The situation is so bad in Nevada that "one in every 139 households received a foreclosure-related notice, nearly four times the national rate." If March is an average month for foreclosures compared with other months. Then in a year period one would expect about 1 in 12 home in Nevada to receive a foreclosure related notice. That statistic is shocking.
The number of U.S. homes receiving at least one foreclosure filing jumped 57 percent in March to 234,685, compared with 149,150 properties a year earlier. Filings include default notices, auction sale notices and bank repossessions.
The overall foreclosure rate is 5 percent higher than in February, which saw an unexpected month-to-month decline over January. March marked the 27th consecutive month of year-over-year increases in national foreclosure filings.
Nevada clocked in the worst foreclosure rate for the 15th straight month. Last month, one in every 139 households received a foreclosure-related notice, nearly four times the national rate.In Florida, 30,254 homes reported at least one filing, down nearly 7 percent from February, but up 112 percent from the year before.
Rounding out the states with the highest foreclosure rates were Arizona, Colorado, Georgia, Ohio, Michigan, Massachusetts and Maryland.
In many bubble markets, foreclosures are already making a significant contribution to dragging prices lower. From Southern California "More than one out of three Southland homes that resold last month, nearly 38 percent, had been foreclosed on at some point in the prior year. (DQ News)"
Locally, in the DC area, foreclosures are widespread in many of the middle to outer suburbs. These places include, but are not limited to, Manassas, Woodbridge, Waldorf, Sterling, Laurel. These foreclosures are contributing to the downward trend in prices for housing units in these areas. In Washington, DC proper and many inner suburbs foreclosures have been rare.