Foreclosures - The Calm Before the Storm? RealtyTrac's February 2010 U.S. Foreclosure Market Report shows a 2 percent decrease in foreclosures in February 2010 compared to January 2010.
The report shows one in every 418 U.S. homes received a foreclosure filing in February. Nevada, Arizona, Florida post top state foreclosure rates. California's foreclosure rate ranked fourth highest among the states, with one in every 195 homes receiving a foreclosure filing during the month, and Michigan's foreclosure rate ranked fifth highest among the states. Other states with foreclosure rates among the nation's 10 highest were Utah (one in every 275 housing units), Idaho (one in 296), Illinois (one in 305), Georgia (one in 331) and Maryland (one in 407).
So, is the slight decrease in foreclosures for February 2010 an indication of what is to come? Or, is it the calm before the storm? We all know that many of those 5-yr fixed Adjustable Rate Mortgages (ARM), that were handed out on a silver platter in 2005, are coming due with balloon payments this year. And, since many real estate markets have lost more than 30% value over the past 4 years, one can only predict what will happen next. Perhaps another foreclosure storm is brewing. We'll see.
