Tuesday, October 25, 2005

Defaults Soar In Troubled States

With existing home sales near historic highs, it's not a surprise that nationwide, fewer homes are falling into foreclosure. "68,646 properties nationwide entered some stage of foreclosure in September, a 9.2 percent decrease from the previous month."

But individual markets didn't fair as well. "Despite the lower foreclosure rates nationally, a number of states showed increased numbers of foreclosures. Colorado reported 3,602 properties entering some stage of foreclosure, a 50 percent increase from August and one foreclosure for every 508 households, the highest foreclosure rate of any state and more than three times the national average."

"Foreclosure rates in Georgia and Ohio were more than twice the national average thanks to foreclosures increasing more than 20 percent in both states. With 3,923 properties entering some stage of foreclosure, Georgia foreclosures occurred at one in every 789 households. With 5,799 foreclosures, the Ohio foreclosure rate was one in every 825 households."

A breakdown by state is available at the bottom of the link.


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