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Foreclosure
The leading online marketplace for foreclosure properties, RealtyTrac® announced April 13th through its U.S. Foreclosure Market Report™ for April 2010, that foreclosures rates have decreased by 9 percent from March to April.
“There were two important milestones in the April numbers that show foreclosure activity has begun to plateau — but at a very high level that will not drop off in the near future,” said James J. Saccacio, chief executive officer of RealtyTrac. “We expect a similar pattern to continue for most of this year, with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process as lenders systematically work through the backlog of distressed properties,” The CEO further said.
103,762 properties received default notices while foreclosure auctions numbered to be 137,643 during the month. Although, bank repossessions hit a record high with a total of 92,432 properties repossessed by lenders during April.
Amongst the states, Nevada, Florida and Arizona posted high numbers in foreclosures for the month. 1 in 69 housing unites received foreclosure in Nevada while 1 in 169 housing units in Arizona received foreclosure filing. California, Utah posted fourth and fifth in highest foreclosure rate respectively. Idaho, Michigan, Illinois, Georgia and Colorado round the top 10 states for foreclosing rates.
Top 10 states with the highest foreclosure rates:
1. Nevada: 1 in 69 units
2. Arizona: 1 in 169 units
3. Florida: 1 in 182 units
4. California: 1 in 192 units
5. Utah: 1 in 221 units
6. Idaho: 1 in 226 units
7. Michigan: 1 in 237 units
8. Illinois: 1 in 280 units
9. Georgia: 1 in 288 units
10. Colorado: 1 in 337 units
Furthermore, the majority of metropolitan areas that have higher foreclosure rates reside in California and Nevada. The list of top 10 metropolitan areas with high foreclosure rates follows:
Top 10 metro areas with the highest foreclosure rates:
Foreclosure Las Vegas
1. Las Vegas: 1 in 60 units
2. Modesto, Calif.: 1 in 101 units
3. Merced, Calif.: 1 in 104 units
4. Cape Coral-Fort Myers, Fla.: 1 in 105 units
5. Stockton, Calif.: 1 in 108 units
6. Riverside-San Bernardino-Ontario, Calif.: 1 in 110 units
7. Reno-Spark, Nev.: 1 in 112 units
8. Vallejo-Fairfield, Calif.: 1 in 117 units
9. Bakersfield, Calif.: 1 in 120 units
10. Phoenix-Mesa-Scottsdale, Ariz.: 1 in 136 units
Source: Realtytrac
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Sin City leads metro areas with highest foreclosure rates, Foreclosure rates have dropped in April is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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