Texas claimed the biggest increase in foreclosures during the month of February with a rise of 35.3 percent, according to new data published this week by ForeclosureListings.com.
Posting the second largest increase on the company’s list was Michigan, where foreclosures jumped 17.54 percentduring the month. California came in at No. 3, with a gain of 11.93 percent, followed by Florida, which saw an increase of just 4.71 percent.
ForeclosureListings.com reported that Georgia actually showed a decrease in foreclosure numbers of 5.55 percent, and Arkansas recorded the largest monthly drop of 28.6 percent.
The nation is struggling with a lack of jobs and continued pressure on home values. The report noted that several of the hardest-hit states – California, Florida, Arizona, Nevada, Michigan – are creating emergency funds to help the temporarily unemployed from being foreclosed upon, but said “the numbers continue to paint a bleak picture.”
Las Vegas continues to hold the title of the nation’s top foreclosure hotspot. There, 3,154 homes were foreclosed during the month of February, ForeclosureListings.com reported, up 29.42 percent from the month before.
While their overall numbers were lower than the Sin City, in Phoenix, Arizona, foreclosures jumped 34.61 percent last month, and in Houston, Texas, they surged 37.80 percent. San Antonio, Texas also saw a substantial increase of 30.82 percent, while foreclosures in Dallas, Texas rose 29.5 percent.
The numbers so far may seem daunting, but there were some signs of improvement. Little Rock, Arkansas showed a monthly drop of 35.34 percent from the previous month with only 75 foreclosures. Riverdale, Georgia posted a decrease of 25 percent with only 956 homes foreclosed.
Likewise, two large cities of note, Washington, D.C. reported 169 foreclosures – a difference of 19.9 percent less than January. And Atlanta, Georgia reported 1,039 foreclosures, a drop of 6.98 percent in the same time period.
Today one in every 418 homes in the United States has been hit with a foreclosure filing, topping over 300,000 filings for the 12th straight month and bringing the nationwide total to almost 1.4 million. According to ForeclosureListing.com’s estimates, a staggering 4 million homeowners are at risk of foreclosure.
Nevada, the state that just a few years ago couldn’t keep up with the demand for new home building is now the leader in foreclosures at four times the national average, with Arizona, California, and Florida close behind.
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