The bit plays out a lot funnier on David Letterman, but the good folks over at the Real Estate Bloggers have compiled this fascinating—but terrifying—top 10 list based on a recently released RealtyTrac report.
Overall, 1 out of every 538 U.S. households received a foreclosure filing last month.
Top 10 States for Foreclosures in March
- Nevada: 1 in 139 homes
- California: 1 in 204 homes
- Florida: 1 in 282 homes
- Arizona: 1 in 283 homes
- Colorado: 1 in 339 homes
- Georgia: 1 in 351 homes
- Ohio: 1 in 448 homes
- Michigan: 1 in 475 homes
- Massachusetts: 1 in 486 homes
- Maryland: 1 in 538 homes
The list shows the titanic force of the housing bust, as the states with the scariest ratios—Nevada, California, Florida, and Arizona—were the hottest spots during the boom. Look for more pain coming out of midwestern states like Ohio and Michigan, where tough housing markets could trigger a spate of failures at small banks that got deep into housing construction.
Lucky you, Vermont. Foreclosures in the state—known for cows, liberals, and maple syrup—stand at only 1 in every 154,779 homes. Keep up the good work.
Want to read more about the report? Here's the post I did on it earlier this week.