Foreclosure Rate Rises 4% from March to April, Sets Record

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Main | Boise Sees Growing Rates of Foreclosure Homes »

Foreclosure Rate Rises 4% from March to April, Sets Record

By kevin | May 14, 2008

April saw the continued rise of foreclosures across the country, as the national foreclosure rate has risen by almost 65% over April of 2007, indicating the climbing number of defaults and subsequent foreclosures being experienced nationwide. The climbing foreclosure rate has risen a lot of worry about homeowner safety and the economy, but now it’s also raising questions about municipal revenues. As more foreclosures are sinking the median property value ever lower, lower governments are collecting less and less off property tax revenue.

Nearly 1 in every 519 homes nationwide received a notice of foreclosure filing during April, which includes default notices, the opening of foreclosure proceedings, and the close of foreclosure sales. That figure is up 4% from March, and is the highest monthly total since January 2005.

Officials in parts of California, Nevada, Florida and Arizona are beginning to become especially concerned about the property tax issue associated with falling home values. In the recession economy, having less money to provide public works could lead to poor roads, less police and fire protection and an inability to provide as well for citizens. Key to raising property values is the buy up of foreclosures, and many states are encouraging this act, especially since they are attractive to buyers looking for low prices on foreclosure homes.