Foreclosures have pretty much dominated the nation’s newspapers and online real estate blogs since 2007. Seems it’s nearly impossible to turn on the news or open a paper without some foreclosure-related story.
Interestingly, much of the nation’s foreclosure activity seems to be geographically centered. Per the folks at RealtyTrac.com, over half of the foreclosures we saw in March stemmed from just 3 states — Florida, California and Nevada.
This statistic is pretty huge, but makes sense in that these 3 states account for about 19 percent of the US population.
Regardless of this close nit local concentration of foreclosures, the situation does impact the nation as a whole. Why? Well, it’s because mortgage lenders lend in all 50 states — not just 3 of them — so the impact of mortgage defaults in one region can quickly spread to others.
We’re all experiencing the ramifications of the foreclosure picture, specifically as they relate to:
- Tightened mortgage guideline restrictions
- Increased downpayment requirements
- Increased private mortgage insurance (PMI) costs
These changes have really impacted would-be borrowers and those looking to refinance. In some cases, it can keep a person from qualifying.
Wondering what foreclosures look like in your area? Search the March 2009 foreclosure report for yourself on RealtyTrac.com’s website.
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- Nationwide Foreclosure Map: Blue States Win! (curbed.com)
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I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage broker, I’m your guy. Call me at 863-604-3019 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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Hi Kevin,
I clicked on the link to see how foreclosures look in my state – not too good. When I clicked on our county, it showed over 12oo. Yikes! I sure hope things turn around FAST.
Last blog post from Barbara Swafford… What Susan Boyle Can Teach Us About Blogging
Hey Barbara! Thanks for stopping by! You are always welcome.
Yes, the foreclosure picture doesn’t look so hot in a lot of places, for sure. The good news, however, is that mortgage rates are still at all time lows, and folks with good credit scores are able to use this to their advantage when picking up properties in this market.
Kevin, thanks again for the great post. MAAR just came out with the local Twin Cities Q1 2009 report. Our foreclosure inventory is actually down by about 1200 units. I do suspect to see another spike however since the foreclosure moratorium was lifted.
Last blog post from Kevin Curts… Q1 2009 Market Update