Georgia and Modesto, Calif., have highest foreclosures
Georgia had the highest percentage of foreclosure sales during the third quarter of 2012 of any state in the nation, while Modesto, Calif., ranked highest among metros, according to a report from RealtyTrac, the real estate research firm. The report revealed a mixed picture of the nation’s housing market, with third quarter foreclosures higher than the previous quarter but still lower than the same time period last year.
Nationally, more than 190,000 U.S. properties in some stage of foreclosure were sold during the third quarter of 2012. That’s an increase of 21 percent from the previous quarter but down 3 percent from the third quarter of 2011. Foreclosure-related sales accounted for 19 percent of all U.S. residential sales during the third quarter of this year.
Georgia led all states, with foreclosure sales accounting for 38 percent of all residential sales during the third quarter of 2012. That’s down from 41 percent of all sales during the second quarter of the year.
California had the second highest percentage among states, with foreclosures accounting for 36 percent of all residential sales. Arizona, with 34 percent foreclosure sales, had the third highest rate. Other high foreclosure states include Nevada, 31 percent; Florida, 26 percent; Illinois and Michigan, 24 percent; and Colorado, 20 percent.
Modesto’s 54 percent foreclosure sales made it the highest among the nation’s 100 largest metropolitan areas. It was followed by Stockton, Calif., 53 percent; Riverside-San Bernardino-Ontario, Calif., 47 percent; Atlanta, 41 percent; Sacramento and Tucson, Ariz., 40 percent.