Foreclosures Per Capita

By
Real Estate Agent with CONLON/Christie's International Real Estate

Foreclosure Activity Slows Again In June 2010

July 15, 2010 by · Leave a Comment 

 

Foreclosures per capita, June 2010

313,841 foreclosure filings were made in June, according to foreclosure-tracking firm RealtyTrac. The figure represents a 3 percent drop from May and 7 percent drop from June of last year. However, foreclosure filings remain relatively high nationwide.

June marks the 16th straight month the filings topped 300,000. 1 in every 411 U.S. homes received some form of notice last month with foreclosure density varying wildly from state-to-state.

Like everything else in real estate, it seems, foreclosures are a local phenomenon.

The states with the highest foreclosures per capita were:

  • Nevada : 1 foreclosure filing per 88 homes
  • Florida : 1 foreclosure filing per 171 homes
  • Arizona : 1 foreclosure filing per 189 homes

The states with the lowest foreclosures per capita were:

  • Vermont : 1 foreclosure filing per 26,051 homes
  • West Virgina : 1 foreclosure filing per 8,058 homes
  • South Dakota : 1 foreclosure filing per 6,528 homes

Overall, 40 states beat the national Foreclosure Per Capita average and 10 states fell below. The sheer volume of REO, though, is creating interesting buying opportunities for first-timer buyers, move-up buyers, and real estate investors.

Homes bought from banks are usually less expensive than non-foreclosure homes. This is one of the major reasons why distressed sales account for roughly 30 percent of all home resales. Less expensive, though, doesn’t always mean “cheaper”. Foreclosed homes are often sold as-is and may be defective or otherwise uninhabitable.

Making repairs to get these homes into “living condition” can be costly.

Therefore, if you’re buying a foreclosed home, make sure you know what you’re buying before you make your bid. Have a certified professional inspect the home to check for damage, and consider enlisting the help of a real estate agent to assist with negotiations and management of the contract.

The process of buying a foreclosed home is different from buying a typical resale. Make sure you do your homework.

Posted by

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Illinois
Groups:
Realtors®
The Art Of Marketing You
RE/MAX Active Rain Bloggers
The Lounge at Active Rain
Coldwell Banker Platform for Sharing Information
Tags:
foreclosures
realty trac

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
27,165
Steve Bowen
Taglierre Partners, LLC / Bowen Investments, Co. - Scottsdale, AZ

I see foreclosures going up....I see $$$$ thanks for sharing these stats.

Jul 15, 2010 04:13 AM #1
Anonymous
Tony Severino

Yepper, June was down, but as I am sure you know, the 30 day -60- 90 day lates are going up. With HAMP loan mods crashing the inevitable is yet to come. 

When we get good solid jobs, then the market can shift again. But until that happens, investors are gonna keep grabbing deals and converting what were owner occupied homes to rentals. 

This is a gold mine waiting to happen.. 

Tony

www.CreativeInvestingTips.com

Jul 15, 2010 07:09 AM #2
Rainer
334,224
Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo

yes they look so nice but Foreclosures are such tough on to stomach.

Oct 12, 2011 08:23 AM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
59,885

Michael LaFido

It's Not The Market, It's The Marketing!
Thinking Of Buying Or Selling?
*
*
*
*
Spam prevention

Additional Information