At the midway point of 2007, Stockton, Calif., Detroit, and Las Vegas hold the three highest foreclosure rates (default notices, auction sale notices, and bank repossessions) among the nation's 100 largest metropolitan areas according to a report released Tuesday by RealtyTrac, an online marketplace for foreclosure properties. Richmond, Va., Greenville, S.C., and McAllen, Texas have the lowest foreclosure rates in the top 100.
The Irvine, Calif.-based company also reports that ten of the top 20 metropolitan areas with high foreclosure rates are in California and Ohio, and that Riverside-San Bernardino, Calif., Los Angeles, and Atlanta are reporting the most overall foreclosure filings.
"This report clearly demonstrates that not all local housing markets are flooded with foreclosures," said James J. Saccacio, chief executive officer of RealtyTrac. "While foreclosure activity has skyrocketed over the past year in many cities, particularly in California, Ohio, and the Northeast, foreclosure activity seems to be subsiding in parts of Texas, South Carolina, and other states. Still, the overall trend is toward escalating foreclosure rates, with 82 of the top 100 metro areas reporting year-over-year increases in the number of homes affected by foreclosure."
The report states that there is one foreclosure for every 27 households in the northern California city of Stockton; on the other end of the spectrum, Richmond, Va., has one foreclosure per 2,319 households.
RealtyTrac's latest report reflects the recently introduced "unique property" count. This new metric counts a property only once, even if there were multiple foreclosure filings against the property during the report period. RealtyTrac says it will issue this count four times a year, including a mid-year and annual report.
Click here to download an Excel spreadsheet detailing the June foreclosure activity across the nation.