Real Estate Pro Articles

Foreclosed and Real Estate Owned Properties Up in Des Moines Last Year

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
The number of foreclosed and real estate owned properties increased in Des Moines, Iowa, last year compared with 2009 levels. The metro area posted an increase of over 10% from year-ago levels, with higher rates attributed mainly by analysts to the ongoing weakness in the job market.

Des Moines distressed properties and foreclosed houses totaled 2,964 in 2010, representing a 12.2% rise from the foreclosure total recorded in 2009. Compared with 2008 figures, the rise was a considerable 44.7%. Last year, the metro area has a foreclosure rate of 1.26%, still below the average recorded nationwide. Statewide foreclosure figures for last year were mixed, with some areas recording increases while others posted declining numbers.

The number of foreclosed and distressed homes in Iowa increased in several areas, including Cedar Rapids. A total of 961 households was under some stage of foreclosure in Cedar Rapids last year, up 53% from 2009 levels. The area had a foreclosure rate of 0.86% in 2010, much better than the rate of Des Moines. However, when foreclosure totals last year were compared with 2008 period, Cedar Rapids posted a jump of 44.7%, the same increase as Des Moines.

Meanwhile, the Quad Cities region had a different experience from Des Moines and Cedar Rapids in 2010. In the region's cities of Rock Island, Moline, and Davenport, the number of real estate owned properties and foreclosed houses dropped by 0.98% compared with 2009 levels. In 2010, a total of 1,725 properties was under foreclosure in the area of Quad, giving the region a foreclosure rate of 1.04%.

However, when compared with 2008 figures, Quad Cities posted an increase of 35.7% in terms of number of foreclosed and distressed home listings. All three Iowa regions recorded a better foreclosure rate than the national average last year as 2.9 million properties fell into foreclosure all over the U.S. in 2010.

According to housing market experts, the record level of foreclosures and real estate owned properties recorded nationwide in 2010 was mainly due to the high unemployment rate of the country. They added that, in 2011, foreclosure totals will remain high in most areas and will likely topple the record posted in 2010.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles