(Reuters) - Nevada and Arizona round out the top four states driving the rate of foreclosures, according to data from the Mortgage Banker Association. These states were the hottest real estate markets and favorites among investors during the housing market's record five-year run that ended in 2005.
Speculative buyers are leaving those once-popular markets in droves now that home prices have started to fall in areas of those states. Many were subprime borrowers with adjustable-rate mortgages which are resetting at much higher interest rates.
Read more at Reuters.com Business News
Speculative buyers are leaving those once-popular markets in droves now that home prices have started to fall in areas of those states. Many were subprime borrowers with adjustable-rate mortgages which are resetting at much higher interest rates.
Read more at Reuters.com Business News
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