Foreclosures by State

18
Jan

Check out the image and find your state. (If you don’t know what your state looks like, ask a friend or go back to 7th grade geography.) Notice the interesting shades of green. (If you’re color blind, again, ask a friend or guess randomly.)

Now this is a map of the severity of the foreclosure crisis that has swept the nation. These are the final tallies for 2009. The darker the shade, the more foreclosures.

(How did your state do? How do you feel your local housing market has been affected?)

The two hardest hit states, as we’re all aware, are Nevada and Florida. These two states have had foreclosure rates of over 17%.

But let’s consider housing prices for a second. Average home prices in Miami rose by 1%, the highest percent in the country last year. On the other hand, Nevada recorded the worst losses of the year. Los Vegas prices fell from $342k in 2007 to $166k in 2009.How do you explain that? The two highest foreclosure states show opposite movements in housing prices? What does that tell us about housing demand in Florida and Nevada?

But anyway, we’ve got to keep an eye on both of these key figures. They’ll help us understand the strength of the recovery. And they’ll give us an indicator of housing trends on a national level. Where should we focus our strengths? Do we push first-time buyers, renters, etc.?

I’d like to know your thoughts.

http://www.genielancaster.com Genie Lancaster

It’s great to know that you are so informed and send me the data each day. In Carolina Beach, NC, it is still slow, but it seems to be picking up some. I think that people in general are coming down here for bargains. The prices are not sliding down like they were, though. I think that in my area of the beach, Wilmington, etc., a lot of the buyers are first time with the $8,000 credit.
http://www.arenet.com Duane Smith

I’m a commercial broker in South Florida who has been working BPOs for the past 2 years here. Unfortunately, I don’t see the housing price increase as a favorable sign of a housing turnaround. I believe much of the price increase is due more to bidding on foreclosure properties which often results in higher than asking price transactions. With the amount of foreclosure activity here, this best and final bidding process tends to distort the median price stats.
http://ConnectedInvestors.com_saratogaproperties Richard

Good info all the time. Keep it coming. I’m trying to get my short sale business running while the supply is adequate up here in NY. Your info makes all of us go into the process with credability we could not muster otherwise. Great work.
Trying to be a servant in NY.
Hans L

As you can tell by the chart, Arizona was also hit hard by forclosures, but not all sub-markets were as bad as Maricopa County. Prices here in the Phoenix metro area went sky high up until 2006 and then dropped much like Las Vegas. However, now the market seems to have hit a bottom and for the lower priced homes, $50,000. to $200,000, it has stabalized. Yes, there were a lot of forclosures and there still are, but there are a lot of investors buying up these lower priced homes and helping many neighborhoods to keep from being blighted. I see alot of fix and flips and a lot of buy and holds by these investors in this market.
Prentiss

Luckily my market (Eastern Washington/North Idaho) in the inland Northwest didn’t drop as much as many areas, but foreclosures and distressed properties are on the rise and probably will continue for some time. This is a very historical time for real estate all across the country and the world. I believe there has never been a better time to have a software program like this to use as a launch pad into a new way of doing business in real estate!
DeBorah

Thank you Cory for this info. I see this being informed as an opportunity to do investments in multi states, if one has the knowledge,capability and gumption to do so. You, along with Preston provides this for us as educators and mentors. The map gives one an overview as to the foreclosure maket and housing situation. As a novice RE investor, I am learning so much from everyone’s posts on many levels. I really appreciate it everyone! In Awareness and Apreciation,
DeBorah D., CA
Brandy K. O’Neal

The foreclosure rate here in the Atlanta metro area, has had a major impact on the communities. We have seen an increase in our already high homeless rate; we see entire families living under bridges because the shelters are full. Atlanta does a housing voucher program; however it is so cumbersome that many landlords just cannot support the program. The neighborhoods are deteriorating fast, crime is up and people have taken up residence in vacant homes.

Brandy O, Georgia
Kelly Harper

In the D.C. Metro area there are still a good number of foreclosures even though the map states otherwise. I think it’s a great time for first-time home buyers. They can take advantage of the lower housing prices as can investors.
I don’t think the number of foreclosures has decreased much on a national level, and I think it’ll be a while before the end of the foreclosure crisis is in sight.

