Foreclosures Continue To Flood The Nation
May 26th, 2008
According to recent findings foreclosures continue to flood the nation and have not peaked as yet. There have been significant increases since the last one-month. House owners are somehow trying to cling on to the houses that had bought on mortgage during the time of easy loans when no questions were asked about income or credit history. This had led to the housing boom. But now the bubble has burst. Undoubtedly the situation is painful to many. But for others it has opened up new opportunities to move into affordable houses.
According to online data collecting firm RealtyTrac “April filings – defined as default notices, auction sale notices, and bank repossessions – spiked by almost 65% from the same month last year.” The latest numbers show that three states are suffering the most – Nevada, California and Arizona. In Nevada the foreclosure rate is 1:146, In California 1:204 and in Nevada 1:224. In numbers California topped the list but Nevada came first as regards foreclosure rate. Filings in Arizona, according to East Bay Business Times, shot up during the first quarter by about 245%. Florida stood fourth in the list of hard hit states. Foreclosure Houses increased by 17% from the last quarter of 2007 and by 178% from the first quarter of 2007.
During the first three months of 2008 foreclosure activity went up on a year-over-year count in 46 out of the total of 50 states. In 90 of the 100 metropolitan regions of USA foreclosure numbers are alarming.
It has been remarked in New York Times that although the talk on foreclosures is mostly about owners of houses, the fact is that condo owners are equal sufferers. Often while compiling foreclosure numbers the condos are left out but these contribute to 1 out of 8 of the units in the country. Sales of condos have gone down by 26% in March 2008 in relation to what it was in March of the previous year, according to the National Association of Realtors. The reduction of sales combined with increase in foreclosures has badly affected the quality of lives of those who continue to remain in the condos. With more and more empty units the pressure of maintenance and other incidental fees continue to increase. Some are doing the work themselves like trimming lawns but some fees like water and heating are unavoidable. The commercial properties are in an equal plight as the residential units.
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