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Third Quarter Foreclosure Activity Up in 65 Percent of U.S. Metro Areas

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RISMEDIA, October 28, 2010—RealtyTrac, a leading online marketplace for foreclosure properties released its Q3 2010 Metropolitan Foreclosure Market Report, which shows that cities in California, Florida, Nevada and Arizona once again accounted for all top 10 foreclosure rates in the third quarter among metropolitan areas with a population of 200,000 or more, while cities outside those four states accounted for most of the biggest increases in metro foreclosure activity.

California, Florida, Nevada and Arizona cities also accounted for 19 of the top 20 metro foreclosure rates. The only exception was Boise City-Nampa, Idaho at No. 14, which was also one of only five metro areas ranking in the top 20 to post a year-over-year increase in foreclosure activity—along with the Florida metro areas of Miami-Fort Lauderdale-Pompano Beach at No. 7, Deltona-Daytona Beach-Ormond at No. 15, Naples-Marco Island at No. 18, and Palm Bay-Melbourne-Titusville at No. 19.

Among all 206 metro areas tracked in the report, however, 133 (65%) posted year-over-year increases in foreclosure activity. Eleven of the nation’s 20 largest metro areas posted year-over-year increases. Seattle-Tacoma-Bellevue led the way with a 71% increase in foreclosure activity from the third quarter of 2009, followed by Chicago-Naperville-Joliet with a 35% increase, Houston-Sugar Land-Baytown with a 26% increase, Detroit-Warren-Livonia with a nearly 23% increase, and Atlanta-Sandy Springs-Marietta with a 20% increase.

“The underlying problems that are causing homeowners to miss their mortgage payments—high unemployment, underemployment, toxic loans and negative equity—are continuing to plague most local housing markets,” said James J. Saccacio, chief executive officer of RealtyTrac. “And these historically high foreclosure rates will continue until those problems are resolved.”

Top 10 metro foreclosure rates
Las Vegas-Paradise continued to post the nation’s highest metro foreclosure rate in the third quarter, with one in every 25 housing units (3.98%) receiving a foreclosure filing—more than five times the national average. A total of 32,288 properties in the metro area received a foreclosure filing during the quarter, an increase of 1% from the previous quarter but a decrease of 20% from the third quarter of 2009.

Cape Coral-Fort Myers, Fla., documented the nation’s second highest metro foreclosure rate, with one in every 35 housing units (2.84%) receiving a foreclosure filing during the third quarter—nearly four times the national average. A total of 10,352 properties in the metro area received a foreclosure filing during the quarter, an increase of 12% from the previous quarter, but a decrease of nearly 22% from the third quarter of 2009. The other Florida metro area in the top 10 was Miami-Fort Lauderdale-Pompano Beach at No. 7 (2.42%).

With one in every 36 housing units (2.76%) receiving a foreclosure filing during the third quarter, Modesto, Calif., posted the third highest metro foreclosure rate despite an 18% decrease in foreclosure activity from the third quarter of 2009. Other California metro areas in the top 10 were Stockton at No. 4 (2.59%); Merced at No. 5 (2.48%); Riverside-San Bernardino-Ontario at No. 6 (2.46%); Bakersfield at No. 9 (2.25%); and Vallejo-Fairfield at No. 10 (2.23%).

Phoenix-Mesa-Scottsdale posted the nation’s eighth highest metro foreclosure rate, with one in every 44 housing units (2.28%) receiving a foreclosure filing during the third quarter.

Metros with highest foreclosure totals
Miami-Fort Lauderdale-Pompano Beach documented 58,624 properties receiving a foreclosure filing in the third quarter, the highest total nationwide among metropolitan areas with a population of 200,000 or more. Miami foreclosure activity increased nearly 25% from the previous quarter and was up 9% from the third quarter of 2009.

A total of 48,849 properties in Los Angeles-Long Beach-Santa Ana area received a foreclosure filing in the third quarter, the second highest metro total despite a 3% decrease from the previous quarter and a nearly 30% decrease from the third quarter of 2009.

Chicago-Naperville-Joliet documented the third highest metro total, with 44,732 properties receiving a foreclosure filing during the quarter, a 6% increase from the previous quarter and a 35% increase from the third quarter of 2009.

For more information, visit www.realtytrac.com.

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