I am going to reprint this as I received it from California Bankruptcy website. One reason is, I don't want you to think this is made up and yes, I know we are not to copy information directly. However, this so staggered me that I just had to pass it on.
We all know to well that the housing market is in deep trouble. We have talked it to death. It seems to me there are two camps in the thinking of the on going situation, those that say their business couldn't be better and those that are really struggling to stay afloat in the business.
Just to let you know I live in California and I am one of those struggling and that story is for another blog.
2008 Q1 FORCLOSURE STATS SHOW DIRE STATE OF INDUSTRY.
Foreclosure statistics for the first quarter of 2008 were released this week, and, as predicted, things are getting worse for the housing market. Q1 of this year saw a 23% rise over foreclosure filings from Q4 2007, and 112% rise over Q1 of 2007.
In raw numbers, around 650,000 homes have between repossessed, or 1 in every 194 households in America.
-foreclosures increased in 46 states and in 90 of the nation's 100 largest metro areas.
-previously "safe" areas saw massive foreclosure filing: Connecticut saw 300% increase, while Massachusetts saw a 260% increase.
-the worst area for foreclosures is the Southwest, specifically California, Nevada and Arizona. Foreclosure hit 1 of every 54 homes in Nevada, and 1 in 44 homes in Las Vegas. Stockton, California remains the epicenter of the crisis, with 1 in 30 homes being foreclosed, with Riverside/San Bernardino coming in second with 1 in 38 homes foreclosed.
If we were to look at the total economy of the United States, and especially California, Nevada and Arizona you will see that the gas has gone from $3.00 per gallon a year ago to $5.00 in some areas now, and at the least $ 4.89 per gallon. Food costs across the board have gone up in the first quarter by 6%. People are not buying cars, furniture, going out to eat, remodeling their homes, going to movies, theya re opting to do their own yard work instead of having a gardener. and they are not going on vacations the way they were a year ago. People area cutting back in every area of their lives and most if not all of this began with the housing market tumble.
People are holding off selling their homes in the most devastated area due to the glut of houses they can buy for less because they are foreclosures.
For the nay sayers I would say this, IF your market is good and you are still making the same money you did a year ago they I bless you and hope it continues, for those of you paddling in my boat, just put on your life jacket and keep rowing.
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