Top States with Highest Bank Foreclosed Homes

February 10, 2011 / Elizabeth Buckley, Commercial Property Analyst

Bank foreclosed homes are now parading in Idaho as the number of foreclosures increased by 29 percent in January 2011 compared the figures recorded for December 2010. The entire country is still staggering from commercial and residential real estate properties falls into foreclosure, but it’s not all, recently U.S churches has become victims of property crisis, according to a study.

Top States with Highest Bank Foreclosed Homes

Since 2008, about 200 U.S churches’ properties have been sized by banks and lenders compared to only 8 in 2006.

According to a California-based firm that tracks foreclosures, RealtyTrac, about 2,686 filings are recorded in Idaho for the month of January. Idaho now ranked number four among the states with the highest bank foreclosed homes.

About 1 in every 241 homes in Idaho was foreclosed by lenders, compared to the 309 homes in December 2010. The state ranked 8th in 2010, and 4th in 2009.

Overall figures in the United States show that 1 in every 497 home units filed foreclosure in January, according to RealtyTrac. About 1 percent increased or about 261,333 bank foreclosed homes compared to December of 2010, but significant lower than in January 2009 — for about 11 percent.

RealtyTrac senior vice president, Rick Sharga said, the figures for bank foreclosed homes is said to increase inevitably—sooner or later. The numbers of bank foreclosed homes are still a major backlog for the residential market, which is already struggling because of thousands unsold homes.

Top 10 states with the highest bank foreclosed homes include Nevada at #1, then Arizona, California, Idaho — 4th, Utah, Michigan, Georgia, Illinois, Florida, and Colorado.

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