Today's Coming Crisis Movie

Friday, June 17, 2011

America's map of misery? Study reveals alarming scale of crisis facing U.S. housing market - and how 1 in 100 Nevada homes are receiving foreclosure

Almost one in every 100 households are receiving foreclosure notices in a Western state, despite an overall fall in activity across the U.S. last month.

The number of homeowners being put on notice for being behind on their mortgage payments dropped in May to its lowest level since 2006.

But despite the slowing housing market and lingering delays in bank foreclosure processes, one in 103 households in Nevada went on notice.

The second-highest rate is one in 210 in Arizona, followed by one in 259 in California, but Nevada has now topped the list for more than two years.

Five states created more than half of foreclosure filings, led by California at 51,906 - but this was far ahead of second-placed Florida, on 19,192.

Michigan (14,614), Arizona (13,122) and Nevada (11,039) were behind.

Mortgage lenders also took back fewer properties in May for the second month in a row, foreclosure listing firm RealtyTrac said on Thursday.

Many mortgage lenders are still working through foreclosure document problems that surfaced last autumn. Read More