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|Arthur Real Estate Services, LLC
Arthur Real Estate Services, LLC
P.O. Box 2252
Fort Oglethorpe, Georgia 30742
-Licensed in Georgia and Tennessee
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Foreclosure Rate by States (Two Year Change)
Posted in Did You Know, by Ken Fears, Director, Regional Economics and Housing Finance on May 30, 2014
The steady improvement in house prices and employment coupled with the 2013 refinance boom had a
significant impact on foreclosures nationally. Across the country, the foreclosure rate fell dramatically. As
depicted below, no state has seen an increase in its foreclosure rate over the 8-quarter period ending in
the first quarter of 2014.
However, some states fared better than others. Florida, California, Arizona and Nevada all experienced
significant declines following the bust of the sub-prime market and sharp declines in employment.
However, Arizona and California experienced the sharpest declines in their foreclosure rate, respectively.
By contrast, the improvements in Florida and Nevada were not as strong.
What’s more so, New York, New Jersey, Maine, Connecticut and Illinois have also experienced stubbornly
slow improvement form high levels of foreclosure. The common thread among these states is that they all
have judicial process for foreclosures or a process that has moved closer in that direction. While the
judicial process can shelter the consumer with important protections, it can also slow or stall market