Home Foreclosures: Trends around the Nation

According to the Bureau of Labor Statistics there were 13.7 million Americans unemployed as of April 2009. With that number climbing each month and the economy falling on harder times, it is impacting families in many different ways. One of the biggest problems being created by such high unemployment records is that people are having a difficult time paying their bills. Figure that in with mortgages that have, in some cases, doubled and tripled recently due to interest rate increases, and it is easy to see how so many people are losing their homes.

Foreclosures around the Country
One drive through most American neighborhoods these days and it is clear to see that the economy is on shaky times. One neighborhood can be the scene for many empty houses. These houses today just sit, longing for the days when they have people living in them again. Home sales, and those of foreclosed ones, are not keeping pace with what is sitting empty on the market. In April 2009, there were 68,360 foreclosed homes that were sold, which was only about 20 percent of what went into foreclosure that month.

Home foreclosures have had a big impact on communities across the country. Not only are people losing their homes in droves, but having so many foreclosed properties on the market is helping to bring down the market value of other homes around it. As properties go into foreclosures, they are then usually sold at bargain rates. Those rates then become a reference point for those looking to evaluate where area home values are.
According to RealtyTrac, a real estate marketplace, the number of foreclosures in the United States for just the month of April 2009 was 342,038. Since the beginning of the year the figure adds up to over 1.2 million. Some states have been hit harder than some others.

According to RealtyTrac.com, just during the month of April 2009, the top hardest hit ones were:
- California, with 96,560 foreclosures
- Florida 64,588
- Nevada 16,266
- Arizona 16,245
- Illinois 13,647
- Ohio 12,324
- Georgia 11,521
- Texas 11,314
- Michigan 10,830
- Virginia 6,254

Some of the lowest number of foreclosures came from those states with lower population rates, such as Alaska, Hawaii, Maine, and Montana. The Western states, along with Florida, have seen the highest number of home foreclosures.

Where it’s Strong, the Future
While most housing markets around the country are reporting around a 28 percent decline in the median home price for that area, some places report that their housing market is holding strong in sales numbers. Cities such as Fayetteville, N.C., and Columbus, Ohio, are seeing sales figures climb, despite the median price being down. This, for many, is a sign of hope that maybe the worst is behind them.

With so many economic areas having difficulty right now, including the housing market, work force, and banking industry, the future of the housing market in America remains to be seen. For now, we all need to keep an eye on the home foreclosures, try to avoid it if at all possible, and hold on tight as we continue down this bumpy homeownership ride.