3Q 2010 US Housing Foreclosure Report

The foreclosure problem worsened during the third quarter of 2010 in the United States as activity picked up across the nation.

During July 2010 through September 2010, home foreclosure actions remained most prevalent in four main states: California, Nevada, Florida and Arizona. These areas tended to see skyrocketing home values during the boom years. What followed was elevated levels of unemployment when compared with the US as a whole, the collapse of home values and increased foreclosure action.

The trend of increased distressed property seems to be spreading to other areas in the United States. High unemployment and slow job growth has caused homeowners to fall behind on their mortgage payments; this in turn, has led to home price uncertainty.

According to RealtyTrac, a firm that tracks default notices, home auctions and repossessions, 133 out of 206 metropolitan areas with at least 200,000 residents saw an annual increase in foreclosure activity during 3Q 2010.

During 3Q 2010, the highest rankings of foreclosures to households was as follows:

1 Las Vegas-Paradise, Nev.

2 Cape Coral-Fort Myers, Fla.

3 Modesto, Calif.

4 Stockton, Calif.

5 Merced, Calif.

6 Riverside-San Bernardino-Ontario, Calif.

7 Miami-Fort Lauderdale-Pompano Beach, Fla.

8 Phoenix-Mesa-Scottsdale, Ariz.

9 Bakersfield, Calif.

10 Vallejo-Fairfield, Calif.

11 Orlando-Kissimmee, Fla.

12 Reno-Sparks, Nev.

13 Sacramento-Arden-Arcade-Roseville, Calif.

14 Boise City-Nampa, Idaho

15 Deltona-Daytona Beach-Ormond Beach, Fla.

16 Fresno, Calif.

17 Visalia-Porterville, Calif.

18 Naples-Marco Island, Fla.

19 Palm Bay-Melbourne-Titusville, Fla.

20 Lakeland, Fla.
Source: Fox News

As a Certified Distressed Property Expert (CDPE), I can help both distressed homeowners navigate the process of a short sale. In addition, my expertise will help those who are seeking to take advantage of distressed properties that are currently in the marketplace.

Please feel free to post an opinion or question and we will try to address them in future posts.

If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100

http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser

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