Top 10 States turning out foreclosure filings in large numbers
It is common knowledge that millions of home owners in the country are worst hit by the foreclosure fiasco. The glossary of real estate market is adding up new terms such as “For Sale By Owner”, “Foreclosure distress sale” and “Short Sale”. In spit e of initiative by the government to redress the grievance of troubled home owners, the situation is still bleak in many States for people to come out the tragedy of foreclosure crisis.
According to latest reports the foreclosure filings are increasing month after month and here are the top 10 States worst-hit:
Nevada is topping the list of foreclosure rates for consecutively 38 months ending February 2010. Only the figures of foreclosure filings – default notices; scheduled foreclosure auctions; and repossession by lenders after foreclosure sale public auction – are fluctuating slightly. The national average is beaten by this State – four times more – by reporting one in 102 housing units in Nevada received foreclosure filing.
Arizona ranked the 2nd place along with Florida in the 3rd rank – although both States turned out an identical figure of one in 163 housing units receiving foreclosure filing.
California has been consistently in the news for foreclosure activity, ever since the foreclosure calamity hit US nation. In February 2010 it got the 4th place with one in 195 housing units falling for foreclosure process.
Michigan shares the 5th rank in foreclosure filing rate with one in 226 housing units reported to be under foreclosure.
The top 10 list of foreclosure activity is shared by – 6th rank Utah – one in every 275 housing units; 7th rank Idaho one in 296 units; 8th place goes to Illinois where one in 305 housing units are under foreclosure; 9th place is recorded by Georgia reporting one in 331 units and lastly the 10th place is assigned to new comer Maryland – one in 407 housing units.
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