The number of bank foreclosures and government tax foreclosures declined in most areas of California during the October-December 2010 period when compared with the same 2009 quarter. However, analysts are predicting another increase this year as more borrowers defaulted and the unemployment level of the state continues to rise.
The number of foreclosures, including foreclosed fixer upper homes for sale, is likely to increase again this year in Florida if mortgage loan delinquency figures are to be used as gauge for predicting future foreclosure numbers in the state. Florida is top among the 50 U.S. states in terms of delinquency rate in 2010.
The number of investors who are into finding distressed homes and purchasing foreclosed properties is expected to rise in Illinois this year. This is because housing industry analysts are predicting a further increase in the number of REOs and foreclosed dwellings in the state in 2011.
Sales of existing residential properties, including those offered at Sheriff house auctions, declined in Indianapolis, Indiana in 2010 compared with previous year's figures. According to housing industry analysts, last year was one of the weakest periods for the city's housing market.
Economists stated that huge supplies of bank and HUD foreclosures will remain a major concern for the city of Houston, Texas. However, most of them claimed that a gradual improvement is happening in the city's economy, buoyed by a more active tourism industry and steady energy rates.
The percentage of total housing unit sales accounted for by foreclosures and distressed properties for sale increased again in some areas of North Carolina in December 2010. Although new housing unit sales improved in the same month all over the U.S., some local areas of North Carolina continue to post higher distressed home sales percentages.
The number of residential properties sold in Galveston, Texas, in the 2010 fourth quarter, including bank foreclosures, was the highest total posted among all housing markets in the state. The increase was unexpected as majority of counties and cities in the region posted lower sales numbers during the October-December 2010 period.
Despite being ranked among the top five states with the highest foreclosed property rates last year, several metro areas of California recorded a decline in Sheriff Sale homes and foreclosure numbers in 2010. However, analysts are predicting that, this year, foreclosure levels will return to the same level seen during 2008 and 2009.
The huge supplies of bank and government tax foreclosure homes are contributing to the difficulties being experienced by the house construction sector in Florida. However, analysts stated that difficulties in acquiring financing for home building projects have proven to be more of a problem than the competition posed by foreclosed properties.
The number of foreclosed residential and foreclosed condos for sale in Las Vegas, Nevada, was the highest among all metro regions in the U.S. last year. The city has maintained its top foreclosure ranking for most of the periods since the start of the housing market crisis in 2007.
