Here are some quick foreclosure stats I came across recently:
- Every three months, 250,000 new families go into foreclosure.
- Foreclosure filings were reported on 234,685 properties nationwide during March, a 57% increase from March 2007.
- One in every 538 U.S. households received a foreclosure filing during March.
- One out of every 200 homes will be foreclosed upon. For a city like Washington, that translates to 3,000 Washingtonians losing their homes to foreclosure each year.
- One child in every classroom in America is at risk of losing his/her home because their parents are unable to pay their mortgage.
- More than 6 in 10 homeowners delinquent in their mortgage payments are not aware of services that mortgage lenders can offer to individuals having trouble with their mortgage.
- Foreclosure filings were reported on 64,711 California properties in March, the most of any state for the 15th consecutive month.
- California foreclosure activity increased nearly 21 percent from the previous month and almost 106 percent from March 2007.
- One in every 204 California households received a foreclosure filing in March – 2.6 times the national average.
- According to Realtytrac.com, a source for foreclosure listings:
- There are currently 2,934,626 US foreclosure listings.
- The top 5 foreclosure States are:
- California leading with 303,777 listings.
- Florida – 191,706 foreclosure listings.
- Ohio – 105,880 foreclosure listings.
- Texas – 79,683 foreclosure listings.
- Georgia – 52,210 foreclosure listings.
It can be scary to invest in anything during a recession. We all carry visions of the great depression and bread lines and people selling apples. The idea of putting your money into anything other than your mattress can be frightening for some. However, real estate should never be looked upon as an ordinary investment.
Real estate investment isn't like any other kind of investment. Yes, at the core of all investments there's money and risk involved. But the major difference is that in real estate investing, you are responsible for the work required to make a return on your investment.
There is no human invention more complex than the tax codes, and among the most complicated are the laws surrounding real estate investing. So, what follows is NOT to be considered legal advice — consult your attorney or tax accountant before making any decisions.