February 2008

California foreclosures continue their rising spell through 2007 and into 2008. Apart from homeowners, the other people hit are homebuilders. The largest inland homebuilder in California, KB Home, suffered a major setback on Tuesday with its loss spiraling to almost $773 million. This clearly reflects the downsizing that is taking place in the home building industry and can be attributed to the large number of California foreclosure homes.

There has been a major spike in Michigan foreclosures in 2007 with the county foreclosures hitting 1,029. Some of the major counties that contributed to the high number of Michigan foreclosure homes in 2007 include Livingston, Grand Rapids, Detroit, Lansing, Flint, Pontiac and Clinton among others. The county that has been the worst hit is Livingston County and it seems like there will be many more foreclosed homes in 2008.

Bad news for all homeowners – there is a huge jump in the foreclosure rate in Texas. Most of the foreclosure filings have been reported from the Dallas-Fort Worth area where the home foreclosure filings jumped by almost 31%. This has affected Texas foreclosures as it showed the rate being twice the national average. A high number of real estate foreclosures were recorded from the Denton, Dallas and Collin counties.

The year 2007 marked a new chapter in Florida Foreclosures as it went on to record the highest rate of foreclosure with one foreclosure per 719 households. This is bad news because the foreclosure rates were evidently around 2.5 times more than the national average.