photo credit: Apollo-Jack
People who are interested in snapping up homes that have hit the market after foreclosures will want to start looking in the Southwestern part of the United States. New foreclosure data reveals that Nevada, California and Arizona are the three highest-ranking states for 2008 foreclosures.
The data is a review of the foreclosure activity that has taken place across the nation in the first three months of the year. It shows that six of the ten cities in the nation which have the highest foreclosure rates are located in California. The leading city with the most foreclosures was Stockton, a city in Northern California located not too far from the state’s capital, an area where foreclosures are running rampant. Other California cities which ranked included Los Angeles, Orange County and Riverside-San Bernardino. The state’s foreclosure activity increased over thirty percent since the preceding quarter.
In spite of these high numbers, California was not the highest-ranked state for total foreclosures in the first quarter. That dubious honor goes to Nevada. The city of Las Vegas is mostly to blame for the high foreclosure rates there.
Of course, the foreclosure problem isn’t something that’s only affecting the Southwest. This just happens to be the area hit hardest at the beginning of this year. The trend towards low housing costs and foreclosure problems does continue throughout the nation with seventeen out of twenty metropolitan areas reporting a decline. People interested in investing in property that is in one of the few areas that doesn’t have this problem will want to look first at Charlotte, North Carolina. That’s one of the few cities to actually see a rise in home values this year.