14 States That Continue To Get Crushed By Foreclosures
Mamta Badkar | 10 minutes ago | 296 |
Foreclosure filings across the U.S. declined four percent in March from the previous month, and fell 17 percent from a year ago, according to the latest data from RealtyTrac.
Moreover, Q1 foreclosures were down 16 percent from a year ago.
But there is still supposed to be a tidal wave of foreclosures coming this year:
“The low foreclosure numbers in the first quarter are not an indication that the massive reservoir of distressed properties built up over the past few years has somehow miraculously evaporated,” said Brandon Moore, chief executive officer of RealtyTrac.
“There are hairline cracks in the dam, evident in the sizable foreclosure activity increases in judicial foreclosure states over the past several months, along with an increase in foreclosure starts in many judicial and non-judicial states in March. The dam may not burst in the next 30 to 45 days, but it will eventually burst, and everyone downstream should be prepared for that to happen — both in terms of new foreclosure activity and new short sale activity.”
We went through RealtyTrac's data and ranked the 14 states with the highest foreclosure rates in March 2012.
Note: Rankings are based on the foreclosure rate, not total foreclosure filings. Foreclosure rate is defined as a foreclosure filing for 1 in every x homes. The number of foreclosure properties are for the month of March.
1 in every 804 homes received a foreclosure filing in March 2012
Foreclosure properties: 1,663
Q1 2012 foreclosure filings were up 5.67 percent from a year ago
The rest of them are here: