‘Foreclosure’ is one of the big buzz words among the home-buying public these days, and for good reason; it’s hammered into our heads each night as we turn on the tube. Naturally, as a result, the perception with the general public is that foreclosures are everywhere and they can be bought for fifty cents on the dollar.
Here’s some reality though. According to Dave Ramsey, roughly 60% of the foreclosures currently littering the US real estate market are located in only 4 states (California, Nevada, Arizona, and Florida), leaving the remaining 46 states with a very small piece of the foreclosure pie.
CNNMoney.com just published some more interesting foreclosure statistics, and one in particular was quite staggering:
- In Las Vegas, one in every 22 homes was subject to a foreclosure filing in the first three months of the year
About Ryan Hukill
I found your site on Google and read a few of your other entires. Nice Stuff. I'm looking forward to reading more from you.
I love your blog, however I'm a glass is half empty kinda guy. I just moved here from one of the foreclosure meccas (Lincoln, Ca… a northern suburb of Sacramento). I also lived in Woodbury MN (a close Eastern suburb of St. Paul). Both of these locations were growing out of control from '01-'08 and man have they been crushed (especially Lincoln CA). What I see in Oklahoma that most resembles what I saw in my previous two destinations is Edmond. The cookie cutter neighborhoods are just being thrown up. They all look the same and they are on the tiniest of yards. Absolutely ridiculous to build like that here in OK. If you look at the MLS you'll notice that there are a ton of houses for sale in Edmond and more being built. I personally see a fall coming to Edmond. Now if you buy something in or around Nichols Hills I believe you will be fine, but Edmond… be very very careful.
I'd like to hear people's thoughts.
gb
ps By the way, prices in the nice suburbs of Sacramento CA are about the same as the prices in Edmond now… I love OK, but who would ever have thought that one could pay the same price to live in CA as they pay to live in OK?
Greg, thanks for your insight and opinion. It's always interesting to hear from the perspective of someone from outside (especially a 'bubble' area) our local area who's experienced the fall of a real estate market. It's interesting that you draw comparisons between that and Edmond, and I too wonder what others think about this. Thanks again for sharing your thoughts.