Maybe because I went to high school and college in the 70’s and read a lot of positive mental attitude books – I usually am a “glass is half full” kind of person – however the recent news feed from the Daily Real Estate News is shaking my core beliefs.
They reported that RealtyTrac’s most recent statistic shows California has the highest rate of foreclosure. Anyone in California that is paying attention knows that some areas of California aren’t doing so bad (think San Diego or San Francisco) which means some areas (think central valley) are even worse than the worst – hence the title of this blog.
The states with the highest foreclosure rates in JulyRealtyTrac’s most recent data–are:
- California: 1 in every 325 housing units
- Arizona: 1 in every 346 housing units
- Florida: 1 in every 352 housing units
- Georgia: 1 in every 376 housing units
- Illinois: 1 in every 385 housing units
- Nevada: 1 in every 415 housing units
- Michigan: 1 in every 518 housing units
- Ohio: 1 in every 528 housing units
- South Carolina: 1 in every 536 housing units
- Indiana: 1 in every 665 housing units
While we struggle to find positive hope, news like this seems to deflate even the smallest glimmer of hope. The reality is that we still have some pain and suffering to go. My advice to anyone who is still not quite sure what to do – get some good advice about what your current options are. Getting informed about ALL your options puts you in the best position possible.
Sometimes it only makes sense to let the upside-down mortgage go and start recovering so that when we actually hit a bottom (who knows when?) you might be fully healed and will be in a MUCH better position than if you did nothing. Doing nothing, in my opinion, is the worst thing you can do.