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Foreclosure Homes By State Filings Continue to Climb



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By : John Cutts    99 or more times read
A consolidated report released by several research firms showed that the usual suspects, Florida, California, Arizona and Nevada, recorded some of the highest numbers in terms of foreclosure homes by state for March 2010.

The report highlighted some of the factors that contributed to the expanding list of foreclosure homes in these states. One of these is the rise in loan delinquency rates. According to the report, loan delinquencies in these four states rose in conjunction with the rise in the number of foreclosures.

Data showed that states with the highest increase in foreclosure rates also showed rising foreclosure filings for the first quarter. Nationwide filings jumped by 15% compared with the last quarter of 2009. However, filings statistics declined by 16% during the first 2010 quarter when compared with the same 2009 quarter.

Areas that showed rising foreclosure homes by state in March also recorded a jump of around 30% in foreclosure filings compared with the previous month. Although this is a considerable jump, analysts are looking at the positive side of the report, which is that figures for 2010 are actually more than 25% lower when compared with the same period a year before.

Another significant aspect of the report is that Utah is now ranked fifth in terms of states with the longest list of foreclosure homes. The rise in foreclosure filings in Utah has been deemed dramatic, with the state experiencing a 75% rise in foreclosure during the first three months of 2010 compared with the same quarter of the previous year.

The nationwide statistics, on the other hand, showed a 7% rise in foreclosures during the 2010 initial quarter. This percentage is in comparison with the last quarter of the previous year. When compared with last year’s first quarter, the increase is pegged at 16%.

The first quarter numbers of the current year might be relatively lower than those recorded during the 2009 initial quarter, but analysts stated that the difference might not have been accurate since most foreclosure activities in 2009 were put on hold by lenders.

The report from various research firms on foreclosure homes by state for the initial quarter of 2010 showed that, except for Utah, the same states occupy the top positions in terms of the number of foreclosures and loan delinquencies.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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