The hot topic occupying news paper headlines in almost all States of U. S. is the foreclosure crisis for the past few years. The message has sunk into the minds of the people that the Real Estate business is not what it was during the commencement of this decade in 2000. The worst hit lot is the home owners, who have either forfeited their equity to foreclosure, or those who have put their property for sale in the market.
The statistics about foreclosures for sale overall in the country reveal the gloomy picture about the plight of millions of home owners. The top ranking States turning out highest number of foreclosure filings, as per November 2008 figures are - Nevada; Florida; Arizona; California; Michigan; Georgia; Ohio; Colorado; Utah and Idaho - in that order to get the 10 ranks.
Overall some 1,767,658 properties in US are lying under various stages of foreclosure, comparatively an increase of 28% from November 2007, although there is a marginal decrease of 7% in November, from the figure of foreclosures for sale in October 2008.
The Government has taken many steps towards mitigation of the distress by foreclosures to home owners and the recent decrease in November in the figures is attributed to these measures. But experts say that this is only a temporary lull and the indications are there is another foreclosure storm likely to hit the country in the coming months. One of those pathetic indications is half of the distressed home owners helped by the loan modifications, during the first half of 2008 by extending their mortgage terms or lowering the reduction in monthly repayments of the mortgage loans, are delinquent on repayments once again.
More precisely the properties coming under the purview of foreclosures for sale in the Top Five States are - California 397,636; Florida 275,996; Michigan 102,539; Arizona 89,441; and Nevada 62,030 properties as reported in the Real Estate sites.
It should be understood that just because these properties have come under foreclosure for sale, they may not good properties. The fact is the foreclosure crisis has not only affected the lower income groups of people alone, as believed by many, and as reliable surveys confirm, even medium income group of people have found the floating interest rates ballooning beyond their repayment capacities and rendered their housing properties into foreclosures for sale.
This is clear from the evidence that major metropolitan areas of the US, have turned out the major numbers of foreclosures for sale. The top 10 Metropolitan areas in this regard, among the 230 Metros are -
1) Cape Coral-Fort Myers in Florida;
2) Las Vegas, Nevada;
3) Merced, California;
4) Modesto, California;
5) Stockton, California;
6) Riverside-San Bernardino, California;
7) Fort Lauderdale, Florida;
8) Port Lucie-Fort Pierce, Florida;
9) Bakersfield, California;
10) Vallejo-Fairfield, California - in that order.
From the homebuyers view point, this is a best opportunity for buying excellent housing properties - single family custom homes as well as modern homes; multi-family residences in complexes and condominiums; secluded Bungalows in the suburbs of big cities; beach side Villas and so on.
It is also to be noted that these properties are listed for sale at a price, which is just a fraction of their fair value, because of the distress foreclosures for sale. You can never get them for this price, in such locations, if they are sold in the open market.
Search foreclosures by state or get more information on foreclosures for sale at http://www.ForeclosureRepos.com
Kevin Simpson, GM Sales & Marketing