Top foreclosure cities and future perspectives
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by: JhoanaCooper
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There have been many controversies when it comes to the most recent foreclosure activity. Some say that the number of foreclosures has increased tremendously in the past year. Others point to the first signs that the housing industry might regain its power. Considering top foreclosures cities, states like Nevada, Michigan and Arizona present intense activity. If the increase in these parts is noticeable, other states have seen a decrease in the number of foreclosures. Texas and South Carolina represent just two of the many examples that could be given. Overall, the crisis is not over and it will take a little bit more time before the trend regarding foreclosure rates decreases. In the meantime, top foreclosure cities report an increasingly high number of properties that are about to be foreclosed, not to mention those that already underwent through the process. Speaking about top foreclosure cities, Las Vegas seems to be leading the entire nation. The list is completed by metro areas in Michigan and Arizona, with Detroit and Phoenix the most representative. California is also present on the list with an overwhelming number of cities affected by foreclosures. Illinois and Georgia report an increase on foreclosed properties as well, with top foreclosure cities such as Chicago and Atlanta making the list. It seems that foreclosures are up in every state. Cities that presented a low foreclosure rate (e.g.: San Francisco) are now facing the same problems. Despite the optimistic long-term views, foreclosures still happen and homeowners suffer. A property is generally foreclosed when the owner is no longer able to meet up monthly payments on the mortgage. Nevertheless, the situation is created by the increasing number of people who bought expensive properties they could not afford without a loan. Economic conditions created, unfortunately, an environment that took the crisis to an even higher level, with people suffering the consequences. Today, almost 30 housing units are in foreclosure taken on a scale of 100.000 owners. The list of top foreclosure cities also includes Gainesville and Miami from Florida, Colorado with Aurora and numerous others. Foreclosures rates have increased even more during the last few months of 2008, with the economic crisis being perceived to an even deeper level. With each day that passes, cities like Cleveland, Dallas and Houston make it on the top list for high foreclosures rates. Filings affect various metro areas of the United States and in some cities one can even notice a rate that is twice the one of the previous year. Will 2009 bring even more bad news for the housing industry? Can we expect the foreclosure trend to be reduced to a manageable level? These are very important questions that we still cannot find an answer to. We can rely on existing statistics to see top foreclosure cities and the states where the situation is worse. We can compare and analyze foreclosures, rates and filings trying to come up with answers. The best thing to do is to try to get past the shock created by this economic crisis and decrease the up-going foreclosures rates by all means. |
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