Top 10 Worst Metro Regions For Foreclosures in 3rd Quarter, 2008
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The foreclosure carnage while not sole contained to Florida, California, Nevada, and Arizona, is definitely concentrated there. Of the top 20 metro regions with the worst foreclosure percentage, only Detroit and Atlanta are outside of these 4 states.
22 cities have foreclosure rates over 1 percent, 45 have a foreclosure rate over a half a percent. So looking at the big picture, the foreclosure crisis is contained to a subsection of the country that had their homes priced too high by speculators.
With a 12 percent drop in foreclosures this past month we may have rode the worst of this foreclosure wave out. Now it is important to see how the economy will affect housing inventory. If we go into a bad recession then we may be facing another wave of foreclosure in the near term.
Top 10 Worst Metro Regions For Foreclosures in 3rd Quarter, 2008
- Stockton, CA 3.69% of homes in foreclosure
- Las Vegas, NV 3.48%
- Riverside / San Bernardino, CA 3.09%
- Bakersfield, CA 2.58%
- Fort Lauderdale, FL 2.30%
- Phoenix / Mesa AZ 2.11%
- Sacramento, CA 1.97%
- Orlando, FL 1.87%
- Fresno, CA 1.68%
- Oakland, CA 1.64%
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Comment by Tony Sena on 24 October 2008:
Even though Las Vegas is on the list at #2, we are seeing alot of the foreclosure inventory that hits the market sold a short time later. Let’s just hope we can keep moving the inventory otherwise prices will just keep dropping.
Comment by Sebastian on 24 October 2008:
THIS is “Great News” for us in the Washington DC Metro Area. We are not in the Top 10.
Sebastian Martinez
Comment by James Sanson on 26 October 2008:
This is a great time to be a buyer for the most part. Lending is tough right now, and buying can be tough too, but wow when you nab one of the deals in the Phoenix Market you can rest assure you got a great bargain. Mind you now, not all of the deals in the Phoenix Market are great deals. Hence, in this market and many other markets please make sure you find a person who specializes in what you are looking for. Stay away from unseasoned agents, because 1000s of them came out and helped the boom get out of control in the Phoenix market. Yes, a bunch of low skilled and low knowledge real estate agents came into the market, because they thougtht they could be come rich over night. Anyhow, the local Phoenix real estate market is dynamic right now. We are heading from only dealing in New Homes, because the short sales were not able to move to now dealing in REO homes. These REO homes are slightly less than new homes, but I am glad to see them move even though I would buy the new home for the warranties and it will cost as much to make the REO look like the new home. The REOs are sending out the highest and best offer letters- this does not mean there is even another offer. They are just playing you to get you to jump your offer up. Many realtors have caught on to this, so once again experience and knowledge will help here. This wasa great read. Keep the posts up please.