2008 Q1 Foreclosure Stats Show Dire State of Industry
Foreclosure statistics for the first quarter of 2008 were released today, and, as predicted, things are getting worse for the housing market. Q1 of this year saw a 23% rise over foreclosure filings from Q4 2007, and a 112% rise over Q1 of 2007.
In raw numbers, around 650,000 homes have been repossessed, or 1 in every 194 households in America. Some other frightening numbers from the CNN report linked above:
- foreclosures increased in 46 states and in 90 of the nation's 100 largest metro areas.
- previously "safe" areas saw massive foreclosure filings: Connecticut saw a 300% increase, while Massachusetts saw a 260% increase.
- the worst area for foreclosures is the Southwest, specifically California, Nevada and Arizona. Foreclosure hit 1 of every 54 homes in Nevada, and 1 in 44 homes in Las Vegas. Stockton, California remains the epicenter of the crisis, with 1 in 30 homes being foreclosed, with Riverside/San Bernardino coming in second with 1 in 38 homes.