Foreclosures continue to rise across America. According to the latest annual report of http://Foreclosures.com, the number of foreclosures filed nationwide in 2006 had increased by 51 percent from the previous year, with foreclosure filings nearly topping one million. When compared to 641,000 foreclosure filings made in 2005 nationwide, almost 971,000 foreclosure filings were reported last year.
Among the States, California reported the highest number of foreclosure filings in 2006 with 157,417 foreclosures filed, which is an increase by 94 percent from the year before. California is followed by Florida with 120,989 foreclosure filings. Nevada struggled with the largest percentage increase in foreclosures in 2006 of 175 percent.
The Northeast region reported 96,101 foreclosures in 2006, an increase of 64.6 percent from 58,394 foreclosures filed in 2005. Still, a few states in the region, such as Maryland and Delaware, saw a decrease in foreclosure filings.
Foreclosure filings in the Midwest region of the nation went up beyond 70 percent with many states including Illinois, Michigan, Missouri and Nebraska facing increases of 80 to 96 percent. Industrial layoffs and a tough economy have spurted the number of foreclosure filings in this region, with foreclosure figures in states such as Iowa and Kansas increasing beyond 100 percent.
The Southwest region was the most affected with one out of every 2.2 foreclosures in the country taking place there. The region closed the books for 2006 with an increase of 37 percent from 162,259 foreclosures in 2005 to 220,189 foreclosures. Foreclosure filings in Colorado increased by 55.4 percent, while foreclosures in Texas increased by 35.2 percent. Although the region struggled with the high foreclosure rates, the figures are not all bleak for the region with a few states showing a decrease in foreclosure filings. Louisiana, New Mexico, Oklahoma and Oregon reported fewer foreclosure filings in 2006 when compared to 2005. These states have particularly reported a drop in foreclosure filings in the last quarter of 2006.
Although the foreclosure reports are not very cheerful, Alexis McGee, president of http://Foreclosures.com anticipates the housing market to improve soon. Overextended homeowners, who have been struggling to keep up with heavy debt loads, rising interest rates and property taxes, can soon look forward to some relief as home inventories come down and the market start looking up again. McGee also adds that the current housing market may be the best opportunity for home buyers in the next six years.

Eager to know the top cites in America where one can safely invest? Here are the best real estate markets in the entire country according to a recent report from Business 2.0 Magazine. The November 2006 edition of the magazine lists the top ten cities that are ideal to buy a home. These are – Panama City and Vero Beach in Florida, Bridgeport in Connecticut, Lakeland in Florida, McAllen in Texas, San Luis Obispo in California, Wilmington in North Carolina, Manchester in New Hampshire, Fort Collins in Colorado and Atlanta in Georgia. The report cites the appreciation rates of home prices projected over a period of five years.
Florida enjoys the status of having three of the top four cities to invest in. Panama City, which tops the list of best places to buy real estate is expected to have a real estate appreciation of 72% over the next five years. Major real estate development projects such as the building of a new airport and low property prices are expected to boost the economy and the housing market.
Vero Beach, projected to have an appreciation of 64%, comes second for its excellent weather, low property taxes and a lower cost of living. Lakeland, with a 59% projected gain in home prices is a tempting option with homes selling for a fifth less than the national median price.
Buying a home in Bridgeport, CT is a bargain now with median home prices at a very low $280,000 compared to the rest of the Fairfield County. Home prices in McAllen, TX which holds the fifth place, are expected to soar by 57%.
It is estimated that homes in the McAllen, TX area may appreciate 57 percent with an increase in the median home price from $70,000 to $109,000.
Homeowners making an investment in San Luis Obispo, California, today, are expected to get a good appreciation (40%) on their homes over the next five years.
The median home price in Wilmington, NC is expected to increase to $297,000 by 2011, up from the current price of $217,000, an increase by 37%.
Manchester, NH, which has twice been rated as the ‘best place to live’ in America by Money Magazine, sits at eighth place with an expected appreciation of 35%.
Fort Collins and Atlanta follow in the ninth and tenth places of top cities for real estate investment in the USA. Fort Collins, one of the most popular cities in America, has been ranked as the ‘No.1 small city’ this year by Money Magazine. Recent price reductions in the housing market makes ‘now’ the best time to buy a home or condo in this city with an estimated property appreciation of 28%. Atlanta is poised for a significant appreciation too with an expected rise of up to 24% in home prices over the next five years.
So, if you are a prospective homebuyer set to take a plunge into any of the top ten real estate markets, it is the right time to enlist the services of a good real estate agent who can guide you through the complicated home buying process.