Most housing industry analysts in the U.S. are predicting further increases in the number of foreclosure homes for sale in 2011 as 2010 marked a record-breaking period in terms of foreclosure-related filings issued to property owners. According to full-year residential real estate data, 2,871,891 properties received a filing last year.
The huge number of foreclosure-related filings issued by lenders last year will likely lead to more cheap houses for sale flooding the U.S. market, according to industry analysts. Despite a decline in the number of filings during the month of December 2010, full-year figure still reached a record high. Notices of default issued in December fell by 4% compared with November 2010 and declined by 35% compared with the same 2009 month.
In terms of foreclosure rates and supplies of distressed real estate, 2010 saw the state of Nevada maintaining its number one ranking, which the region has held since four years ago. One in every 11 households in Nevada received a filing last year, making it the state with the highest foreclosure rate for 2010. Nevada maintained its top ranking despite an 18% drop in foreclosure activities during the year compared with 2009 levels.
Meanwhile, Arizona posted the second highest foreclosure rate in the U.S. last year. This marks the second consecutive year that the state has been ranked second in terms of number of foreclosure homes for sale and foreclosure-related filings among the 50 U.S. states. One household out of every 17 received a filing in Arizona in 2010, giving it a 5.73% foreclosure rate.
Florida, on the other hand, was ranked third. Foreclosed and repo homes continued to rise in Florida during 2010, with the region having a foreclosure rate of 5.51% or one household out of every 18 receiving a filing. The top ten was rounded up by California, Utah, Georgia, Michigan, Idaho, Illinois, and Colorado.
More than 50% of the total filings recorded in the whole U.S. in 2010 were accounted for by the states of Michigan, Illinois, Florida, California, and Arizona. Combined foreclosure homes for sale numbers and foreclosure-related filings in these five regions reached almost 1.5 million.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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