miss the location, location, location...
Below are three Business Journal articles: Phoenix, Atlanta & So Florida.
Same RealtyTrac press release & data, totally different stories.
They ARE worth reading, each of them, bcuz each not only provides U.S. with a view of their own RE economic situations, BUT, they provide quite different segments of the full RealtyTrac story.
The last article is a very good over view of the full dimension of the foreclosure problems, AND it has The Map - which shows U.S. that it really IS "location".
What was originally the sand states of Cal, Nev, Fla & AZ...
is now spreading up the West Coast
and moving inland to cover Idaho, Utah and Colorado !!!
As my comment below points out, the problem is lessening in the worst, sand states
BUT, it is growing AND spreading all across U.S.
NOT Good on ya Mate.
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As one of your other BJs pointed out, foreclosures are down in the sand states - the largest underwater RE markets, even so still with 50% of all foreclosures.
As another article/study of ARM loans tells U.S., of the worst of the subprime & ARM loans, over 50% of all RE loans to U.S. between 03 and 07, more than 80% of them are "in trouble" - behind in payments, underwater, already out or now in foreclosure, already in or about to be in BK.
More relevant, IF they are correct, is their argument that MOST of the ARM loans - those that are scheduled for resets this and next year - have already been or are being washed out of the market this year! And, if THAT is true, there will be NO new flood of ARM foreclosures.
Finally, the sand states, aka Arid-zone-Ah - get a break. So, IF we can create some jobs for U.S., the worst may be really, truly, over.
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There were 1,654,634 foreclosures in the United States for the first half of 2010, up 8.3 percent over the first half of 2009.
The top 10 worst states and their foreclosure totals for the first half of 2010:
Nevada -- 64,429
Arizona -- 91,484
Florida -- 277,073
California -- 340,740
Utah -- 18,058
Georgia -- 71,949
Michigan -- 78,509
Idaho -- 10,799
Illinois -- 85,223
Colorado -- 30,177
The top 10 worst metro area and their foreclosure totals for the first half of 2010:
Miami -- 94,466
Los Angeles -- 93,263
Chicago -- 78,022
Phoenix -- 73,352
Riverside, Calif. -- 63,717
Las Vegas -- 53,525
Atlanta -- 52,381
Detroit -- 47,563
New York -- 44, 522
Orlando, Fla. -- 37,352
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Foreclosure numbers fall, but AZ still No. 2
http://phoenix.bizjournals.
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Atlanta has sixth-most foreclosures through Q2
http://phoenix.bizjournals.
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RealtyTrac: July foreclosures rise
http://phoenix.bizjournals.
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July Foreclosures Grow as Banks Continue to Take Back Properties
http://www.realestatechannel.com/us-markets/residential-real-estate-1/real-estate-news-july-residential-foreclosures-realtytrac-home-foreclosures-foreclosure-rates-home-buyer-tax-credit-us-foreclosure-market-report-2985.php
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