What do Nevada, California, and Florida all Have in Common?

The current foreclosure crunch continues unrestrained across the country. While a number of arguments and opinions can be put forth as to why the nation finds itself with such a high number of foreclosures, the fact still remains that there are a lot of properties undergoing foreclosure filings across the nation. While this is a negative fact for many, it is also represents a favorable time for many real estate investors and homebuyers to encounter great deals on real estate. Knowing the areas where foreclosure rates are at high-levels is one of the first steps when looking to invest in property.

According to Realty Trac, in the month of May 2009, the top three states supplying the most foreclosure filings were Nevada, California, and Florida. These three states by themseves accounted for more than one half of the 321,000 foreclosure filings for the entire country in the month of May.

In Nevada, 1 in every 64 homes undergoes foreclosure, making it the state with the biggest foreclosure rate in the country. Clark and Lyon Counties are the largest contributors in Nevada comprising cities like Las Vegas, Henderson, Mesquite, Fernley, Yerington, Dayton, and Silver Springs.

California follows next in rank with a ratio of 1 in every 144 homes undergoing foreclosure. Notable counties contributing to this percentage include San Bernardino, Kern, Orange, Madera, and Merced. In these counties are cities such as San Bernardino, Ontario, Bakersfield, Ridgecrest, Santa Ana, Anaheim, Madera, and Merced.

Not lagging far behind California is Florida with a ratio of 1 in every 148 properties filing for foreclosure. Miami-Dade, Broward, Duval, Collier, and Orange Counties are main contributors having cities like Miami, Jacksonville, Naples, and Orlando.

A comprehension of where these regions of high foreclosure rates exist, provides an excellent foundation for a homebuyer or real estate investor in taking advantage of the astounding bargains that can be found when purchasing foreclosed property.