US Foreclosures Up 75%!!

Hello All,

Take a look at this map of foreclosure activity in the US. It really is too bad that the bubble had to burst like it did, but I guess all good things must come to an end. As John Bogle says, "The bigger the boon, the bigger the bust." And afterall, it was a pretty big boon!

I have an uncle in Florida that has foreclosed on two homes on golf courses in the nice posh neighborhoods of West Palm Beach. It sucks to think that he lost alot of money in those potential investments, but I guess it is just the free market at work!?!?!

I digress....back to the article...

 

According to RealtyTrac the foreclosure activity in the US is up 75% since 2006. 

Top annual foreclosure rates
Nevada posted the nation’s highest state foreclosure rate for 2007, with 3.4 percent of its households entering some stage of foreclosure during the year — more than three times the national average. The state documented the highest monthly foreclosure rate in all 12 months of the year. A total of 66,316 foreclosure filings on 34,417 properties were reported in Nevada in 2007, an increase of more than 200 percent in total filings from 2006.

With more than 2 percent of its households entering some stage of foreclosure during the year, Florida documented the second highest state foreclosure rate for 2007. A total of 279,325 foreclosure filings on 165,291 properties were reported in the state during the year, more than twice the number of filings reported in 2006. The state’s foreclosure filing total in December was up 275 percent from December 2006, and its fourth quarter total was up 211 percent from the fourth quarter of 2006.                    

Michigan documented the nation’s third highest state foreclosure for 2007, with 1.9 percent of its households entering some stage of foreclosure during the year. A total of 136,205 foreclosure filings on 87,210 properties were reported in the state during the year, a 68 percent increase in total filings from 2006. Michigan foreclosure activity dipped 17 percent from the third quarter to the fourth quarter, but its December foreclosure filing total was still up more than 70 percent from December 2006.