84,900. Antioch is a suburb of Nashville.

The state of Tennessee itself ranges from the Appalachian Mountains in the eastern portion of the state to the Mississippi delta in the southwestern corner. There are also several decent-sized cities in Tennessee.

Memphis is along the river and is known for their blues music and barbecue food. Nashville is the capital, is home to the Grand Ole Opry, and is a center for the music industry in the U.S. Knoxville is home to the Oak Ridge National Labs, which played a critical role in the development of atomic weapons during WWII, and is still one of the largest labs anywhere in the country.

Tennessee also has an outstanding system of higher education. There are several world-class universities, including Vanderbilt, the University of Tennessee, Memphis and, others, which are all located in the state.

There are many Tennessee foreclosures available today, scattered across the state. With the lower prices of foreclosed homes and the historically low mortgage interest rates, the current market can be a great chance for first time home-buyers to move into their own home.

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