RealtyTrac says foreclosure notices rose 4% last month, the 17th straight month filings have exceeded 300,000. And RealtyTrac’s Rick Sharga tells MarketWatch News Break that foreclosures may not peak until 2011
AR, NV, FL top the list, with Nevada being the poster child for foreclosures. High property prices coupled with insane financing tricks triggered the first wave there. High unemployment, especially in Las Vegas, is triggering their current wave of foreclosures. Unemployment in Nevada is 14.2% and 1 out of 15 homes in Vegas have been foreclosed.
That’s a whole lot of pain.