Missouri foreclosures increase 96.5%

Those are the findings of an internal analysis conducted by www.foreclosures.com, a California-based real estate investment advisory firm and publisher of foreclosure property information.

Midwestern states combined had 204,656 foreclosure filings in 2006, up from 120,298 filings in 2005.

Kansas and Iowa saw triple-digit increases in foreclosure filings, while many other states, including Illinois, Michigan, Missouri, Nebraska and North Dakota, struggled with increases of more than 80 percent, according to a news release. Missouri topped that list with a 96.5 percent increase.

But the Midwest region – Missouri, Kansas, Indiana, Iowa, Minnesota, Michigan, Nebraska, North Dakota, South Dakota, Ohio, Wisconsin and Illinois – may soon see some relief, ForeclosureS.com President Alexis McGee said in the release.

“Unsold home inventories are dropping and markets are improving even in parts of the hard-hit Midwest,” McGee said. “That means relief to overextended homeowners who bought homes they couldn’t afford using little money down and low teaser-rate mortgages.”

Nationwide, 970,948 foreclosures were filed in 2006, up more than 51 percent from just over 640,000 in 2005, according to ForeclosureS.com numbers.

The Southwest region led the nation in foreclosures last year, with California topping the list. The Golden State had 157,417 foreclosure filings, up 94.3 percent from 81,012 in 2005.