Foreclosures have peaked at hardest hit markets, but still rising elsewhere

Housing continues to weigh on our economy, with foreclosure being one way out of the current mess.  Like bankruptcy, it is a necessary evil, and the easier it is for banks to foreclose on people who don't pay their mortgage, the quicker we will leave from this housing mess. 

Just remember that before Las Vegas became the foreclosure capital of the world, it was the boomtown.  It grew faster than any other city in America year after year.  The reasons were fundamental, small taxes and low regulations. 

As we have said many times before, this is not just a Las Vegas phenomenon, but a nationwide problem.  While many things have changed, the fundamental reasons for Nevada growth have not changed.  Las Vegas looks like they have maxed out on foreclosures, and hopefully it can slowly put this chapter behind it.  Via Realty Trac:
Las Vegas-Paradise continued to post the nation’s highest metro foreclosure rate, with one in every 9 housing units (10.88 percent) receiving a foreclosure filing in 2010 — nearly five times the national average. A total of 88,198 Las Vegas-area properties received a foreclosure filing in 2010, a decrease of 7 percent from 2009 but still up 31 percent from 2008.

...while foreclosure activity increased from 2009 in 149 of the nation’s 206 metropolitan areas with a population of 200,000 or more, the metro areas with the 10 highest foreclosure rates all posted decreasing foreclosure activity from 2009 and six of the top 10 also posted decreasing foreclosure activity from 2008.

“Foreclosure floodwaters receded somewhat in 2010 in the nation’s hardest-hit housing markets,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even so, foreclosure levels remained five to 10 times higher than historic norms in most of those hard-hit markets, where deep faultlines of risk remain and could potentially trigger more waves of foreclosure activity in 2011 and beyond. Meanwhile foreclosures became more widespread in 2010 as high unemployment drove activity up in 72 percent of the nation’s metro areas — many of which were relatively insulated from the initial foreclosure tsunami.”
Top 20 Foreclosure areas
1 Las Vegas-Paradise, NV
2 Cape Coral-Fort Myers, FL
3 Modesto, CA
4 Phoenix-Mesa-Scottsdale, AZ
5 Miami-Fort Lauderdale-Pompano Beach, FL
6 Riverside-San Bernardino-Ontario, CA
7 Stockton, CA
8 Merced, CA 
9 Orlando-Kissimmee, FL 
10 Vallejo-Fairfield, CA
11 Reno-Sparks, NV 
12 Bakersfield, CA 
13 Deltona-Daytona Beach-Ormond Beach, FL
14 Naples-Marco Island, FL
15 Sacramento--Arden-Arcade--Roseville, CA
16 Port St. Lucie, FL
17 Tampa-St. Petersburg-Clearwater, FL
18 Lakeland, FL
19 Sarasota-Bradenton-Venice, FL
20 Boise City-Nampa, ID


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