Is the Foreclosure Crisis Happening All over the US?

Despite fears about foreclosure sparked by the collapse of the United States housing market in 2008, as of November 2010, more than half of the foreclosures in the U.S. were occurring in only five states. Nevada, Florida, Arizona, California and Michigan were the states that had the most foreclosures between 2008 and 2010. It was estimated that more than 1 million Americans will have lost their homes to foreclosure by the end of 2010.

Other facts about foreclosure in the "Great Recession":

  • One out of every 387 homes in the U.S. received foreclosure notices during 2010.

  • In 2009 and 2010, almost 5 million Americans went in default of their mortgages at a rate of default that had not been seen since the Great Depression.

  • States that tended to do the best in terms of foreclosure were Vermont, Wyoming, North Dakota, West Virginia and Mississippi, with only one in about 15,000 houses foreclosed on in 2010.
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