BrokerageIndustry News

Foreclosure wave falls flat in some states

Vermont, Nebraska steer clear of widespread defaults

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While the number of nationwide foreclosure filings increased nearly 30 percent from February 2008 to February 2009 -- and states such as Nevada, Arizona, California and Florida continue to post the highest foreclosure rates -- often overlooked are those states that have consistently posted the nation’s lowest foreclosure rates. With one foreclosure filing for every 60,062 households, Nebraska had the lowest foreclosure rate in the nation in February, followed by Vermont, which posted one foreclosure filing for every 28,312 households, according to RealtyTrac, a foreclosure data company (see Inman News). “We (Nebraska) never got hot and heavy in the subprime market. We’re a conservative state when it comes to lending,” said Randy Forest, president of the Nebraska Association of Mortgage Brokers and vice president of Omaha-based Security 1 Mortgage. Diane Smith, executive director of the Vermont Mortgage Bankers Association, cited the low percentage of subprime loan...