For the fifth consecutive year, Nevada continues to have the highest foreclosure rate in the country, despite a 31 percent drop in the state’s foreclosure activity from 2010 to 2011, RealtyTrac® reports. Several states continue to see a large amount of foreclosures, which are putting downward pressure on overall home prices. The states with the highest foreclosure rates for 2011 are:
1. Nevada: 6 percent (1 in 16 housing units received at least one foreclosure filing in 2011)
2. Arizona: 4.14 percent (or 1 in 24)
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3. California: 3.19 percent (or 1 in 31)
4. Georgia: 2.71 percent (or 1 in 37)
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5. Utah: 2.32 percent (or 1 in 43)
6. Michigan: 2.21 percent
7. Florida: 2.06 percent
8. Illinois: 1.95 percent
9. Colorado: 1.78 percent
10. Idaho: 1.77 percent
Nationwide, 1 in 69 housing units or 1.45 percent of home owners received at least one foreclosure filing during 2011, which is down from 2.23 percent in 2010, RealtyTrac® reports.
Source: National Association of REALTORS®