What area of the United States has the worst foreclosure rate?
Foreclosures in the state were up 15% for the month and were almost double the rate of last July. Other hard-hit states included California (one of every 182 households), Florida (one of 186) and Arizona (one of 195). For sheer volume, California led the other states with a total of 72,285 filings. An especially high percentage of the California filings were bank repossessions. There were 23,406 in all, up from just 4,444 in July 2007. The state accounted for more than a third of all such events in the nation. The number was also a big jump from June’s total of 20,624 bank repossessions in the state. “The properties there, once they enter foreclosure, are making a beeline back to the banks,” said RealtyTrac’s spokesman, Rick Sharga. Many of the California homes were bought during the height of the frenzy of the mid-2000s at inflated prices. Now that home values have dropped, borrowers who bought at the top owe more than their homes are worth. These properties are almost impossible to r
