11/07/2011
No state comes close to the $1.9 trillion of mortgage debt that California has. The reason for this is primarily that it has the largest overall property value in the country, as well as the second-highest median home value of $330,037. According to the Financial Crimes Enforcement Network (part of the Treasury Department), reports of mortgage fraud increased more than 31% in the first quarter of 2011. And most of these filings are from the period leading up to the financial crisis. Currently, no state has more reports of mortgage fraud than California. It appears the state’s housing situation can only get worse as the unemployment rate of 11.7% is the second highest in the country. California’s vacancy rate, meanwhile, is the sixth lowest.
Read more: The States Where Underwater Mortgages Are Sinking Home Values - 24/7 Wall St. http://247wallst.com/2011/06/30/the-states-where-underwater-mortgages-are-sinking-home-values/
To better understand the current state of the American housing market — and better forecast its future — experts look at a number of economic and financial indicators. Different statistics, such as the size of the market of foreclosed homes, home prices and home inventories, touch on some of the rea...
