Foreclosure Update: Five States account for 60% of the nation’s foreclosures in first quarter of 2009.
California, Florida, Arizona, Nevada and Illinois accounted for nearly 60 percent of the nation's foreclosure activity in the first quarter, with 479,516 properties receiving foreclosure filings in the five states combined.
Nevada continued to document the nation's highest state foreclosure rate in the first quarter, with one in every 27 housing units receiving a foreclosure filing -- more than five times the national average.
But remember that true Real Estate numbers should not be calculated nationally! Real Estate is LOCAL! It always has been, in good markets and bad.
But, as I’ve stated before, listening to the news channels, especially the national news, you would expect that EVERY county in EVERY state is having the same problem. Foreclosures on every street corner! A pandemic sweeping through the masses of homeowners everywhere!
But that’s not so here in Big Red country. Once again, Nebraska is among the bottom states for rates of foreclosures per capita, coming in at number 48, moving up from number 49 last fall. Congrats to South Dakota for swooping in and taking our number 49 spot!
In other local number-crunching news: Accepted contracts in the month of March 2009 were up significantly from February numbers in the Omaha MLS system. We saw an increase of 339 accepted contracts (from 692 in February to 1031 in March). That is the single largest month to month increase since February/March of 2004 where we saw in increase of 345 properties to go pending.
There is no doubt that the 8,000 tax credit is having an impact on sales. It certainly makes sense, especially considering how low interest rates have remained. If there is any way possible to purchase a house now, it’s definitely the right time.
This means that if you have a home in that first time buyer price range and you are thinking of making a change, it is time to get that property on the market!
California, Florida, Arizona, Nevada and Illinois accounted for nearly 60 percent of the nation's foreclosure activity in the first quarter, with 479,516 properties receiving foreclosure filings in the five states combined.
Nevada continued to document the nation's highest state foreclosure rate in the first quarter, with one in every 27 housing units receiving a foreclosure filing -- more than five times the national average.
But remember that true Real Estate numbers should not be calculated nationally! Real Estate is LOCAL! It always has been, in good markets and bad.
But, as I’ve stated before, listening to the news channels, especially the national news, you would expect that EVERY county in EVERY state is having the same problem. Foreclosures on every street corner! A pandemic sweeping through the masses of homeowners everywhere!
But that’s not so here in Big Red country. Once again, Nebraska is among the bottom states for rates of foreclosures per capita, coming in at number 48, moving up from number 49 last fall. Congrats to South Dakota for swooping in and taking our number 49 spot!
In other local number-crunching news: Accepted contracts in the month of March 2009 were up significantly from February numbers in the Omaha MLS system. We saw an increase of 339 accepted contracts (from 692 in February to 1031 in March). That is the single largest month to month increase since February/March of 2004 where we saw in increase of 345 properties to go pending.
There is no doubt that the 8,000 tax credit is having an impact on sales. It certainly makes sense, especially considering how low interest rates have remained. If there is any way possible to purchase a house now, it’s definitely the right time.
This means that if you have a home in that first time buyer price range and you are thinking of making a change, it is time to get that property on the market!
For more information on real estate in your area contact bill.swanson@cbshome.com or visit http://www.billswanson.com/ for a free, online home valuation.
Posts
No comments:
Post a Comment