The 500 Places Most In Need of FHA Financing
June 21st, 2007
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If a lot of borrowers with toxic mortgages can be helped by refinancing with FHA loans — and they can — then where are you most-likely to find such borrowers?
The 500 ZIP codes with the highest foreclosure rates have now been assembled from RealtyTrac foreclosure data. Just look at the list, ask around, and HUD should be able to find plenty of borrowers who would greatly appreciate the predictability and common sense of FHA financing.
Where are you most likely to find areas with high foreclosure levels?
According to CNNMoney.com, the survey from RealtyTrac shows that “more than a quarter of all leading foreclosure zip codes are in California but many of the worst-hit zip codes are in the Midwest. Ohio has 49 zip codes in the top 500, trailing only California and Florida, which has 72. Michigan has 34, including four in the top 10. All of them are within Detroit city limits.”
What’s surprising about the RealtyTrac list is that California is at the top. That’s hardly a state anyone identifies with massive unemployment or hurricane damage. It is, however, a state with a huge percentage of interest-only and option-ARM loans, the very forms of financing which make the least sense for most borrowers.
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