No doubt, due to the Sub Prime Mortgage Meltdown home foreclosures are at some of the highest levels of modern history.  A website called www.RealtyTrac.com is gaining popularity by providing foreclosure data by State across the USA.

RealtyTrac claims to be the fastest growing online real estate marketplace, “the company’s mission is to make it easier for consumers, investors and real estate professionals to locate, evaluate, buy and sell properties.”

According to an article in The Cincinnati Post - The coming flood :

"…Many analysts fear the problem will get even worse over the next two years, as adjustable rate mortgages issued in recent years hit their full balloon cycles. The Center for Responsible Lending, a Durham, N.C.-based consumer group, estimates that one in every five subprime mortgages made in 2005 and 2006 will wind up in foreclosure."

Meanwhile, HomeGuide123 has called the current Foreclosure crisis the worst in US History (since recording started in 1953):

"… According to the most recent foreclosure numbers released by the Mortgage Bankers Association (MBA), the U.S. is embroiled in the worst foreclosure crisis in its history. More than 14 percent of subprime borrowers are defaulting, and prime borrowers are beginning to follow suit."

"…The foreclosure rate recorded in the last quarter has risen above the highest point seen in the history of the MBA survey, which dates back to 1953."

"..In states with severe foreclosure issues, like Nevada and Michigan, one out of every 100 homes is in some stage of foreclosure."

 

Metro Area	% Homes in Foreclosure	% Change from 2006
Stockton, CA	3.7%	+256%
Detroit, MI	3.4%	+99%
Las Vegas, NV	3.2%	+142%
Riverside, CA	3.0%	+198%
Sacramento, CA	2.7%	+241%
Denver, CO	2.3%	+11%
Miami, FL	2.2%	+74%
Bakersfield, CA	2.1%	+222%
Memphis, TN	2.0%	+17%
Cleveland, OH	2.0%	+106%

Duh… California is leading the country in the worst amount of Foreclosures - close to 3% of all the homes that have Sub Prime Mortgages are being Foreclosed!

 "…According to the most recent survey by the Mortgage Bankers Association, the foreclosure crisis is deepening. States like California, Nevada, Florida, Arizona, Michigan, Ohio, and Indiana saw foreclosure rates skyrocket in the last quarter. This problem is expected to get worse before it gets better, speculates the MBA's chief economist Doug Duncan."

"..The problem lies mainly with subprime borrowers, who are defaulting in increasing numbers. In the last quarter, 14.82 percent of all subprime borrowers were behind on their loans. In comparison, 2.6 percent of prime loans were more than 30 days past due."

"…According to the MBA, the infamous 2/28 adjustable rate mortgage is a key factor in the foreclosure crisis, as are depressed economic conditions nationwide. With more ARM resets expected for this year and next, it is likely that the foreclosure rate will continue to increase in coming quarters."

According to CNN/Money -Foreclosure filings: No slowdown yet

"…According to the Center for Responsible Lending, 7.2 million households have subprime mortgages, and more than 14 percent of those are in default. It projects that one of every five of those loans issued in 2005 and 2006 will end in foreclosure, with 2.2 million families losing their homes."

RealtyTrac.com, as the nation’s #1 source of foreclosure listings, seeks to profit from this situation - I suppose I can't blame them - but somehow, I feel making a profit off of someone else's broken dreams leaves a bad taste in my mouth.