RealtyTrac.com‘s latest foreclosure report indicates that the United States had a record number of foreclosure filings in July 2009, with over 360,000 properties entering foreclosure. Some states are suffering worse than others from the foreclosure crisis.
Statistics compiled by RealtyTrac show that the following states have the highest foreclosure rates in the nation:
While Nevada is especially hard hit, with 1 in every 56 houses in foreclosure, the vast majority of foreclosures occur in California. Of the 360,000 foreclosure filings in July, more than 108,000 occurred in California. In addition, bank repossessions in California were up 4% in July. RealtyTrac estimates that 57% of all foreclosure filings occur in California, Nevada, Arizona and Florida.
Among cities, Las Vegas has the worst foreclosure rate, with 1 out of every 47 homes entering foreclosure in July. This is a whopping increase of 89% from this time last year. Three cities in California, including Stockton, Modesto and Merced, also posted incredibly high foreclosure rates. Phoenix, Arizona and Cape Coral-Ft. Myers in Florida also had high metropolitan foreclosure rates.
To view more examples of our work, visit the Sample Content section of our website. And to learn more about the foreclosure process, read our sample article.