The foreclosure crisis continues widespread across the country. While a myriad of discussions and opinions can be presented as to why the nation finds itself with such a high number of foreclosures, the fact still remains that there are a multitude of properties undergoing foreclosure filings across our nation. While this is a crisis for many, it is also represents a favorable time for many real estate investors and homebuyers to obtain great deals on real estate. Knowing the areas where foreclosure rates are elevated is one of the first steps when looking to invest in property.
According to Realty Trac, in the month of May 2009, the top three states contributing the most foreclosure filings were Nevada, California, and Florida. These three states alone accounted for more than one half of the 321,000 foreclosure filings for the entire nation in the month of May.
In Nevada, 1 in every 64 homes undergoes foreclosure, making it the state with the biggest foreclosure ration in the country. Clark and Lyon Counties are the biggest contributors in Nevada comprising cities like Las Vegas, Henderson, Mesquite, Fernley, Yerington, Dayton, and Silver Springs.
California comes next in rank with a ratio of 1 in every 144 homes facing foreclosure. Major counties contributing to this percentage include San Bernardino, Kern, Orange, Madera, and Merced. In these counties are cities like San Bernardino, Ontario, Bakersfield, Ridgecrest, Santa Ana, Anaheim, Madera, and Merced.
Not far behind California is Florida with a rate of 1 in every 148 properties filing for foreclosure. Miami-Dade, Broward, Duval, Collier, and Orange Counties are main contributors holding cities like Miami, Pompano Beach, Jacksonville Beach, and Orlando.
A knowledge of where these areas of high foreclosure rates exist, provides a great foundation for a homebuyer or real estate investor in taking advantage of the incredible deals that can be found in foreclosed property purchase.
