More Than Half of Foreclosures Came from Five States
This article predicts, as expected, that there will be over 1.2 million foreclosures in 2011. This would break the record of 1 million in 2010. It also points out that more than half of the foreclosures in 2010 came from the states of California, Florida, Arizona, Illinois and Michigan.
Since I live in Maricopa, Arizona I expect the trend to continue well into 2011 as nearly one in seventeen homes received a foreclosure filing last year and the 30-60-90 day delinquent list that I use to target short sales shows that an increase in this ratio can be expected.
Hopefully the lenders will increase their efforts to reach settlements such as loan modifications and short sales. So far this year I have mixed reviews. Somelenders appear to be accelerating the short sale process while others have unexpectedly taken homes to foreclosure even though I have had solid offers and even demand (acceptance) letters in hand.
