Foreclosure rates in the U.S. are big news world wide. The continuing glut of foreclosed and distressed properties on the U.S. market caused home values to drop another 16.8% over this time last year, and in some parts of the U.S. the drop was even steeper.
California, Arizona, Florida, and Nevada continue to lead the U.S. in foreclosures, but California is showing preliminary signs of a turnaround.
The cities with the greatest number of foreclosures include Las Vegas NV, Merced, Calif., the Cape Coral-Fort Myers area in Florida, and the California metro areas of Stockton, Riverside, Modesto, Bakersfield and Vallejo-Fairfield. Phoenix AZ, Port St. Lucie FL, Greeley CO, and Boise City ID also had extremely high foreclosure rates.
Is it just me – or has the world gone mad – starting with the property markets? Some news for your consideration.
If you were wondering just how bad things can get, the very same day President Obama committed $800 billion to fixing the world’s woes, the median price for a home sold in Detroit, Michigan in December was…………….. 7,500 dollars. Good grief ! I can barely buy a motorcycle for that much money, so if you are interested in a “bargain,” Detroit’s the place. Chicago Tribune. Suburbs in the US are already turning into slums as the foreclosure rates continue climbing.
Some of the most drastic markdowns and short sales in United States real estate can be found in suburban neighborhoods. Stockton and Elk Grove California, both mostly suburban communities, together have the highest foreclosure rates in the country. Many analysts have been predicting for over a year now that suburbs will become the next slum neighborhoods, while urban areas will re-gentrify and become desirable again.
More on U.S. Suburban Foreclosures Linked to Gas Prices, Unemployment, Infrastructure Problems
