Stockton, Detroit,
Las Vegas Post Top Metro Foreclosure Rates
–RealtyTrac®, an online
marketplace for foreclosure properties, has released its
2007 Midyear Metropolitan Foreclosure Market Report™,
which shows Stockton, Calif., Detroit and Las Vegas documenting
the three highest foreclosure rates among the nation’s
100 largest metropolitan areas during the first six months
of the year. McAllen, Texas, Greenville, S.C., and Richmond,
Va., registered the three lowest metro foreclosure rates
in the report.
RealtyTrac publishes one of the largest and most comprehensive
national database of foreclosure and bank-owned properties,
with over 1 million properties from nearly 2,500 counties
across the country, and is the foreclosure data provider
to MSN Real Estate, Yahoo! Real Estate and The Wall Street
Journal’s Real Estate Journal.
“This report clearly demonstrates that not all local
housing markets are flooded with foreclosures,” said
James J. Saccacio, chief executive officer of RealtyTrac. “While
foreclosure activity has skyrocketed over the past year in
many cities, particularly in California, Ohio and the Northeast,
foreclosure activity seems to be subsiding in parts of Texas,
South Carolina and other states. Still, the overall trend
is toward escalating foreclosure rates, with 82 of the top
100 metro areas reporting year-over-year increases in the
number of homes affected by foreclosure.
Stockton, Detroit, Las Vegas document highest metro foreclosure
rates
With one foreclosure filing for every 27 households, Stockton,
Calif., reported the highest foreclosure rate among the nation’s
100 largest metro areas during the first half of 2007. The
metro area, comprised of San Joaquin County, reported a total
of 8,169 foreclosure filings on 4,239 properties, more than
twice the number of properties reported in the previous six-month
period and more than triple the number reported in the first
six months of 2006.
Detroit documented the second highest foreclosure rate among
the nation’s 100 largest metropolitan areas — one
foreclosure filing for every 29 households. The metro area,
comprised of Wayne County, reported 28,705 foreclosure filings
on 20,231 properties, a 26 percent increase from the previous
six-month period and nearly double the number reported in
the first six months of 2006.
Las Vegas documented the third highest foreclosure rate
among the nation’s 100 largest metropolitan areas,
with one foreclosure filing for every 31 households during
the first half of 2007. The metro area, which comprises Clark
County, reported 22,928 foreclosure filings on 13,028 properties,
a 72 percent increase from the previous six-month period
and more than twice the number reported in the first six
months of 2006.
Other cities in the top 10 were Riverside-San Bernardino,
Calif., Sacramento, Calif., Denver, Miami, Bakersfield, Calif.,
Memphis and Cleveland.
Riverside-San Bernardino, Los Angeles, Atlanta report most
foreclosure filings
The Riverside-San Bernardino metropolitan area in Southern
California reported 41,351 foreclosure filings on 22,291
properties during the first half of 2007, the most total
filings of any metro area and a foreclosure rate of one filing
for every 33 households — fourth highest among the
top 100 metro areas. The number of properties with foreclosure
filings in Riverside-San Bernardino nearly tripled from the
first six months of 2006.
The Los Angeles metro area reported the second highest total,
with 38,199 foreclosure filings on 20,288 properties during
the first half of the year. The city’s foreclosure
rate of one foreclosure filing for every 87 households ranked
29th among the top 100 metro areas.
Atlanta’s total of 36,502 foreclosure filings on 22,412
properties was the third highest among the 100 top metro
areas. The number of properties with foreclosure filings
during the first half of 2007 increased 17 percent from the
first half of 2006, and the city’s foreclosure rate
of one foreclosure filing for every 54 households ranked
No. 12.
Other cities with foreclosure filing totals among the 10
highest included Chicago, Detroit, Denver, Dallas, Las Vegas,
Phoenix and Sacramento.
Report methodology
The RealtyTrac Metro Foreclosure Market Report provides
the total number of foreclosure filings by metropolitan area,
along with the number of households per foreclosure filing.
The household numbers are based on the U.S. Census Bureau’s
2005 estimates of total housing units.
Beginning with the Midyear 2007 report, the report also
includes counts of properties with at least one foreclosure
filing reported against them. This new metric only counts
a property once, even if there were multiple foreclosure
actions filed against the property during the time period
covered by the report.
Data is also available at the individual county level. RealtyTrac’s
report includes documents filed in all three phases of foreclosure:
Default — Notice of Default (NOD) and Lis Pendens (LIS);
Auction — Notice of Trustee Sale and Notice of Foreclosure
Sale (NTS and NFS); and Real Estate Owned, or REO properties
(that have been foreclosed on and repurchased by a bank).
For current news and information regarding foreclosure-related
issues and trends, visit our blog at uu |
