Every time we get the monthly foreclosure numbers from RealtyTrac, I hear someone on TV say, 'Well, the problem is really only concentrated in a handful of states."
Yes, the volumes are, the problems are not.
Take a read from the RealtyTrac release:
"Five states accounted for 51 percent of U.S. foreclosure activity in May, led by California, where 51,906 properties received a foreclosure filing during the month.
A total of 19,192 Florida properties received a foreclosing filing in May, the second highest state total despite a 62 percent decrease from May 2010
A total of 14,614 Michigan properties received a foreclosure filing in May, the third highest state total, followed by Arizona, with 13,122 properties receiving a foreclosure filing during the month, and Nevada, with 11,039 properties receiving a foreclosure filing during the month.
Other states with foreclosure activity totals among the nation’s 10 highest in May were Illinois (10,574), Georgia (10,503), Texas (9,055), Ohio (8,379), and Wisconsin (4,660)."