“The largest monthly increases in new foreclosure rates among states with more than 300 new foreclosures were recorded in Alabama (up 21.3 percent); Colorado (up 12.9 percent); Illinois (up 11.6 percent); Michigan (up 38 percent); Minnesota (up 31.1 percent); Missouri (up 48.2 percent); and Ohio (up 14.3 percent).”
“‘New residential foreclosures across the nation are up this year, driven in large part by increases in adjustable-rate mortgages,’ said Brad Geisen, CEO.”
Interesting that the highest foreclosure rate increases are in the Midwest, and not in the bubble cities. Again proving that this housing bust is nationwide.
