In RealtyTrac's latest press release, the Inland Empire was 5th in the nation as to percent of homes in foreclosure as related to the number of housing units. According to their report there are a total of 50,885 homes in foreclosure in the IE. This means that one in twenty-eight or 3.54% of homes in the IE have received notices within the quarter. This was an increase of 40.94% from the last quarter of 2008. Las Vegas was the worst with a rate of 4.48% of homes in foreclosure.
RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its Metropolitan Foreclosure Market Report for Q1 2009, which shows cities in California, Florida, Nevada and Arizona accounted for the 26 highest foreclosure rates in the first quarter among metro areas with a population of 200,000 or more.
Las Vegas posted the highest metro rate, with 4.48 percent of its housing units receiving a foreclosure filing during the quarter (one in every 22)... more than seven times the national average. Merced, Calif., documented the second highest metro foreclosure rate, with 4.21 percent of its housing units receiving a foreclosure filing (one in every 24), and Cape Coral-Fort Myers, Fla., recorded the third highest metro foreclosure rate, with 3.85 percent of its housing units receiving a foreclosure filing (one in every 26).
"The metro areas with the highest levels of foreclosure activity in the first quarter of 2009 paint a picture of concentrated problems in a relatively small number of hard hit areas," said James J. Saccacio, chief executive officer of RealtyTrac. "Sales activity appears to be increasing in some of these markets as home prices have fallen to levels that are attractive to first-time homebuyers and investors. While we expect many of these metro areas to continue to experience high levels of foreclosure activity throughout 2009, we also expect to see other markets rise up the ranks as unemployment rates surge throughout the country."
Other metro areas in the top 10 were the California cities of Stockton, Riverside-San Bernardino, Modesto, Bakersfield, and Vallejo-Fairfield, along with Phoenix and Port St. Lucie, Fla. Thirteen of the top 26 metro foreclosure rates were in California, nine were in Florida, and Nevada and Arizona each added two to the Top 26 list.
Read the story and see the charts... | Source: RealtyTrac | Posted: 4/23/09
Note: Some sources may require registration
