The Geographical Concentration Of Foreclosures

Foreclosures are localized in certain statesOnce again, the country’s foreclosures are concentrated in just a few states.

As reported by foreclosure-tracking company, more than 50 percent of the country’s foreclosure-related actions in August occurred in just four states:

  • California : 25.76 percent
  • Florida : 17.4 percent
  • Michigan :  5.4 percent
  • Nevada : 5.0 percent

The rest of the “Top 10” foreclosure states included Arizona, Illinois, Georgia, Ohio, Texas and New Jersey.

Versus July’s numbers, the U.S. foreclosure rate improved last month.  However, the August data is awful in comparison to last year — foreclosures are up nearly 18 percent.

The silver lining? High foreclosure rates are yielding tremendous opportunities for today’s home buyers. Buyers of distressed properties now account for about one-third of all home sales and low mortgage rates and a federal tax credit are spurring sales.

Search the complete August 2009 foreclosure report for yourself, including foreclosure heatmaps and other trends on the RealtyTrac website.