USA is suffering highly from foreclosure in the major Cities of four prime states, Arizona, Florida, Nevada & California. 29 Places from those states captured 29 positions out of the top 30 highest foreclosure affected areas of USA. But it was noticed that some places, like the Central Valley cities in California, which was badly affected by foreclosure, had improved a lot.
But experts said that this may be only a relief before another blow of an upcoming foreclosure. It is well known that the former two reasons of foreclosure were sub prime mortgage meltdown & other economic crisis. But now it is suspected that there will be a third wave & that would be, according to Realtytec" the fallout from the option-ARM resets over the next several months."
The question is, will it be getting worse then before?
We will get the answer if we just checkout the report given below:
Many states & cities of USA where populations are larger than one million had immensely increasing rate of foreclosure during last six months of 2009. For example, Seattle had the highest increase in the rate of filings, received notices 1 in 107 homes. That is 72% increment in rate compared with the same period of time one year ago. In the second position, was Minneapolis, increased by 58.6% to 1 in 90 homes; Phoenix got 51.7% increased to 1 in 22.
Vegas, which is crowned as the king of foreclosure,1 in 13 homes having foreclosure filing during the first two quarters of 2009, is 56% more increased compared with first two quarters of 2008 & it was six times worse than the national average rate of 1 in 84 homes. Chicago has increased up 30% from 2008 to 39th place among the foreclosure affected cities.
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