According to the Des Moines Business Record, Iowa’s ‘bucking the national trend’ for foreclosures. Nationally, 1 of every 483 homes received a foreclosure notice in may. This happens to be the highest since January of 2005 when RealtyTrac started the reporting system.
Even though it was less than most states, Iowa still had 450 foreclosures in the state.
It’s good to see that Iowa hasn’t seen as many notices of default as other states. Cities that top the list of foreclosures are: Arizona, California, Florida, Michigan, Georgia, Colorado, Massachusetts, Ohio and New Jersey.
There were some wild statistics from The Des Moines Business Record:
“With one in every 118 households receiving a foreclosure filing in May, Nevada posted the highest state foreclosure rate for the 17th consecutive month. Foreclosure filings were reported on a total of 9,009 Nevada properties, an increase of nearly 24 percent from the previous month and a 72 percent increase from May 2007.
California foreclosure activity in May increased 11 percent from the previous month and 81 percent from May 2007, helping the state continue to register the nation’s second-highest state foreclosure rate. One in every 183 California households received a foreclosure filing during the month, a rate that was 2.6 times the national average.
Arizona’s May foreclosure rate — one in every 201 households received a foreclosure filing during the month — ranked third highest among the states for the second month in a row. Arizona foreclosure activity increased nearly 12 percent from the previous month and almost 119 percent from May 2007.”
It is my opinion that we’ve still got a lot more to go through before things get better. We’re currently in the middle of a huge wave of adjustable rate mortgages beginning to adjust (more to come later). If a homeowner cannot afford payments, it usually takes about 12 months to go from being late the first time to actually being a bank owned property.
It’s good to be in Iowa. Except for the whole flooding thing.
See The Original Article at: The Des Moines Business Record
Photo Kudos to barbkev on Flickr
