Not like it’s really a suprising fact, but definitely a sobering one. I previously wrote about the game my children and I play where we guess the number of For Sale signs we’ll count on a street as we’re driving. It’s times like that when you realize the housing bubble and credit crisis have seeped into our unconscious.
It doesn’t seem to be without merit either. If there’s a reason that it seems more real here in Arizona than in other places – it’s because it is.
The foreclosure crisis continues to gather steam, as April filings—defined as default notices, auction sale notices, and bank repossessions—spiked almost 65 percent from the same month last year, according to RealtyTrac’s most recent U.S. Foreclosure Market Report.
All told, 1 in every 519 American households received notice of a foreclosure filing in April, up from 1 in every 538 households in March.
RealtyTrac CEO James Saccacio had this to say in a statement:
The total number of U.S. properties with foreclosure activity in April was the highest monthly total we’ve seen since we began issuing the report in January 2005…. Areas of California, Florida, Nevada, and Arizona continue to be particularly hard-hit.
Here’s the official breakdown:
Top 10 Foreclosure States
- Nevada – 1 filing per 146 households
- California – 1 filing per 204 households
- Arizona – 1 filing per 224 households
- Florida – 1 filing per 242 households
- Colorado – 1 filing per 349 households
- Maryland – 1 filing per 380 households
- Georgia – 1 filing per 422 households
- Ohio – 1 filing per 432 households
- Michigan – 1 filing per 440 households
- Massachusetts – 1 filing per 539 households