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November 2, 2009

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Home Forclosures in 3rd. Quarter – Some Decrease, Others Rise

by Bob Schwartz
RealtyTrac®, the leading online marketplace for foreclosure properties, recently released its Q3 2009 Metropolitan Foreclosure Market Report, which shows that cities in California, Florida and Nevada accounted for the 10 highest foreclosure rates in the third quarter among metro areas with a population of 200,000 or more.But five of those Top 10 metro areas reported decreasing foreclosure activity from the third quarter of 2008, while many other metro areas with Top 50 foreclosure rates reported sharp increases in foreclosure activity.

US Home Forclosure Activity

US Home Forclosure Activity

New foreclosure hot spots flare up
Among the top 50 metro foreclosure rates, the three biggest year-over-year increases were in Boise City-Nampa, Idaho, and Provo-Orem and Salt Lake City in Utah. In several states the largest increases were posted in cities not previously a focal point for foreclosure activity. The Chico metro area posted the biggest year-over-year increase in California, with foreclosure activity up 98 percent from the third quarter of 2008. The medium-sized metro about 100 miles north of Sacramento had a 12.8 percent unemployment rate in August, above the state and national averages.

A similar trend was seen in cities like Reno-Sparks, Nev., with an 80 percent year-over-year increase in foreclosure activity, Prescott, Ariz., with a 77 percent increase, Jacksonville, Fla., with a 64 percent increase, Rockford, Ill., with a 64 percent increase, and Lansing-East Lansing, Mich., with a 41 percent increase.

Top metro foreclosure rates
Las Vegas posted the nation’s highest metro foreclosure rate, with 5.13 percent (one in 20) of its housing units receiving a foreclosure filing during the quarter — nearly seven times the national average. A total of 40,408 Las Vegas properties received a foreclosure filing during the quarter, an increase of nearly 9 percent from the previous quarter and an increase of nearly 54 percent from the third quarter of 2008.

Sorrento Valley real estate

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2 Comments
  1. Hoodia diets
    Nov 4 2009

    Homes take 18 months on average to work through the foreclosure process.. Imagine what foreclosures will look like 18 months from now!
    Hoodia diets

  2. Riverside lawyers
    Nov 4 2009

    Much is said now about the state of the real estate market, the recent audacity by the fed chair, and how our dollar is being trampled on by the feds. Much is said about the lack of equity in homes and the lack of liquidity from the few available buyers out there. The economy is dead; all these foreclosures are ruining the state.
    Riverside business lawyers

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