RISMEDIA, Feb. 14, 2008-RealtyTrac®, an online marketplace for foreclosure properties, released its Year-End 2007 Metropolitan Foreclosure Report, which shows Detroit, Stockton, Calif., and Las Vegas documented the three highest foreclosure rates among the nation’s 100 largest metro areas during 2007.
According to the company, RealtyTrac publishes 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.
“As expected, the number of properties entering some stage of foreclosure in 2007 was up in the vast majority of the nation’s 100 largest metro areas, with 86 metros reporting increases from 2006,” said James J. Saccacio, chief executive officer of RealtyTrac. “Most of the metro areas with the highest foreclosure rates were either cities like Stockton and Las Vegas, which experienced meteoric growth and unsustainable price appreciation over the past few years, or cities like Detroit, which are undergoing a more widespread economic downturn along with higher unemployment rates.”
California, Ohio, Florida and Michigan cities dominate top 20 metro rates. Fifteen of the metro areas with the top 20 metro foreclosure rates were located in four states: California with six, Ohio with four, Florida with three and Michigan with two.
Detroit registered the highest foreclosure rate among the nation’s 100 largest metro areas, with close to 5% of its households entering some stage of foreclosure during the year – 4.8 times the national average and up from about 3% in 2006. A total of 72,616 foreclosure filings on 41,273 properties were reported in the Detroit metro area in 2007, up 68% from 2006. The other Michigan metro area with a foreclosure rate in the top 20 was Warren-Farmington Hills-Troy at No. 17.
With 4.866% of its households entering some stage of foreclosure during the year, Stockton, Calif., documented the second highest metro foreclosure rate. A total of 22,184 foreclosure filings on 10,608 properties were reported in the metro area in 2007, up 271% from 2006. Other California metros with foreclosure rates in the top 20 were Riverside-San Bernardino at No. 4, Sacramento at No. 5, Bakersfield at No. 6, Fresno at No. 14 and Oakland at No. 16.
Las Vegas posted the third highest metro foreclosure rate among the 100 largest metropolitan areas in 2007, with 4.228% of its households entering some stage of foreclosure during the year. A total of 59,983 foreclosure filings on 30,375 properties were reported in the metro area during 2007, up 169% from 2006.
Cleveland’s 2007 foreclosure rate – 2.972% of households entering some stage of foreclosure during the year – ranked sixth highest nationally and was the highest of any Ohio metro area on the list. A total of 49,071 foreclosure filings on 27,848 properties were reported during 2007, up 112% from 2006. Other Ohio metros with foreclosure rates in the top 20 were Akron at No. 12, Dayton at No. 15 and Toledo at No. 19.
With 2.724% of its households entering some stage of foreclosure in 2007, Miami documented the eighth highest metro foreclosure rate, highest among Florida metro areas. A total of 51,662 foreclosure filings on 25,296 properties were reported in the metro area during 2007, up 106% from 2006. Other Florida metro areas with foreclosure rates in the top 20 were Fort Lauderdale at No. 10 and Orlando at No. 20.
Other cities in the top 20 were Denver at No. 9, Atlanta at No. 11, Memphis at No. 13, and Indianapolis at No. 18.
The RealtyTrac Metro Foreclosure Market Report provides the total number of foreclosure filings by metropolitan area, along with the total number of unique addresses entering some stage of foreclosure and percentage of total households entering some stage of foreclosure (foreclosure rate).
The household numbers are based on the U.S. Census Bureau’s 2005 estimates of total housing units. Foreclosure filings include foreclosure-related documents 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 more information, visit www.realtytrac.com.