#12 in rate of foreclosures - 1 in every 878 households. (Colorado is #1 with 1 in 376)
#3 in total foreclosures - 8,321. (Texas is #1 with 14,195)
'NEW YORK (CNNMoney.com) -- Americans continue having difficulties paying their mortgage obligations, with December foreclosure rates above the 100,000 mark for the fifth straight month.
The number of homeowners entering into some stage of the foreclosure process in December was 109,652, down 9 percent from November but up 35 percent from December 2005, according to RealtyTrac.'
You just KNOW that toxic mortgages (interest-only, balloon payments, ARMs, etc...) has been a huge contributor to this malaise. Well, that and prices that have levelled or declined.
'Adjustable-rate mortgages, especially subprime ARMs, continue to drive the spike in foreclosures: many of those loans are due to reset in 2007, and many of the loans written in 2006 are performing less well than in previous years.
The combination of slower home sales and rising interest rates on ARMs continues to drive foreclosures at significantly higher numbers than a year ago," said James J. Saccacio, chief executive officer of RealtyTrac.
Other circumstances are involved. One is that the housing market turned, removing one avenue of escape for some homeowners facing foreclosure. "People would be reselling their homes if they got into trouble," says Rick Sharga, VP of marketing for RealtyTrac.
When they can't sell at or above what they owe, they may go into delinquency instead.'
No! Really?!!! (okay, I'll get that smirk off my face)
Full Article (with foreclosure numbers for all 50 states)