Sunday, 26 April 2009

US Foreclosures concentrated in five states

The image above reveals the extreme concentration of foreclosures in the US, with most of the distress being felt along the entire west coast, the desert south-west and Florida.
In fact according to this very good article from Todd Sullivan, sixty percent of the foreclosures in the first quarter of 2009 were in just five states. The ones with the darkest reddish brown colors on the map.

Also in terms of the overall situation with regard to the housing market the following extract from the article cited is very illuminating:
IRVINE, Calif. – April 16, 2009 – RealtyTrac® , the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for Q1 2009, which shows that foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 803,489 properties in the first quarter, a 9 percent increase from the previous quarter and an increase of nearly 24 percent from Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter....

“In the month of March we saw a record level of foreclosure activity — the number of households that received a foreclosure filing was more than 12 percent higher than the next highest month on record. Since much of this activity was in new foreclosure actions, it suggests that many lenders and servicers were holding off on executing foreclosures due to industry moratoria and legislative delays,” said James J. Saccacio, chief executive officer of RealtyTrac.

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