Where Does Your City Rank in Foreclosures?
By Chip Parker, Jacksonville Bankruptcy Attorney on May 21, 2007 in Benefits of Bankruptcy, Florida, General Bankruptcy Information
Here and elsewhere, you have read about the foreclosure crisis sweeping across this country, but how well is your city holding out during this unprecedented time in our history? According to a recent study published by RealtyTrac, Detroit leads the nation with one out of every 51 houses in foreclosure, which is more than 5 times the national average. Of the 100 largest metropolitan areas, Richmond, Virginia has the fewest houses per capita in foreclosure.
James J. Saccacio, chief executive officer of RealtyTrac, confirms,
The rise in foreclosure activity was quite dramatic and widespread in the first quarter, with 37 out of the 50 states reporting year-over-year increases. Certainly the surge in subprime defaults has contributed to the overall rise in foreclosures; we estimate that more than 50 percent of the foreclosure activity we charted in the first quarter was from subprime loans. However, it’s not just low-end homes that are going into foreclosure; we’re seeing a rising percentage of foreclosures with an estimated market value of more than $750,000.
If you are faced with foreclosure, you have come to the right place. BLN is filled with dozens of articles, like this one, to help you navigate through the bankruptcy process and save your home.
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