USA home repossession update
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News on USA
12 May 2008
A wave of home repossessions is sweeping across the United States in the wake of the sub-prime mortgage-lending crisis. But which States are most at risk?
Research conducted by CNN Money shows that the top 10 States affected by home repossessions are:
1. Nevada: 1 in 139 homes
2. California: 1 in 204 homes
3. Florida: 1 in 282 homes
4. Arizona: 1 in 283 homes
5. Colorado: 1 in 339 homes
6. Georgia: 1 in 351 homes
7. Ohio: 1 in 448 homes
8. Michigan: 1 in 475 homes
9. Massachusetts: 1 in 486 homes
10. Maryland: 1 in 538 homes
Mark Fleming, chief economist at CoreLogic, commented: “Mortgage delinquencies will continue to rise over the next six to 12 months as home prices decline and economic conditions remain difficult, according to one forecast released Monday.
“The Core Mortgage Risk Monitor (CMRM), an index of foreclosure risk compiled by real estate data analyser First American CoreLogic, increased 16% compared with the same period last year.
“Nationwide, the markets with highest levels of delinquency risk also had double-digit declines in home prices and weakening labour markets. House price depreciation factors are now outweighing economic stress factors”.
With the US housing market in turmoil, and with the sterling currently at an historical high against the US dollar, now is surely a great time to negotiate a good deal for a property in America.