While foreclosure rates are falling, there are still some areas in the nation with pretty high foreclosure rates. Like most areas, the foreclosures in these states are mostly holding steady and some are even in decline. Read on for some states that are still stuck with the highest foreclosure rates in the nation.
Nevada tops the nation’s foreclosure rate listing as it has been for over 40 months. Currently, many of the foreclosures in Nevada are coming out of the Las Vegas metro area, with a rate of over 12%. Taken as a whole, the state of Nevada has 16,217 foreclosures. This means that one in every 69 Nevada homes is in foreclosure.
Arizona comes in with the second highest foreclosure rate in the country, coming in with 16,088 homes in foreclosure. Like Nevada and Las Vegas, the Phoenix area accounts for many of the homes being foreclosed in Arizona. While the total may seem low, when taken with Arizona’s population 1 in 169 houses are being lost.
Florida has a few more metro areas than Arizona and Nevada, so the foreclosure rate of 48,384 accounts for a smaller rate than Nevada or Arizona when compared to the general population. Overall, 1 in 181 Florida homes has been lost to foreclosure as of April 2010.
California has been near the front of the foreclosure crisis for quite some time, with an artificially high cost of housing in metro areas that was set up to fall hard when it fell. There are currently over 69 thousand foreclosed properties in California, creating a rate of 1 in 192 housing units lost.
Utah only has 4,266 homes facing a foreclosure, which seems tiny compared to some of the larger states listed above. However, due to Utah’s small overall population, that small number translates into a much larger rate of 1 in every 221 homes being foreclosed.
Like Utah, the raw number of foreclosures in Idaho is a relatively small 2,833 as of April 2010. The small Idaho population means this number ends up meaning 1 in every 226 homes is currently in foreclosure.
With the notoriously problematic Detroit housing market, it is not surprising to see Michigan end up as one of the top ten state foreclosure rates. Michigan has over 19 thousand homes facing foreclosure, which equals out to a rate of 1 in every 236 properties.
The past strength of the Chicago housing market has suffered enough during the foreclosure crisis to land Illinois in the top ten states facing high rates. Illinois has 18,870 properties facing foreclosure as of April 2010, creating a rate of 1 in every 279 homes.
Georgia is facing a foreclosure rate of 1 in every 288 homes, creating almost 14,000 foreclosed homes and earning the state a place in the top ten. Like the problems other states on this list have with major metropolitan areas, Georgia’s foreclosure issues are mainly situated in Atlanta.
Colorado has a total of 6,382 homes facing foreclosure as of April 2010. While the overall number may seem small, the actual rate of properties facing foreclosure in the Colorado area still comes in at 1 in 337.