Foreclosure Wave Spreading, Group Says
The highest metropolitan foreclosure rates in the nation remain in sunbelt states like California, Florida, Nevada and Arizona, according to RealtyTrac's 2009 Metropolitan Foreclosure Market Report.
But areas like Provo, Utah, Fayetteville, Ark., Portland, Ore., and Rockford, Ill., had foreclosure rates above the national average last year. And even though markets like Honolulu, Minneapolis and Seattle were at or below average in 2009, they all saw foreclosures spike at a rate twice the national average over the last 12 months, according to the report.
"While it was expected that cities from states with the highest levels of foreclosure activity would top the charts, there is evidence that we're entering a new wave of foreclosures, driven more by unemployment and economic hardship than what we've seen over the past few years," said James J. Saccacio, chief executive officer of RealtyTrac.
California registered as the state hit hardest by foreclosures, with nine of the top 20 metropolitan foreclosure rates. Florida accounted for eight, Nevada for two and Arizona for one.
Las Vegas had the highest foreclosure rate – a whopping 12 percent, which is more than five times the national average.
Cape Coral-Fort Myers, Fla., was second with a 11.87 percent foreclosure rate. Merced, Calif., ranked third with a rate of more than 10 percent.
Metropolitan areas are those with populations of at least 200,000.