My home state of Illinois made the top 10, ranking 9th in the country for states with the most foreclosure filings in 2008. Nearly 100,000 Notice of Defaults (NOD) went out to property owners. This is a 55% increase from 2007 and a 126% increase from 2006.
Nationwide, more than 2.3 million foreclosure filings went out to property owners. California, Florida and Arizona were the top 3 states to have foreclosure filings issued to their property owners. Nationally this is a 81% increase from the 2007 and a 225% increase from 2006.
What does this mean?
It depends on who you are and what you perceive.
To many it means the end of days and we are eternally doomed. For others like myself, it "screams" more opportunity. Opportunity to assist others, provide education to those who want to learn, and turn this foreclosure mess into growth, creating personal success. Also, to provide people with affordable housing because investors know how to buy for pennies on the dollar.
There is no reason to dwell on what has happened. Everyone needs to keep moving forward.
You can sit back and wonder what happened or move on. Now is the time, more than ever, to learn how to make this into a business for yourself resulting in increasing your retirement portfolio.
What is your perception of all these foreclosures?
Tony
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