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
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{ 9 comments… read them below or add one }
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
Hold on to your seat folks California is going to get rocked! Oh wait I live in California. Fine mess we are in.
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.
I was expecting to see LA, OC or SD up there, but I guess not!
The high numbers of foreclosures in Michigan have really affected home values in the state. It's definitely become a buyer's market.
Cool post! I'll bookmark this page and wish to share it to all my friends and clients.
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.
Anywhere where there are not hoards of THIRD WORLD illegal immigrants!!!!!
Hey I was one of those affected and lost my house and car. Thank God I was able to find a credit repair company that helped me. If anyone has been affected by this after 1 company scammed $1250 out of me. Well anyways yea they took my foreclosure off of two of my reports and they never came back. There site is http://www.nationalcreditcenters.com.