Las Vegas And California Cities Show Top Foreclosure Listings
The mortgage crisis is hitting states all over the country
. No state is exempt from feeling the pinch financially and all of the housing markets are looking quite bleak. However, the hardest hit areas are in the states of Nevada and California. The worst city for housing markets is Las Vegas where the foreclosures are the highest. On the list of the top 20 cities for foreclosures, 17 of these were in California, Florida, and Nevada. It is estimated by many that over 3 million people will face foreclosure this year alone. Some other states where the numbers are increasing are Oregon, Utah, Illinois, and Arkansas as well.
The economy appears to remain in a state of distress with the unemployment rate being close to 10% and estimated to remain the same throughout the entire year. Foreclosures and unemployment are directly related. People are unable to pay their mortgages when they dont have income coming into the home any longer. The government has been trying to help the mortgage crisis but their help cannot extend forever and when it does come to halt foreclosures will continue to rise. The Federal Reserve spent $1.25 trillion in their program to purchase mortgages. In December the federal loan rate was set to 4.71%, which was the lowest since the program originated and data was kept beginning in 1972.
In December the rates of new home sales fell 7.6% which shows that even the $8,000 tax credit wasnt enough to encourage people to purchase homes. Many borrowers are finding themselves in frustrating situations and are unable to stay current. They have fallen behind on their payments and some even just remove themselves from the mortgages due to the hard financial times we are all facing now. The cities of Seattle, Honolulu, and Minneapolis saw their foreclosure rates double the national rate from 2009. Other cities which saw rising rates but not quite as much included Rockford in Illinois, Provo, UT, and Portland, OR.
The numbers of people who face foreclosure in Las Vegas is 12% of the households, or more than 1 in 10 people. This number is five times higher than the average across the country. These 12% all either received repossessions, auctions occurred or notices of default were given. In the good news, in the fourth quarter of 2009, the filings for foreclosures fell from the third.
The state of Florida did not see results that were much better. The city of Cape Coral-Fort Myers received the second highest rate of foreclosures with a close number to Las Vegas, 11.87%. Other Florida states that experienced high rates included Orlando0Kissimmee, Port Saint Lucie, and Miami-Fort Lauderdale-Pompano Beach. In the state of Arizona in the city of Phoenix over 8% of the households were in some stage of foreclosure when the results were compounded.
The results of the communities were collected by RealtyTrac. They collected data from over 2,200 individual counties. These counties were a decent representation of the population and showcased 90% of the population in the entire country.
by: Robert M.
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