Why are just a handful of states experiencing the majority of foreclosure activity? Massive job losses are the major contributor to Michigan's foreclosure rate. And equity losses are the major contributor to the big "bubble" states - CA, FL, AZ and NV foreclosures.
If you are looking for stability, focus on the states with job diversity and affordability. Even though the bubble states are more affordable now, many home owners are still stuck in loans from the housing peak. Housing around them may be affordable, but their loans are not. If they can't get a loan modification that includes principal reduction, chances are they will walk. And at this point, most mods don't include principal reduction.
To Your Health & Wealth,
Kathy and the Real Wealth Team
Tags: Arizona, California, Florida, Foreclosures, Market Indicators, Michigan, Nevada
