Foreclosures Jump 60% Nationwide in February

The market for foreclosure investing is expanding into 2008 as predicted, as new studies show that foreclosure filings rose roughly 60% over the month of February. Interestingly, instances of bank seizures nearly doubled within the same time period, which indicates that more homes that are going into default are ending up being sold off as foreclosures.

The study shows that currently, about one in every 570 homes in the United States is in some stage of foreclosure. The states with the highest levels were Nevada, California and Florida, which have topped the list for some time now. Nevada still retains the highest rate of foreclosure, with one in every 170 homes in foreclosure. The overall foreclosure rate in the state rose nearly 70% during the month of February as well. Foreclosure investing in Nevada has been producing some every low prices, due to a huge surge of newly developed properties coming on to the market. A great deal of homes in the North Las Vegas area which were recently built have been being foreclosed on due to a sluggish market in which investors cannot sell off their properties. The potential for good prices is high, but it’s hard to say when the Las Vegas market could come around.

California once again held the highest overall inventory of foreclosures, with nearly 54,000 properties in foreclosure. That represents an increase of nearly 120% over the past year, showing just how quickly the foreclosure investing scene in the state is growing. Buyers are finding great deals in San Bernardino and Bakersfield, where foreclosures are rampant, but the better opportunities for investment value may be found in cities like San Diego, San Francisco and Los Angeles.

Related Posts:

• Ohio Foreclosure Rates fall in February, but Still High Among Other States
• Rates of Foreclosures in Nevada Still Highest Despite Slack
• Foreclosures by State Increased in the First Half of 2010
• Foreclosure Properties Nationwide Up by 44% in March
• Seattle Foreclosures Still Below Other Cities’ Figures