12 Housing Markets in the United States Face Foreclosure

by San Antonio Attorney

The housing market is still not progressing for recovery, as more people lose their homes.  Foreclosure gradually rose in the third quarter last 2014 and several states are now affected, according to RealtyTrac, a real estate information company.

“The widespread rise in foreclosure activity in the third quarter compared to a year ago is the result of two starkly different trends taking place,” said Daren Blomquist, the vice president of RealtyTrac, in an interview.

Blomquist briefly explained that in states such as New Jersey, Massachusetts and New York are affected with the housing crisis.  This grave housing crisis was already inevitable, with only legislative and legal dams inhibiting increased foreclosure over the past few years.

Annually, almost thirty three states have increased incidence in foreclosure activity.  United States finally registered an increased prevalence of 3% as a whole when it came to housing problems and foreclosures.  Houses falling into repossession by the bank are the most common type of foreclosure activity.  In the third quarter of 2014, there was an increase of 66% with a maximum total of 123,040 properties seized.  These properties can be private houses or rest houses.

RealtyTrac also featured the breakdown of each state’s foreclosure information.

Blomquist elucidated that their company compiled the 12 states affected with higher foreclosure rates than the national average foreclosure rate. Statistics show that there was one house foreclosed out of every 407 in each state.  Each state also includes the dramatic change in foreclosure activity from the third quarter last year and the total number of properties involved in foreclosure.

The state that bagged the 12th place for foreclosure is Delaware, with a total of 1,059 foreclosure filings.  New Jersey tops the list for foreclosure rates of 20,182 filings for the past years.

Leave a Comment

Previous post:

Next post: