According to RealtyTrac.com, here are the states with the highest foreclosure rates in the 2nd quarter of 2008:
1. Nevada: 1 filing per 146 households
2. California: 1 filing per 204 households
3. Arizona: 1 filing per 224 households
4. Florida: 1 filing per 242 households
5. Colorado: 1 filing per 349 households
6. Maryland: 1 filing per 380 households
7. Georgia: 1 filing per 422 households
8. Ohio: 1 filing per 432 households
9. Michigan: 1 filing per 440 households
10. Massachusetts: 1 filing per 539 households
Since I live in Tempe, AZ, number three was of particular importance to me. I tried to get my brain wrapped around that number. What does "1 filing in 224 households" really mean to me. I did some limited research on the "tax records" section of MLS and survey 20 subdivisions at random. What I found is 224 is pretty close to the average number of homes within those randomly polled subdivisions.
O.K., so now that creates a pretty good picture for me. On the average -- in every subdivision I enter -- one home is in foreclosure. Granted, some subdivisions have a much greater rate than that. However, now that stat has a concrete meaning instead of being just a number.
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