CA, FL, AZ and NV Still On Top
California, Florida, Arizona and Nevada continue to have a disproportionately high share of foreclosure starts, although they fell slightly in the second quarter of 2009, according to the MBA’s national delinquency survey.
Those four states had 44% of the nation's new foreclosures during the quarter, down from 46% from the first quarter. "Florida continues to establish itself as the worst state in the union for mortgage performance, closely followed only by Nevada," said MBA’s chief economist Jay Brinkmann.
"In Florida 12% of mortgages were somewhere in the process of foreclosure, the highest in the nation, and another 5% were at least 90 days past due as of the end of June. A total of 22.8% were delinquent at least one payment or in the process of foreclosure, which is almost twice the national percentage if the Florida numbers are excluded. In contrast, the next highest states are Nevada at 21.3%, Arizona at 16.3% and Michigan at 15.3%.