According to information released by RealtyTrac, Inc. last week, the foreclosure crisis isn't over, but the pace of growth may finally be slowing down. The report said that the number of U.S. households facing foreclosure in February grew 6 percent from the year-ago level, the smallest annual increase in four years. However, concerns remains on the hundreds of thousands of homeowners who are still being evaluated for help under loan modification programs. Many analysts say most of those borrowers will eventually lose their homes, sparking a new round of foreclosures later this year.
The report issued by RealtyTrac follows the encouraging news from the MOrtgage Bankers Association which stated that the percentage of borrowers who had missed just one payment was reduced to 3.6% in the last quarter of 2009. We must continue watching the developments in the areas of unemployment and reduced income.
The top 10 states reporting the highest levels of foreclosure:
1. Nevada
2. Arizona
3. Florida
4. California
5. Michigan
6. Utah
7. Idaho
8. Illinois
9. Georgia
10. Maryland
The top 5 metro areas reporting foreclosures are:
1. Las Vegas
2. Cape Coral-Fort Myers
3. Modesto
4. Riverside-San Bernardino-Ontario
5. Stockton
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