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2010-12-03 11:18:09

Foreclosure Rates Show Mixed Response in Different States

Since the document crisis started two months ago, foreclosures took a back seat. Negligible numbers of houses were put for auction. However, number of houses that were bought back by the lenders remained steady. Several states nationwide depicted a mixed response after the “Robo signing” debacle. According to a survey conducted in 366 metro, the national average of seriously delinquent homes soared from 382 days in year 2009 to 492 until the end of second quarter of 2010. The rate puffed up from 2.85 percent last year to 3.29 percent this year.

Nevada has been the worst hit by foreclosure properties and tops the list by depicting an increase of 4.4 percent that is up from 19.9 percent in 2009 to 24.2 percent in 2010. Florida stands second with nine of out of 10 houses in default of over 3 months or more. Miami tops the metro area charts with 25.6 percent of houses late in mortgage payments, a rise of 4.3 percent compared to last year. This was followed by Fort Lauderdale, Pompano Beach that showed augmented figures of 4.3 percent, an increase to 25.6 percent from 21.3 percent.

Another area feeling the heat of foreclosures is Los Angeles. It stood at 124th place in the nationwide list. About 9.9 percent of houses in Los Angeles are in default of over 90 days or more. Figures in Memphis increased from 1.89 percent in September 2009 to 2.20 percent in September 2010. Number of houses that received a Real Estate owned status dipped from 0.57 percent from September last year to 0.55 in September this year. Similarly, in Tennessee, foreclosure rates amplified by 1.34 to 1.59 percent compared to last year.

On the other hand, rates in Sacramento, California, plummeted from 3.56 percent from September 2009 to 3.41 percent in September 2010. This includes areas of Sacramento like Arcade, Roseville and Arden. Statistics showed slight dip in the number of houses in Sacramento that are in default of over 90 days or more, they slipped 10.88 percent to 10.55 percent. In contrast, Sioux City, registered an increase of 2 percent in the number of homes that were closed and 4 percent increase in delinquent home rate.

Considering the above statistics, improvement can be seen in some areas which are indicating positive signs, and if this continues, foreclosure rates will decrease drastically.

Original post: http://www.e-foreclosuresearch.com/blog/foreclosure-rates-show-mixed-response-in-different-states/ on E-ForeclosureSearch.com, your source of foreclosure homes for sale.

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