Report: 75% of Top Metro Areas See Higher Foreclosure Activity

Bank owned propertiesIn the first half of 2010, 75 percent of the nation’s top metropolitan areas reported increasing foreclosure activity compared to the same period last year – that’s 154 of the 206 metro regions with a population of 200,000 or more, according to RealtyTrac.
Meanwhile, foreclosure activity decreased in nine of the 10 metro area’s with the highest foreclosure rates, RealtyTrac said in a new report released today.
Filing trends through mid-year puts the U.S. on a pace to exceed 3 million properties hit by foreclosure filings in 2010, which would set a new high, RealtyTrac reported earlier this month.
Four states — Florida, California, Nevada and Arizona — represented all top 20 metro foreclosure rates, today’s report said.
Florida was No. 1, with nine of the top 20 metro foreclosure rates, followed by California with eight, Nevada with two and Arizona with one.
“While we’re seeing early signs that foreclosure activity may have peaked in some of the hardest-hit markets, foreclosures continued to rise…” said James J. Saccacio, chief executive officer of RealtyTrac. “The fragile stability achieved in many local housing markets hinges on improvements in the underlying economy, specifically job growth.”
If unemployment remains high and foreclosure prevention efforts by the Obama Administration “only delay the inevitable,” Saccacio said there will be higher foreclosure activity and “a corresponding weakness in home prices in many metro areas.”
Las Vegas is still the metro area with the highest foreclosure rate. In the first six months of 2010, 6.60 percent of housing units in Las Vegas received a foreclosure filing — more than five times the national average.
But Las Vegas may have peaked. A total of 53,525 properties received a foreclosure filing through June, a decrease of nearly 15 percent from the previous six months and a decrease of nearly 9 percent from the first half of 2009.   
While Vegas claimed the highest foreclosure rate, South Florida held the top spot in the number of foreclosure filings.
A total of 94,466 properties in the Miami-Fort Lauderdale area received a foreclosure filing during the six-month period, a decrease of 8 percent from the previous six months, but up nearly 11 percent from the first six months of 2009.
See RealtyTrac’s ranking of the top 20 metro foreclosure rates. 
See Related Articles:

One thought on “Report: 75% of Top Metro Areas See Higher Foreclosure Activity

Leave a Reply

Your email address will not be published. Required fields are marked *