Foreclosures Have Risen in Five Primary States

Foreclosures have risen across the country after hitting an all-time low in April and went back up in May. Bank repossessions have also gone up as well.

However, foreclosures are still down by 28% for the year, which is a good sign. Many U.S. mortgage holders owe more on their homes than they are worth but went below 20% in the first quarter of this year.

The foreclosure problem, however, is not totally resolved and will come back stronger later on due to the high number of delayed foreclosures. Here are five states which have been adversely affected by foreclosure:

Florida:

In May of this year, Florida had the highest number of foreclosures in the country, which was a 20% increase from the previous month and 12% from the year before that. One out of every 302 Florida homes had experienced a foreclosure filing. The Florida court system has become backlogged from the sheer magnitude of foreclosures.

Nevada: 

Nevada was experiencing 27 consecutive months of decreases in foreclosures but then one month had an 18% increase. Nevada also has the highest percentage of mortgaged properties in negative equity in the country.

Ohio:

In Ohio, one out of every 584 houses has been foreclosed upon. In May, the number of foreclosures decreased by 27% in May and 15% from the previous year. However, bank repossessions have increased as of late.

Maryland:

In Maryland, one in every 587 houses has been foreclosed upon and there was an increase in foreclosure activity this past May. Things are improving for Maryland, however, and there have been units sold while the average selling price has increased.

South Carolina:

South Carolina’s foreclosure rate fell 1.6% from the previous month but it still has the fifth highest foreclosure filing rate of all the states.