For the 4rth straight month, foreclosure activity was dominated by 3 states.
As reported by RealtyTrac.com, more than 50% of foreclosure-related actions in June were in California, Florida and Nevada.
Others in the Top 10 include Arizona, Georgia, Michigan, Texas, Ohio, Illinois and Colorado.
June’s foreclosure figures are consistent with data from earlier this year, suggesting the foreclosure remedy plans put forth by the government and by lenders can barely keep pace with the national default rate.
Foreclosure-related actions nationwide are up 5% from May.
The silver lining in data this negative is foreclosures are creating tremendous buying opportunities for the right buyers. Because foreclosed homes tend to sell at a discount versus non-foreclosed homes and because mortgage rates are low, home sales are showing strength in a multitude of markets because of ample supply at relatively cheap prices.
Distressed homes accounted for one third of all existing home sales in May.
Search the complete June 2009 foreclosure report for yourself, including foreclosure heat maps and other trends on the RealtyTrac website.
Posted by Scott Fowler. Scott is a Partner / Sr. Loan Officer with Horizon Financial. Scott can be reached toll free @ 877-627-9211 x 104 or email SFowler@HorizonFinancial.org. Visit Scott’s website @ www.ScottFowlerTeam.com .
