The Geographical Concentration Of Foreclosures
Once again, the country’s foreclosures are concentrated in just a few states.
As reported by foreclosure-tracking company RealtyTrac.com, more than 50 percent of the country’s foreclosure-related actions in August occurred in just four states:
- California : 25.76 percent
- Florida : 17.4 percent
- Michigan : 5.4 percent
- Nevada : 5.0 percent
The rest of the “Top 10” foreclosure states included Arizona, Illinois, Georgia, Ohio, Texas and New Jersey.
Versus July’s numbers, the U.S. foreclosure rate improved last month. However, the August data is awful in comparison to last year — foreclosures are up nearly 18 percent.
The silver lining? High foreclosure rates are yielding tremendous opportunities for today’s home buyers. Buyers of distressed properties now account for about one-third of all home sales and low mortgage rates and a federal tax credit are spurring sales.
Search the complete August 2009 foreclosure report for yourself, including foreclosure heatmaps and other trends on the RealtyTrac website.
We have been lucky here in Knoxville compared to other parts of the country. But we have seen an up tick in the foreclosure market here in Knoxville.
What many distressed Knoxville homeowners are starting to realize is they do have options other than foreclosure. One option that is a available is a Short Sale of their Knoxville home. But this is a very difficult process that should be handle by someone like a CDPE. I’m a CDPE and I have been successfully helping distress Knoxville homeowners understand what all their options are instead of losing their home to foreclosure.
If you are having trouble making your house payments please feel free to contact me at 865-696-9002 or [email protected]. You do have options and my services to you cost you nothing. I will be happy to meet with you and help you through these difficult times.
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