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