Where Does Your State Rank in Foreclosures

CNN.Money has an article on state rankings in foreclosures. It is by Les Christie, a CNN.Money staff writer.  Florida Foreclosures Lead Nation

Nationally foreclosures are declining. This could be as people are getting out from under their Christmas debt they find a little more cash. Also housing sales are picking up in many areas as spring brings buyers back out.

My state, Oregon is ranked 27th with 725 filings. This averaged 1 in 2008 household going into foreclosure. This is up .55% from January of 07 and actually down 1.63% from February of 06.

Les attributes foreclosures in part to investment speculation and over production of housing and feels that the subprime ARM's adjusting could make these numbers rise. I would agree, but am concerned that subprime and speculation are being lumped together.

While I've sold my share of sub prime loans to clients who couldn't otherwise qualify for a loan, not one was for an investment property. These just never made sense. Every one of the investment properties that I have financed were with an Alt A loan. These are better priced and more lenient in underwriting. These are also the loans that are most likely being defaulted on with the investment properties.

ADDITION: I came across another article with more depth and a slightly different take. The Forecast On Foreclosures. More doom and gloom with a 3 year window. I would agree taht within 3 years all of the 2-3 year sub prime loans will be cleared out, but that doesn't cover all of teh 5 yr. ALT A ARMS...