TipsForeclosure trends in top 10 states
State |
Household foreclosure rate (percent)
|
Total properties
|
Filings % change Nov.-Dec.
|
Filings % change year
|
|
Nevada
|
3.38
|
34,417
|
+64%
|
+215%
|
|
Florida
|
2.0
|
165,291
|
+6.8%
|
+124%
|
|
Michigan
|
1.95
|
87,210
|
+1.57%
|
+68%
|
|
California
|
1.92
|
249,513
|
+33.3%
|
+238%
|
|
Colorado
|
1.92
|
39,403
|
-2.5%
|
+30.0%
|
|
Ohio
|
1.8
|
89,979
|
-26%
|
+87.9%
|
|
Georgia
|
1.57
|
59,057
|
-14.2%
|
+31.1%
|
|
Arizona
|
1.52
|
38,568
|
+31.8%
|
+151%
|
|
Illinois
|
1.25
|
64,310
|
+19.7%
|
+25.3%
|
|
Indiana
|
1.03
|
27,980
|
-34.1%
|
+11.3%
|
|
U.S.
|
1.03
|
1.3 million
|
+6.83%
|
+75%
|
Source: RealtyTrac
01/29/2008
Inman News
Because of the unfortunate forclosure trend many people have asked me what is the best way of getting through these difficult times. My response has been educate yourself with your current housing market. Remember that in most cases your homes value is only what the other homes in your community (being in same size and structure) is worth.
I mention to them have your home appraised as to assess the equity or lack there of in your home. This is key because it will give you an idea of whether to sell or remain in the home. If you enjoy the community's services ie. schools, police, fire department, and overall local government maybe it is good for you to stay and weather the storm.
As you can see in the above chart many states residents have suffered greatly because poor choices made by them, their broker, or lender. If you happen to be one of these individuals check with your local representatives and attorney generals to voice your concerns and see what other avenues can be taken to prevent you from losing your home.
Please feel free to email us at AppraisersFirst.com with comments and concerns.
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