FORECLOSURE RATES AGAIN CONCENTRATED, BUT IMPACT IS NOT

We mentioned a few weeks back that the national foreclosure stats were disproportionately represented by just a few states.

That has been continued for a second month.

RealtyTrac.com numbers show that a little over half of US foreclosures during April came from just three states: California, Florida, and Nevada.

The population represented by those states is about 19%. That will give you a sense of how uneven the problem is in terms of geography.

Of course, you can be living anywhere in the US and the problem is still having an impact, in one way or another.

For example, Fannie and Freddie don't just back loans made in certain states. They are in all 50. So the pinch is felt by these quasi-government organizations even though the losses are concentrated. (Maybe "quasi-government" is no longer quite accurate!)

This week, for example, both of these agencies asked for more dollars... $19 billion and $6 billion, to be exact.

Loan fees have also risen over the past year. Increased consumer charges is one way to find the finances to at least make the balance sheets a bit more "balanced." Add to that an increase in the cost of mortgage insurance as well as bigger down-payment requirements.

So, even though the numbers are not evenly disbursed, the impact is felt all over.

You can check out the RealtyTrac's website to take a closer look at the April foreclosure details.

[The Kathy O’Neal Team serves home buyers and sellers in Northern Virginia, with special focus on Chantilly, Centreville, and the communities of the Western Fairfax region.]