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Foreclosures Hit All-Time High

Vincent Fernando|Oct. 15, 2009, 8:17 AM | 1,295 |

Tags: Economy, Real Estate, Financial Crisis, Housing, Housing Crisis, California

Foreclosures hit another all-time high in Q3 with almost 938,000 homeowners filing, according to Realty Trac.

This rose at a substantial 5% clip from Q2.

If you're aren't feeling the pain, perhaps you don't live in one of the six states that accounted for 62% of nationwide foreclosures alone:

California - down 1.5%
Florida - -0.7%
Arizona - +5%
Nevada - +9.8%
Illinois - +13.7%
Michigan - +9.5%

Basically, the pace of activity in the old sand states is finally winding down, but the crisis is spreading to the Midwest, and it's happening fast.

Read the official release here.

What's This?

Vincent Fernando is Writer of The Business Insider.

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10 Comments

Jim on Oct 15, 8:24 AM said:

Vincent,

Please grammar check:

If you're aren't feeling the pain perhaps you don't living in one of the six states which accounted for 62% of nationwide foreclosures alone:

rex on Oct 15, 9:52 AM said:

@Jim: That's a spelling error, not a grammar error.

That versus Which on Oct 15, 10:03 AM said:

@rex: Is another error. Just sayin'.

adrian on Oct 15, 8:47 AM said:

florida props are just sitting without the bank taking possession.. many 1 year without paying and no action to set a sherriff sale date.

Maggie Knowles (URL) on Oct 15, 8:57 AM said:

"Basically, the pace of activity in the old sand states is finally winding down"
~~~~~~~~~~~~~~~~~~~~ Are you sure it's not a calm before the next alt-a/option arm tsunami here in CA?

Becky on Oct 15, 10:06 AM said:

When I look at the list, the first four on the list were big bubble places, but I did not think Illinois was and can say with some certainty that Michigan's foreclosures where not speculative bubbles, but the result of a long lasting chronic recession including population loss and income loss.

If the illness was caused by different circumstances, does a national approach, one size fits all solution actually make sense or work? One time tax credits do not replace a job.

Nora (URL) on Oct 15, 10:43 AM said:

THe number of foreclosures are rising and the only thing that i have afraid is a second wave of foreclosures.

sally on Oct 15, 11:17 AM said:

IF you thought the Foreclosure selling spree was over .. Think again ! Im waiting for the second round to find the best deals. See how we handle this crisis at CurrentForeclosures.

Depression on Oct 15, 11:55 AM said:

tick tock , tick tock

your time is running out america ...

RBW on Oct 15, 2:35 PM said:

HELLOOOOOOOO!

Michigan has been sucking wind since the end of 2001, thank you very much. This is just another day in paradise for residents of the Magic Mitten!

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