Hardest-Hit Foreclosure Areas
Reports of the dire state of the housing market and deepening foreclosure crisis are pouring out of just about every news outlet. But exactly how bad have things gotten for homeowners in the United States? Here's a look at some specific statistics to give you an idea.
CNNMoney.com reports that overall, foreclosure action increased by 75% in 2007, meaning that there was 75% more foreclosure-related activity last year than in 2006. To be clearer, "foreclosure action" according to CNN Money, includes default notices, notices of auction sales and actual bank repossessions.
The number of actual home repossessions - or foreclosures that weren't prevented - was 51% higher than it was a year ago, according to sources. In 2006, a reported 268,532 houses were lost; in 2007, that number rose to 405,000.
And the full-year totals, while certainly not encouraging, actually look good when compared to the December '07 stats. Calculations made by RealtyTrac.com apparently found that there were 97% more foreclosures in December, 2007 than in the same month a year before. That means the number of foreclosures in that 31-day period almost doubled!
Percentage-wise, the numbers don't look much better: sources indicate that more than 1% of all homes in the United States were in foreclosure by the end of 2007. In 2006, only .58% of homes were. But, in some regions, foreclosure action was even more prevalent.
California Foreclosure Statistics
According to reports, California ranked highest in number of foreclosure filings. A startling 66,000 people reportedly lost their homes to foreclosure, and Stockton, CA has been named the city with the highest foreclosure rate nationally.
Foreclosure in Florida
Florida, ranked as the state with the second most foreclosure filings in 2007, saw a reported 165,000 in '07. The Sunshine State, along with others in the so-called "sun belt" has been cited as one of the worst-hit by the foreclosure crisis.
Foreclosure in Other Areas
Michigan was another state that suffered significantly from housing-market related woes. According to reports, 47,000 Michigan residents were displaced by foreclosures. More than 87,000 foreclosure filings were reported in that state, which some have linked to job losses resulting from a failing auto industry.
Nevada, too, suffered serious housing-related setbacks. Though only 10,000 foreclosure filings were recorded, its per-capita foreclosure rate is double that of California. In addition, Nevada boasts a rate of 3.376 foreclosures per hundred houses, which is triple the national average and the highest rate of any state.
The Washington Post reports that areas of Arizona, too, have been hit hard by the housing market slowdown: home prices in the Phoenix area are allegedly down by double-digit percentages compared to two years ago. And Ohio and Colorado have also racked up notable foreclosure figures, with 89,000 filings and 39,000 filings last year, respectively.