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Paul Kiesel
Paul Kiesel
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States with the Most Foreclosures

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In response to one of the comments left on my blog from earlier today (California’s Ticking Option ARM Time Bomb, 8/19/08), here is a list of the top 10 states with the highest foreclosure rates and some brief information on foreclosure filing trends, according to U.S. News & World Report:

Foreclosure filings—default notices, auction sale notices and bank repossessions—were reported on 272,171 U.S. properties during the month, an 8 percent increase from the previous month and a 55 percent increase from July 2007. The report also shows one in every 464 U.S. households received a foreclosure filing during the month. (USNews.com, 8/19/08)

States with the highest foreclosure rates:

1. Nevada: One in 106 homes

2. California: One in 182 homes (California also has the most Option ARMs out of the 1.4 million in the U.S.)

3. Florida: One in 186 homes

4. Arizona: One in 195 homes

5. Ohio: One in 375 homes (Ohio was one of the earlier states to be hit hard by the subprime/foreclosure crisis).

6. Georgia: One in 385 homes

7. Michigan: One in 389 homes

8. Colorado: One in 390 homes

9. Utah: One in 472 homes

10. Virginia: One in 562 homes