2010: No change for home foreclosure rates
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Posted On :
Aug-20-2010
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Article Word Count :
491
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Teh foreclosure trend show no sign of easing thus far in 2010
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Realtors are again dismayed because the market shows virtually no signs of showing improvement across most of large U.S. cities. Many homeowners continued fall behind on their mortgage payments in the first half of this year than this period last year.
Could it be a sign that the nation's foreclosure crisis is continuing as weary homeowners cope with lack of jobs and slow job growth? The vast majority of metropolitan areas with over 200,000 residents registered an increase in foreclosure activity from January to June, per RealtyTrac this past month.
The firm follows foreclosure filings home owner auctions and home foreclosures signs that can lead to home eventually being foreclosed on by the bank.
Current figures reveal the foreclosure trend continuing to extend beyond the primary problem markets such as Arizona and Nevada. Those states saw housing values increase during the housing bubble. When the boom discontinued, prices plummeted and foreclosures soared.
According to experts the foreclosure level trend is affected much more now by unemployment than previously, and is spreading to additional areas. The net result is a downward trend on the home prices.
The most affected market is metro Miami area which posted the most increase in foreclosure notices according to RealtyTrac. The Sunshine State accounted for 90% of the metro areas with the highest foreclosure notice rates.
The current figures can mean a greater trend in foreclosures across the country. A few weeks ago, RealtyTrac also said that foreclosure notices increased in the beginning of the year by 8% for the same period last year. At the same time they dropped five percent for the final 6 months of 2009.
Between January and June, in all, approximately 1.7 million property owners received a foreclosure notice. This represents about one in78 homes in the United States. RealtyTrac also pointed out, approximately 1 million homes will likely be lost to foreclosure.
The other side of the coin is, of top 10 problem areas, none have had a foreclosure rate increase from the last year.
Metro areas like Las Vegas, Stockton and Cape Coral seem to have seen their maximum in default rates. While this is good news, these areas continue to experience foreclosure rates that are dramatically greater than the rest of the U.S. The metropolitan areas with the greatest delinquency challenges have continued to be fairly undisturbed for most of the last 12 months.
The Las Vegas area continued to lead the pack with 1 in every fifteen homes having received a delinquency notice in the first 2 quarters of the year - as much as 5 times more than the national average.
The rest of the top 10for the beginning of 2010 is: Cape Coral-Fort Myers, Modesto, Merced, Riverside-San Bernardino, Stockton, Phoenix-Mesa, Orlando-Kissimmee, Vallejo-Fairfield, and finally Miami-Fort Lauderdale.
The sole metro area to show an increase in foreclosure rates among the top ten was the Miami-Dade market.
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Article Source :
http://www.articleseen.com/Article_2010: No change for home foreclosure rates_30106.aspx
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Author Resource :
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Keywords :
real estate, foreclosures, recessions, market update, realtor, investing,
Category :
Finance
:
Real Estate
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