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Arizona Leads as Foreclosure Rates Rise Countrywide
Fla., Texas right behind with most increases in foreclosures in September
News Release
October 15, 2009
HousingZone
According to statistics from ForeclosureListings.com, foreclosure rates are still on the rise across the country, a sure sign that the recession is far from over. The same statistics show that average foreclosure sale prices are also on the rise. The combination means that it is a strong market and a good opportunity for investment buyers.The foreclosure rates in several states were very significant. For example, the foreclosure rates in Arizona were up 36.1% for September. Florida was not far behind with a 29.67% increase, followed by: 24.38% in Texas; 18.22% in Michigan; and 15.57% in California. All 50 states saw an increase, but not all were as drastic. For example, the increase in Kansas was only 3.65%.
The major increases were driven mainly by changes in urban areas. In Arizona, the statewide increase was pushed by a massive 81.37% increase in Phoenix. Other cities with big increases included: Las Vegas, NV at 47.47%; Atlanta, GA at 39.96%; Chicago, IL at 36.27%; and Houston, TX at 33.29%. The major cities with the lowest foreclosure rate increases were: Indianapolis, IN with 5.28% and Memphis, TN with 7.64%.
The average price of foreclosures was also on the rise with Arizona first with a 113.67% increase from $101,001.00 to $215,826.00 and Georgia experiencing a huge 45.45% increase in price as the average price went from $129,187.00 to $187,906.00. Michigan and Texas also saw double digit price increases while several other states saw modest increases. Only Vermont saw a price drop of -2.41%. The three most expensive states to buy a home, Alaska, Hawaii and California maintained the highest overall foreclosure sale prices.
These statistics show that the foreclosure markets are still volatile but that houses are gaining rapidly in value. For the savvy investor who can afford risk, now is a great time to get involved.
© 2009, Reed Business Information, a division of Reed Elsevier Inc. All Rights Reserved.
