BOCA RATON, Fla. - Michigan is one of five states in March that lead the nation in foreclosed homes, reflecting a nationwide increase in residential foreclosures currently playing out across the United States, new data and analysis from Foreclosure.com contends.
Other leading states include Texas, Ohio, Georgia and Indiana. In addition to having the largest number of foreclosed homes in the nation, these five states also experienced some of the fastest
month-over-month growth in foreclosures among all states.
Texas, which led the nation in foreclosed homes, experienced a 38
percent increase in its total number of residential foreclosures during
March. The total number of foreclosed homes in Ohio, Michigan, Georgia and
Indiana also increased in each state by about one third - an average of 33
percent - last month.
"Markets that benefited disproportionately from the housing boom over
the last five years are most susceptible to foreclosures," said Foreclosure.Com CEO Brad Geisen. However, as our March data indicates, even areas where home prices didn't appreciate as
quickly are now seeing increased foreclosures."
Foreclosure.com delivers foreclosure data for banks and real estate brokerages to small,
private investors and first-time home buyers.
