Top 10 Worst Foreclosure Cities For 2008
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California, Nevada, California, California, Arizona, Florida, Florida, Florida, California, and Michigan.
See a trend? These are the states that have the Top 10 worst foreclosure cities for 2008.
I am hoping that the trend lessens in 2009.
The bubble of optimism that permeated real estate has left a great deal of casualties. I have no firm data, but my heart says that in 2007 the speculators took a large percentage of the foreclosures and in 2008 it was the homeowners. The loss of value and the tightening economy combined with loans that were escalating just overwhelmed families.
Let us hope that low interest rates in 2009 and lenders that are more flexible work to bring this number down off the peak of 2008.
Top 10 Worst Foreclosure Cities For 2008
City Total Rate Change 2007 CA STOCKTON 21,127 9.46 99.16 NV LAS VEGAS/PARADISE 67,223 8.89 121.31 CA RIVERSIDE/SAN BERNARDINO 112,284 8.02 117.02 CA BAKERSFIELD 16,208 6.17 115.42 AZ PHOENIX/MESA 97,684 6.02 220.77 FL FORT LAUDERDALE 47,387 5.95 127.81 FL ORLANDO 46,843 5.48 195.84 FL MIAMI 49,697 5.21 96.46 CA SACRAMENTO 39,876 5.20 67.74 MI DETROIT/LIVONIA/DEARBORN 38,106 4.52 -7.67
Well Tom, once again you have said it much better than I could have. Unfortunately the folks at Move, ...
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Comment by Roie Shapira on 20 January 2009:
Good information.
Those spots are targeted by investors for a while now, buying a bulk of foreclosed properties seems like a trend this days.
Roie Shapira
Comment by Robert Unusual Loans on 20 January 2009:
Hold on to your seat folks California is going to get rocked! Oh wait I live in California. Fine mess we are in.
Comment by Tony Sena on 21 January 2009:
It will be interesting to see what cities make the list in 2009. I got my fingers crossed that Las Vegas won’t be one of them but there is a slim chance Vegas won’t make the list.
Comment by Susan on 30 January 2009:
I was expecting to see LA, OC or SD up there, but I guess not!
Comment by Inside-Real-Estate on 25 March 2009:
The high numbers of foreclosures in Michigan have really affected home values in the state. It’s definitely become a buyer’s market.
Comment by Brian Dickerson on 3 April 2009:
Cool post! I’ll bookmark this page and wish to share it to all my friends and clients.
Comment by Chris on 4 April 2009:
Seems Cali is getting hit hard. Never thought I could afford a place working at BK, but might just get one by Christmas. One dude got this big 4 br home overlooking the beach for just over $300k, and that was months ago, probably under $300 by now. Bet I could get a place in AZ or NV and put it on a credit card lol. I’m saving for a jacuzzi tub for my new beach house!!!! Slide slide slippity slide.
Comment by Jose on 18 September 2009:
Anywhere where there are not hoards of THIRD WORLD illegal immigrants!!!!!