Foreclosures are still concentrated in 4 states.
According to RealtyTrac.com, a foreclosure tracking company, more than 50% of foreclosure-related actions in August occurred in just four states:
- California : 25.76%
- Florida : 17.4%
- Michigan : 5.4%
- Nevada : 5.0%
The rest of the “Top 10″ included Arizona, Illinois, Georgia, Ohio, Texas and New Jersey.
Foreclosures are up 18% compared to August 2008.
Good news? Sort of. High foreclosure rates are providing tremendous opportunities for today’s home buyers. Buyers of distressed properties now account for about one-third of all home sales and low mortgage rates and a federal tax credit are spurring sales.
Posted by Scott Fowler. Scott can be reached toll free @ 877-627-9211 x 104 or email SFowler@HorizonFinancial.org. www.ScottFowlerTeam.com
