Foreclosures Concentrated in a Few States

February 26, 2009

55% of foreclosures and 87% of housing value losses are occurring in four states: California, Florida, Nevada, and Arizona, according to a new study out of the University of Virginia. The national foreclosure rate is about 0.79%.

Those four states may have a tougher time with their state budgets, not only if property tax revenue declines with property values, but also because of the impacts it has on other tax revenues. It will be interesting to see how local governments cope with the drop in property values.

Hat tip: Reason Hit & Run

Was this page helpful to you?

No

Thank You!

The Tax Foundation works hard to provide insightful tax policy analysis. Our work depends on support from members of the public like you. Would you consider contributing to our work?

Contribute to the Tax Foundation

Topics


Related Articles