Where to Invest in Foreclosed Property

Analysis of States With High Foreclosure Rates

The foreclosure crunch continues widespread across the nation.  While a myriad of arguments and opinions can be presented as to why the nation finds itself with a record-breaking number of foreclosures, the fact still remains that there are  a great deal of properties experiencing foreclosure filings across our nation.  While this is a crisis for many, it is also presents an occasion for many real estate investors and homebuyers to encounter great deals on property.  An awareness of the areas where foreclosure rates are elevated is one of the first steps when looking to invest in property. 

According to Realty Trac, in the month of May 2009, the top three states supplying the most foreclosure filings were Nevada, California, and Florida.  These three states alone supplied more than one half of the 321,000 foreclosure filings for the entire nation in the month of May.

In Nevada, 1 in every 64 homes faces foreclosure, making it the state with the highest foreclosure rate in the country.  Clark and Lyon Counties are the main contributors in Nevada comprising cities such as Las Vegas, Henderson, Mesquite, Fernley, Yerington, Dayton, and Silver Springs. 

California comes next in rank with a rate of 1 in every 144 homes facing foreclosure.  Notable counties contributing to this ration comprise San Bernardino, Kern, Orange, Madera, and Merced. In these counties are cities such as San Bernardino, Ontario, Bakersfield, Ridgecrest, Santa Ana, Anaheim, Madera, and Merced. 

Not far behind California is Florida with a rate of 1 in every 148 properties filing for foreclosure.   Miami-Dade, Broward, Duval, Collier, and Orange Counties are great contributors containing cities like Miami, Marco Island, Naples, and Deltona. 

An understanding of where these regions of high foreclosure rates exist, provides a good foundation for a homebuyer or real estate investor in taking advantage of the astounding bargains that can be found in foreclosed property purchase.   

Find more real estate information in Florida, California, and Nevada.
   

Article Tags: Foreclosed Property, Foreclosure Filings, Real Estate

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