Buy Foreclosed Homes for Sale in 5 States Aided with $1.5B- By: John Cutts
Owner occupant buyers and investors can buy foreclosed homes for sale in the five states aided by President Barack Obama with $1.5 billion last week.
Prospective buyers can find lower-priced properties in these states because of the high rates of foreclosure and unemployment, and at the same time, they can hope for full housing-market recovery in the next couple of years because of the federal help they are getting.
In a town hall meeting held last week in a suburb of Las Vegas, President Obama announced an additional $1.5 billion in financial aid to Nevada, Florida, California, Michigan and Arizona, the states considered the most battered by the housing crisis.
Florida has just been reported as having 25 percent of its mortgage loans in default by at least one month while Nevada and Arizona have been reported as having 65 percent and 48 percent, respectively, of their mortgages in underwater situations. Home prices in all the five states have fallen sharply by more than 20 percent.
Additionally, Nevada and Michigan posted the highest unemployment rates in the country in January, with Nevada posting a 13-percent jobless rate. Nevada also has been topping the foreclosure charts over the past 37 months.
Buyers with plans to buy foreclosed homes for sale in these five states can also expect easier time in looking for foreclosures despite the nationwide decline in foreclosure activity in January because these five states have a combined total of 169,362 foreclosure filings in January this year, as reported by a foreclosure tracking company.
Arizona posted more than 21,000; California had nearly 72,000; Florida filed more than 47,000; Michigan posted almost 18,000 and Nevada posted nearly 12,000. While California, Florida and Michigan posted declines, Arizona and Nevada posted increases of 4.5 percent and 0.7 percent, respectively.
The combined total of real estate owned residential properties also was also relatively large at 39,441 units. These figures are in addition to the already large numbers of foreclosures in 2009. In 2009, these five states had a combined total of more than 1.5 million foreclosure filings, more than 50 percent of total foreclosure filings by all 50 U.S. states in 2009.
In both the 2009 and January 2010 reports, Nevada and California topped the charts based on foreclosure rates and foreclosure volumes, so prospective purchasers can also consider focusing first their plan to buy foreclosed homes for sale in these two states.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.