With all the bad news being reported about the local housing market, I found the latest foreclosure information on National Realty News interesting.
While the national foreclosure rate is up 63% from last year, "Michigan’s foreclosure rate dropped from second to fifth place among the top state foreclosure rates thanks to a 25 percent decrease in new foreclosures from the previous month. The state reported 7,727 properties entering some stage of foreclosure in March, a foreclosure rate of one new foreclosure for every 547 households and more than three times the number reported in March 2005."
According to the article, Colorado’s foreclosure rate landed it in first place with a rate of one new foreclosure for every 339 households — more than three times the national average. Georgia is second with one new foreclosure for every 404 households and a 77 percent year-over-year increase. Rounding out the top 5 is Indiana and Utah.