Current Foreclosure Market Conditions

Written by Susan Willets
October 29, 2008


What’s Happening in the Foreclosure Market?

As we see the mortgage crisis continue, the number of foreclosures on the market continues to rise. In the release of September 2008 RealtyTrac’s U.S. Foreclosure Market Report, there was a decrease of 12 percent from the previous month but still a 21 percent increase from this time last year. A large reason for this decrease is the changes in state laws that are slowing the rate at which lenders can go forth with foreclosures. While the impact of new state laws are starting to take effect, there are still an alarming number of homes in pre-foreclosure or already foreclosed. Below are the top states for the highest and lowest total number of foreclosures, as well as the rates of foreclosure.

States with Highest Foreclosure Totals

The following states have the highest number of foreclosures:

  1. California (69,548 properties)
  2. Florida (47,956 properties)
  3. Nevada (13,022 properties)
  4. Arizona (12,982 properties)
  5. Ohio (11,470 properties)

These states are followed by Michigan, Georgia, Texas, New Jersey and Virginia.

Top States for Highest Foreclosure Rates

  1. Nevada (1 out of every 82 homes)
  2. Florida (1 out of every 178 homes)
  3. California (1 out of every 189 homes)
  4. Arizona (1 out of every 201 homes)
  5. Georgia (1 out of every 417 homes)

These states are followed by Michigan, Ohio, New Jersey, Indiana and Colorado.

States With the Lowest Foreclosure Totals

  1. Vermont (6 properties)
  2. North Dakota (36 properties)
  3. Nebraska (38 properties)
  4. Montana (42 properties)
  5. South Dakota (51 properties)

States With the Lowest Foreclosure Rates

  1. Vermont (1 out of every 51,593 homes)
  2. Nebraska (1 out of every 20,391 homes)
  3. West Virginia (1 out of every 13,504 homes)
  4. Montana (1 out of every 10,286 homes)
  5. North Dakota (1 out of every 8,550 homes)

Source: Realty Trac

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