Foreclosures Climb in 75% of Metro Areas
Posted by Paul Francis on Saturday, July 31st, 2010 at 9:57am.Real Estate Hangover
Interesting Article in CNNMoney.com going over the latest results from RealtyTrac.com tracking foreclosures Nationwide:
Foreclosures Climb in 75% of Metro Areas Via CnnMoney.com
NEW YORK (CNNMoney.com) -- Foreclosure filings climbed in 75% of the nation's metro areas during the first half of 2010, according to a report issued Thursday.
RealtyTrac, an online marketer of foreclosed homes, said that California, Florida, Arizona and Nevada continue to lead the nation in the rate of foreclosures. Las Vegas was the worst-hit city.
Pay Attention to the Interview with Meredith Whitney Predicting a Double Dip in Housing:
Key Phrases:
- Unemployment driving today's foreclosures.
- Banks Releasing Inventory that they have been sitting on.
- Increased Defaults due to Loan Modifications and a multitude of other programs that delayed the inevitable.
- End of the First Time Homebuyers Tax Credit that according to Whitney, drove 45% of the real estate market.
- Prime Real Estate hitting the Foreclosure Market
My last report on the Las Vegas Bank Owned Homes inventory showed the increase that has taken place since April.
Now you really have to wonder if HAMP (Home Affordable Modification Program) and The First Time Homebuyers Tax Credit at the tune of Tens of Billions of dollars for these programs were worth it... or if they just delayed the inevitable?
Paul Francis - REALTOR
Prudential Americana Group - REALTORS
Las Vegas Real Estate
702.592.3058
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