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Foreclosures by State Increased in the First Half of 2010

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By : John Cutts    99 or more times read
Foreclosures by state during the January-June 2010 period increased significantly. Latest housing market statistics showed that almost 75% of all metro cities in the U.S. recorded higher foreclosure activities and filings. The figures are in comparison with the first six months of 2009.

The number of government and bank owned foreclosures in over 150 metro areas out of 206 rose during the six-month period. However, regions that had consistently ranked high among U.S. places in terms of foreclosure rates recorded some declines, although their numbers remain high.

Properties under foreclosure home auctions were highest in Florida, Nevada, Arizona and California. In the top 20 metros, nine are Florida counties, while eight can be found in California. Nevada had two entries in the top 20, while Arizona had one.

However, despite occupying the highest rankings, the foreclosure activity rates in these states are lower when compared with the first quarter of 2009. Florida foreclosures, particularly in the Cape Coral-Fort Myers metro, declined by an average of 30% when compared with January-June 2009 period. The Florida metro area still made it to second place, though.

Foreclosures by state totaled 1.6 million nationwide during the current year's first half. This includes all properties in varying stages of foreclosures. The total number represents an 8% rise from the same period of 2009, but translates to a 5% decline when the second half of 2009 is used as basis for comparison.

In the region of Washington, foreclosure activities declined by 5.4% compared with the same period of 2009, and almost 18% when compared with the last six months of 2009. This represents a ratio of one household for 78 receiving at least a notice of foreclosure during the six-month period. Las Vegas remains the country's metro with the highest rate of foreclosure during the six months in focus, with 6.6% of its residential properties associated with foreclosure filings. However, this figure represents a 15% decline from six months ago and a 9% decline from a year ago.

Real estate analysts have stated that the primary reason behind the higher rates of foreclosures by state is not bad loans, but the poor economic condition in the whole country and high unemployment rates.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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