Real Estate is local. 4 States account for 99% of countries foreclosures!
More proof that real estate is local. We got the news last week that May foreclosure filings were down 6% from April. This was the first month-on-month decline since January. On top of that, the drop would have been larger except for increases in just a few states. And according to Realtytrac.com, Colorado isn’t even in the top 10 states with the most foreclosures anymore. Perhaps another sign we have hit bottom?
It’s important to note that the bulk of foreclosures are concentrated. If you take out the four states with the highest number of foreclosures, the remaining 46 states had only 1% of mortgages in foreclosure, according to the Mortgage Bankers Association. Also remember that not all homes with foreclosure-related filings wind up owned by the lenders. Many homeowners are able to refinance their loans or negotiate a loan modification or short sale.