Maine Foreclosures

March 20th, 2009 admin

The state of Maine is kind of a curiosity in the area of real estate today. They have a very low foreclosure rate and in December 2008 were only at 271 total foreclosures for the month, which is 0.039 percent and yet the unemployment rate is a quite high seven percent for the same month.

Further investigation shows that this is partially due to the fact that a large number of people living in Maine actually own the houses they live in free and clear and as a result were in no immediate danger of losing the property to foreclosure when they lost the job they had.

That being said, the state is not out of the woods by a long shot and the longer the crisis continues, the more likely it is that the number in the state of Maine will begin to rise. IT is all a number game and even though people own the homes free and clear, things like extended periods of unemployment and illness or other bills may force the family to get a mortgage to cover expenses which may then lead to a default and the foreclosure.

At the moment and for the immediate future it would seem that the state of Maine is in fairly good shape with regards to the foreclosure problems blanketing the country today and the state is expected to pull through the crisis rather well and make it out the other end with a minimum of trouble in comparison to the rest of the nation.

So while the rest of the United States is facing a bleak and uncertain real estate future, the state of Maine looks to be in a position to make it through in fairly decent shape as long as the crisis is not extremely long lived.

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Georgia Foreclosures

March 18th, 2009 admin

The state of Georgia is known as the peach state because of its luscious peach crops. It is the home of Hip Hop, Jimmy Carter and peanuts and a combination unemployment rate and foreclosure rate that are quite high. The unemployment is in excess of 8 percent in December alone and the Foreclosure rate is at 0.256 percent during that same period.

The market in the state of Georgia is generalized by mortgages, which were too easy to get and required little or no down payment and not much for income verification. The first, second and third mortgages were handed out like candy her for so long that it was just the accepted practice.

New developments were being built and as fast as they went up they were sold out because literally anyone with a job, it would seem, could qualify under that was the banks approved loans there. Needless to say, that process has stopped and with the current issues with banks and the mortgage crisis, there are now more homes empty and foreclosed than there has been at any time in history in the state.

Builders have stopped building and many have gone out of business and house after house sits empty because there is no way to afford them. They were sold and re-mortgaged so far above what the actual value was that there is no way they will ever end up selling for enough to cover the loans and the banks are sitting stuck with property that they will have to end up losing huge amounts on in order to sell.

This is the state of the economy across the country and it is seen very well and very easily by a simple drive through any neighborhood in the state where you can see house after house with foreclosed or for sale in front.

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Missouri Foreclosures

March 16th, 2009 admin

Missouri, like a lot of the states in the United States of America is running a high unemployment rate and a high rate of foreclosed real estate. In the month of December alone the state had a 0.125 percent foreclosure rate, which equates to roughly almost 3,300 new foreclosures in the month of December alone.

Not the highest rate but certainly far from the bottom of the stack to be sure. While the state is considered to be on the low side in the income brackets, that made it easier for a lot of people to get upside down on property values by overextending via second and or third mortgages which became difficult if not impossible to repay as the economy took its recent turn for the worse.

The foreclosure rate, due in part due to layoffs and company downsizing in the retail sector as a direct result of the lack of consumer spending has left a lot of fairly recent construction in foreclosure and yet an alarmingly large amount of it dangerously close to entering foreclosure.

Missouri is one of the states that is forecast to get a lot worse before it gets any better and that news has a lot of people in the state nervous about the future state of the real estate market and the over all economy in this state.

Known as the Show Me State, in the state of Missouri all that can be done for now is to adopt a wait and see attitude. There is little that can be done at this point other than to do what most folks there are doing which is take it day by day.

If the economy does not get better in a hurry, it is quite likely that the numbers in the state of Missouri will rise quickly to some quite high levels.

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