No word on where Massachusetts ranked.
Subprime adjustable rate mortgages have gotten a lot of publicity, but the holders of prime ARMs are also going into foreclosure.
“The fact is the pain of the changing real estate markets is affecting more than just subprime borrowers,” says Keith Gumbinger, vice-president of HSH Associates, a New Jersey-based financial information publisher. “It’s more important to think of it as perhaps an ARM problem and a rate reset problem, not just a subprime problem.”
Here are the top 10 states with the largest percentage increase in the last year of foreclosure actions relating to prime adjustable rate mortgages.
1. Arizona: 902 percent
2. Florida: 708 percent
3. Nevada: 668 percent
4. California: 661 percent
5. Delaware: 447 percent
6. Hawaii: 369 percent
7. Virginia: 362 percent
8. Idaho: 344 percent
9. Louisiana: 321 percent
10. New Hampshire: 245 percent
Source: Prime ARMs Fall Into Foreclosure Too – By Prashant Gopal, Business Week, by way of Realtor.org