Foreclosure News & Information

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Top Stories from around the nation:

• National Numbers for Foreclosure, Bank REO & Distressed Properties:

  • A total of 342,038 foreclosure filings were reported nationwide in April
  • Foreclosure activity increased 32 percent from April 2008
  • The foreclosure rate was one foreclosure filing for every 374 households during April, 2009
    

• Nationwide State Foreclosure, Bank REO & Short Sale highlights:

  Nevada, Florida, California post top state foreclosure rates:
  
  • Despite an 18 percent decrease in foreclosure activity from the previous month, Nevada continued to post the nation's highest state foreclosure rate in April, with one in every 68 housing units receiving a foreclosure filing - more than five times the national average. The decrease in Nevada was driven largely by a 44 percent drop in bank repossessions from the previous month, although default notices also decreased from the previous month. Total foreclosure activity in Nevada was up 111 percent from April 2008.
  • A 37 percent month-over-month increase in foreclosure activity boosted Florida's foreclosure rate to second highest among the states in April. One in every 135 Florida housing units received a foreclosure filing during the month, more than 2.7 times the national average. The monthly increase in Florida was driven by a spike in default notices and auction notices, but bank repossessions were down 7 percent from the previous month. Total foreclosure activity in Florida was up 75 percent from April 2008.
  • Foreclosure activity in California decreased 10 percent from the previous month, but the state still posted the nation's third highest state foreclosure rate in April, with one in every 138 housing units receiving a foreclosure filing during the month. Total foreclosure activity in California was up 42 percent from April 2008.
  • Arizona posted the fourth highest state foreclosure rate, with one in every 164 housing units receiving a foreclosure filing in April, and Idaho posted the fifth highest state foreclosure rate, with one in every 255 housing units receiving a foreclosure filing in April.
  • Other states with foreclosure rates ranking among the nation's 10 highest were Utah, Georgia, Illinois, Colorado and Ohio - although the foreclosure rates in Illinois, Colorado and Ohio were below the national average.
  
  Top 10 states account for more than 75 percent of total U.S. foreclosure activity:
  
  • The 10 states with the most properties with foreclosure filings in April accounted for more than 75 percent of the national total. California documented the highest total (96,560), followed by Florida (64,588), Nevada (16,266) and Arizona (16,245).
  • Foreclosure filings were reported on 13,647 Illinois properties in April, the nation's fifth highest
    state total. Illinois foreclosure activity decreased 11 percent from the previous month but was still up 54 percent from April 2008. With one in every 384 housing units receiving a
    foreclosure filing, the state's foreclosure rate ranked eighth highest in the country but was still below the national average.
  • Other states with totals among the 10 highest in the country were Ohio (12,324), Georgia(11,521), Texas (11,314), Michigan (10,830) and Virginia (6,254).
  Las Vegas continues to post top metro foreclosure rate:
  
  • Foreclosure filings were reported on 14,073 Las Vegas properties in April, a 20 percent decrease from the previous month, but the city continued to post the highest foreclosure rate among metro areas with a population of at least 200,000. One in every 56 Las Vegas housing units received a foreclosure filing during the month - nearly seven times the national average.
  • The Cape Coral-Fort Myers, Fla., metro area documented the second highest foreclosure rate in April, with one in every 57 housing units receiving a foreclosure filing during the month. Foreclosure activity increased 31 percent from the previous month in Cape-Coral-Fort Myers.
  • Two other Florida metro areas also documented foreclosure rates in the top 10: Miami at No. 9 and Orlando at No. 10.
  • With one in every 65 housing units receiving a foreclosure filing, Merced, Calif., posted the nation's third highest metro foreclosure rate. Five other California metro areas also documented foreclosure rates in the top 10: Modesto at No. 4, Riverside-San Bernardino at No. 5, Bakersfield at No. 6, Vallejo-Fairfield at No. 7, and Stockton at No. 8.

   

• May 18, 2009 - Homes: Most Affordable in 2 Decades! 
  In Indianapolis, good paying jobs and low-priced homes make it the most affordable place to buy a home. New York has the least affordable metro area. 
  NEW YORK (CNNMoney.com) -- U.S. home prices are their most affordable in at least 18 years, according to a report released Monday. Click here for complete story!

• 10 Most Affordable Big metro areas where residents are most able to afford to buy a home. Rank Metro area Affordability Index Median home price 1 Indianapolis IN 94.8 $98,000 2 Youngstown OH 94.4 $67,000 3 Akron OH 93 $78,000 4 Grand Rapids MI 91.8 $97,000 5 Syracuse NY 91.3 $85,000 6 Warren MI 91.2 $119,000 7 Cleveland OH 91 $86,000 8 Buffalo NY 90.4 $90,000 9 Toledo OH 90.2 $78,000 10 Dayton OH 90 $85,000

  10 Least Affordable Big metro areas where residents are least able to afford to buy a home. Rank Metro area Affordability index Median home price 1 New York NY 21.5 $418,000 2 San Francisco CA 32.1 $525,000 3 Los Angeles CA 42.1 $288,000 4 Nassau-Suffolk NY 43 $375,000 5 Honolulu HI 44.1 $360,000 6 Santa Ana CA 48.2 $360,000 7 Newark NJ 49.3 $315,000 8 Miami FL 49.6 $185,000 9 McAllen TX 50.3 $106,000 10 El Paso TX 52.9 $127,000 Source:NAHB/Wells Fargo

   

• Across the U.S. foreclosure filings increased over 40% from 2005!
• Colorado, Nevada and Georgia round out the top 3 states for foreclosure filings
• Texas foreclosure filings are the largest in volume
• California foreclosure filings 2nd largest by volume in the nation.
• Detroit, Michigan was the leader in foreclosure filings for major metropolitan areas
• Other states in the TOP 10 for foreclosures include: Indiana, Illinois, Ohio, New York, Florida besides California, Colorado, Georgia, Nevada & Texas!
• 2007 now becomes a Buyer's market for the majority of the nation.
• Mortgage Fraud beginning to surface as a major problem for lenders nationwide.
• The FBI and the Mortgage Banker's Association announce joint efforts to reign in fraud.
• Many in the banking industry are calling for licensing of Loan Officers nationwide.
• Arizona launches major investigation into Mortgage Fraud
• Mortgage Lender in Phoenix, Arizona receives cease and desist order

 

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