One of 2007’s top stories was the huge increase in foreclosures across the United States. The final numbers have been released by RealtyTrac and they are tough but expected. The worst states hit were markets where speculators walked away from properties or the effects of a miserable Midwestern economy.
Nevada led the way with one out every 33 homes in foreclosure with Florida coming in second with 1 out of 50 homes.
BBC quoting RealtyTrack foreclosure report says "There were 2.2m foreclosure filings in the US last year, up 75%, according to the market research firm, RealtyTrac. Foreclosure is the legal process taken by mortgage companies when homeowners fail to keep up their loan repayments. Separately, a Standard and Poor's report showed home prices fell 7.7% in the year to November."
Michigan's foreclosure rate ranked third nationwide for 2007, according to data released Monday by RealtyTrac Inc. Nevada, Florida, Michigan and California housing markets take the top four places with the number of real estate and housing foreclosure activities in USA in 2007.
Foreclosures by States
Rank State Total % of Homes
1 Nevada 34,417 3.376
2 Florida 165,291 2.002
3 Michigan 87,210 1.947
4 California 249,513 1.921
5 Colorado 39,403 1.919
6 Ohio 89,979 1.797
7 Georgia 59,057 1.566
8 Arizona 38,568 1.516
9 Illinois 64,310 1.25
10 Indiana 27,980 1.027
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