Kelly H., Virginia
eugene b Maryland

Without a doubt promoting first time home buyers efforts is a better way of affecting the housing marketing and the overall economy because man nature drives him to protect what is his(things he can call his own).
Patrick Meyer

This information that you provide is invaluable. The map provides information about Foreclosures that can be extremely important to saavy investors and novice investors such as myself. Thank you so much Cory!
Craig S.

I think this map can only be used by real estate investors to make a general determination as to whether a state may be a good soruce of foreclosure properties. However, more detail is needed to determine which local areas are being hit the hardest. I was reading an article recently showed that even in the hardest hit states, there are local areas where foreclosures are decreasing and prices are rising.

Craig S., California
http://mooremichiganpropertiesblog.com James Moore

it look like i have more to do not only in the my state of mich., but across the nation
http://outofthisworldhomebuyers.com Kaipo D

My state has not been hit too hard but it may get worse. 17% in Nevada and Florida is a large amount. The Government should be doing more to help these people. I feel sorry for the children of those families losing their homes if people cannot pay their mortgage I doubt they can pay rent. Makes me wonder where they are living in public housing or with family members times are very tough for a lot of people right now.
Jim

What about buying for retirement? We are looking at Florida, and found some seemingly good deals online. For us, it would not be for investment, but for retirement living, rest of our lives. 61 now, so hopefully, some years left. It would be inheritance for our daughter, so to some degree, and investment, for her at least.
http://Idon'thavemyownbusinesswebsite.com LeighAnnB, East Texas

I have recently began working on short sales. I find your blogs to be extremely informative. Thank you and keep up the good work.
Jennifer C

I love this map! I knew how Nevada and Florida were from emails and being on webinars, but I didn’t know where the rest of the country was at. This info is great. Thank you. It’s feeling like people are coming from out of town to buy second homes and multiple properties with cash here in Las Vegas. A friend of ours has a 2 person property mgmt. co. that manages rental houses here, and people with lots of cash will come into town for a few days at a time and rent a house, and also spend $5000-$10,000 to stay in a rental house for a 3 or 4 wk. period. A Lot of money comes into town from outside. And most of the houses he manages are second homes owned by people who live out of town. Most of the people that live here work in the customer service industry on the strip or in the circumference. I don’t picture the locals buying up the foreclosures here. I’d like to assist people out-of-town and here to buy property.
http://internetrepositioningsolutions.com Dave E. Seattle, go Hawks

Numbers often are misinterpreted, a good example is the high level of unemployment are actually much higher when you take into account the numbers of people who have fell off the unemployment system. And even though my area of WA looks good compared to the rest of the country, these are number from around Seattle according to local RE sources. King County 1 foreclosure out of 794 housing units,
Snohomish 1 foreclosure out of 602 housing units,
Pierce 1 foreclosure out of 393 housing units. Do these number paint a great picture? Depends on which side of the fence.
sharie H, Arkansas

I might say that first off Miami is a city of exporting and importing business and it is on the ocean so it is a port and it is growing and people migrate to the warmth of the beaches and the sunny weather so it is a growing area in Florida and their are jobs dispite the housing market. Las Vegas is a gambling oasis..totally different atmosphere and mood it is a tourist town thats what it is famous for so people go their to spend their money have a good time and get deals on vacations…it is not a city of commerce so to speak, like Miami, even though it does have state of the art conventions for information and products..it is a mecca a vacation paradise so people that do work there are mainly in the vacation business or entertainment business atmosphere and when the economy crash and the unemployment hit…dah…people were not vacationing and traveling and gambling and spending like they used to so vegas lost money and people their lost jobs and morgages were lost e cause of that. The timeshare industry runs a lot of vegas now as well and I have been in that industry and it hit vegas hard..I know a lot of people out of jobs because of this. So that is why that city is in trouble..miami is not really considered a tourist town it is a more normal stable city with a lot going on. I am in the midwest market Arkansas is doing well even though it has a lot of foreclosure and short sale and Reo advantages right now it also has work and was not hit as hard so I think the market and Missouri the same way people here are also much more conservative in their spending and purchasing than in Nevada or Florida so they are a little more apprehensive to jump on purchases escpecially extravigant ones. We are in good shape over her but there is still plenty of money to be made.

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Foreclosures by State

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