Of course, we all saw this coming…but I don’t think anyone knew it was going to be this bad. With all these people buying houses that they cannot afford in the first place, the foreclosure rate in California, Florida, Michigan, Ohio and Georgia is up 9% from just last month. That’s 179,599 foreclosures in just those 5 states alone in July. Nevada has the highest foreclosure rate in the country: one out of every 199 households and 5,116 foreclosure filings during the month. Yikes.
I guess this is what happens when people making $30,000 buy $500,000 houses and expect to be able to keep them. Wishful thinking I suppose, but nonetheless nearly impossible.