Stockton, Calif., Detroit, and Riverside-San Bernardino, Calif., had the highest foreclosure rates (default notices, auction sale notices, and bank repossessions) among the nation's 100 largest metropolitan areas during the third quarter according to a report released Wednesday morning by RealtyTrac, an online marketplace for foreclosure properties. Greenville, S.C., McAllen, Texas, and Baton Rouge, La., ranked at the bottom of the list with the nation's lowest rates.
At the end of October, RealtyTrac reported that foreclosures in the third quarter of 2007 jumped 34 percent from the second quarter and 100 percent from 2006's third quarter. The third quarter findings also showed foreclosure activity on the rise in 45 states, with a national foreclosure rate of one filing for every 196 households.
In today's metro report, Stockton counted one foreclosure filing for every 31 households during the quarter, the highest foreclosure rate among the nation's 100 largest metro areas. Detroit's foreclosure rate of one foreclosure filing for every 33 households and Riverside-San Bernardino's rate of one foreclosure filing for every 43 households followed close behind. At the other end of the spectrum, Greenville, S.C., reported one foreclosure for every 3,289 households.
Cities from just three states claimed 17 spots in the report's top 25 and a staggering 25 of the listing's 100 cities, but RealtyTrac's CEO cautions against thinking large numbers of foreclosures are occurring only in certain areas. "Although cities in just three states -- California, Ohio, and Florida -- accounted for more than two-thirds of the top 25 metro foreclosure rates, increasing foreclosure activity was not limited to just a few hot spots," said James J. Saccacio, chief executive officer of RealtyTrac. "In fact, 77 out of the top 100 metro areas reported more foreclosure filings in the third quarter than they had in the previous quarter. Still, there continue to be pockets of the country -- most noticeably metro areas in the Carolinas, Virginia, and Texas -- that have thus far dodged the foreclosure bullet."
In raw numbers, Riverside-San Bernardino reported the most foreclosure filings during the quarter with 31,661 filings. Other cities with foreclosure filing totals among the 10 highest were Los Angeles; Detroit; Atlanta; Phoenix; Fort Lauderdale; Cleveland; Chicago; Miami; and Sacramento. Greenville reported only 79 total filings, the lowest number in the nation.
Click here to download an Excel spreadsheet detailing the third quarter foreclosure activity across the nation.