The current year is supposed to be good forbuying distressed homes, with most metro areas in the U.S. recording jumps in foreclosure rates compared with 2009 levels. According to the latest data from CoreLogic, a firm that specializes in providing real estate market analysis, one household out of 32 in the U.S. is in foreclosure.
The nationwide ratio is significantly higher than the 2009 ratio when one household out of 37 was in foreclosure. Chicago foreclosed homes, IL are some of the highest in the country, with the city contributing to the yearly nationwide ratio increase. In terms of delinquency, CoreLogic reported that in the whole U.S., 7.8% are three months delinquent compared with 6.7% in 2009.
Illinois foreclosure homes are not the only ones with increasing statistics. Most metro areas in Florida have recorded increased foreclosure activity during the year. Cities like Detroit, Phoenix, Brentwood in New York and Camden in New Jersey are also significant contributors, although not as much as Miami.
According to housing market analysts, people buying distressed homes will likely find the widest available choices in Miami, with the city having a ratio of one foreclosure for every 23 households. CoreLogic has stated that the nationwide increase is not spread evenly, with other cities having higher activities than other areas.
Foreclosed home listings data for the year showed that a state can have one city suffering from high delinquency rates, while other areas within it seemed unperturbed by the housing market crisis. For example, New York's Brentwood has an estimated one-third of its homes in some level of foreclosure, while some areas of Manhattan have a ratio of one delinquency for every 200 loans.
Aside from Manhattan, other metro areas that are enjoying respectable delinquency and foreclosure rates are San Francisco, California; Fargo, North Dakota; Corvallis, Oregon; Manhattan, Kansas and Lubbock, Texas. California has some of the highest foreclosure activities, but its city of San Francisco has less than 1% of its households in foreclosure.
Despite the high number of foreclosures in several major cities, not a lot of people are buying distressed homes due to difficulties in securing financing and due to fear of unemployment. However, analysts stated that should the home buying activity picks up; some cities will be better markets for buyers than others.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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