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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