Nationally, the foreclosure rate has skyrocketed in recent months. Overall, one in every 570 housing units received a foreclosure notification in the last month, which means that the national rate increased seven percent just from July to August.
Realty Trac has compiled a list of the top four states in the United States for foreclosures. The following cities have the highest rates as of August 2011. If you live in one of these states, it is very possible that you will have experienced signs of this phenomenon in the form of distressed properties, debt, or even foreclosures.
At present, one in every 118 housing units in the state of Nevada have received a foreclosure filing, which is significantly above the one in 570 national rate. In addition, foreclosures are generally sold at a price substantially below the national average of $173,496.
Slightly better positioned than Nevada, the state of California has a present foreclosure rate of one in every 226 housing units. However, these foreclosed properties usually sell for $237,625, which is significantly more than the national average.
In the state of Arizona, one in every 248 housing units currently can expect to receive a notice of foreclosure. These homes will, like Nevada properties, expect to sell for a price significantly below the national average sale price.
While the top three states are relatively close to each other in foreclosure rates, Georgia is significantly further behind. In Georgia, only one in every 346 housing units can expect to receive a notice of foreclosure, though this rate is still a great deal above the national average. However, foreclosed homes in Georgia sell for quite a bit less than they do in other states and, with an average price of $121,077, well below the national average.