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Real Estate Property Foreclosures - Is Foreclosure Dam breaking in 2010
The January foreclosure report from RealtyTrac, the leading online marketplace for foreclosure properties showed that a decrease of nearly 10 percent from previous month but 15 percent higher than January 2009. One out of every 409 US Housing units received a foreclosure filing in January.
RealtyTrac senior Vice president Rick Sharga said, “The real spike was in bank repossessions. And that suggests to me that some of the processing delays that we saw keeping numbers down may be ending.” More and more borrowers are defaulting strategically – seriously delinquent and walking away from their mortgages even if they can afford the payments.
Las Vegas posted the nation’s highest metro foreclosure rate for the year, with more than 12 percent of its housing units receiving a foreclosure notice in 2009 — more than five times the national average. Las Vegas reported a quarter-over-quarter decline in foreclosure activity in the fourth quarter — as did all the other metro areas with foreclosure rates ranking among the top 10 for 2009.
With 11.87 percent of its housing units receiving a foreclosure notice in 2009, Cape Coral-Fort Myers, Fla., documented the second highest metro foreclosure rate. Other Florida cities in the top 10 were Orlando-Kissimmee at No. 7 (8.17 percent), Port St. Lucie at No. 9 (7.58 percent), and Miami-Fort Lauderdale-Pompano Beach at No. 10 (7.16 percent).
Merced, Calif., registered the nation’s third highest metro foreclosure rate, with more than 10 percent of its housing units receiving a foreclosure notice in 2009. Other California cities in the top 10 were Riverside-San Bernardino-Ontario at No. 4 (8.80 percent), Stockton at No. 5 (8.62 percent), and Modesto at No. 6 (8.53 percent).
The Phoenix-Mesa-Scottsdale metro area in Arizona documented the nation’s eighth highest metro foreclosure rate in 2009, with more than 8 percent of its housing units receiving a foreclosure notice during the year.
Will this provide more opportunities to homebuyers?
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This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Is the Foreclosure Dam Breaking? is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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