As you are probably aware, there is disturbing news in the housing markets as a result of fallout from the sub-prime lending crisis (which anyone who has been following the problem of predatory lending probably saw coming).

Shock waves continue to ripple throughout the economy, affecting homebuilders, construction trades, building materials, and now real estate markets, as foreclosure rates continue to skyrocket.

Florida is one of the hardest hit states, with existing home sales off 41% in the second quarter of 2007 as compared to 2006, and foreclosures are up 84% in the first half of 2007 as compared to 2006.

According to data from the National Association of Realtors, six Southern states (Florida, Tennessee, Virginia, West Virginia, Georgia, and Louisiana) had sales declines worse than the national average.

Data from RealtyTrac, which tracks foreclosures, shows that Florida, Georgia, and Tennessee all had higher foreclosure rates than the national average.

Here's a summary of the data for Southern states...

Decline in 2007 Q2 home sales as compared to 2006:
 

FLORIDA -41.3%
TENNESSEE -21.5%
VIRGINIA -15.3%
WEST VIRGINIA -13.6%
GEORGIA -13.1%
LOUISIANA -12.5%
SOUTH CAROLINA -9.3%
MISSISSIPPI -7.5%
NORTH CAROLINA -4.5%
ALABAMA -3.1%
KENTUCKY -2.4%
ARKANSAS -0.9%
U.S. -10.8%

 

 

Foreclosures for first half of 2007:
 

 

 

Rank State Filings Per Household % change from 2006
5 Florida 102,213 81 84
7 Georgia 45,027 84 13
12 Tennessee 21,447 123 12
16 Arkansas 6,901 181 13
19 North Carolina 17,428 226 39
31 Kentucky 4,503 414 55
34 Virginia 7,430 427 289
38 Alabama 4,113 506 223*
39 Louisiana 3,660 530 411*
42 South Carolina 2,146 898 -51
44 West Virginia 722 1,208 69
  United States 925,986 134 56