RealtyTrac has released their final numbers for top metro areas with the highest foreclosure rates in 2007. The numbers are ugly with Detroit having nearly 1 in 20 homes in some stage of foreclosure.
What is really worrisome to me in the statistics is that none of the cities are showing any decline. The numbers of foreclosures have been increasing consistantly for a couple of years now. It may be a key indicator to watch when these cities start to stabilize and/or decline in their foreclosure rates.
Top 10 Metro Areas For Foreclosure Rate in 2007
Rank Metro Area Filings Props % Households $ From 2006 1 DETROIT, MI 72,616 41,273 4.918 68.15 2 STOCKTON, CA 22,184 10,608 4.866 271.3 3 LAS VEGAS, NV 59,983 30,375 4.228 169.11 4 RIVERSIDE, CA 102,506 51,739 3.826 186.14 5 SACRAMENTO, CA 49,532 23,772 3.189 272.54 6 CLEVELAND, OH 49,071 27,848 2.972 112.43 7 BAKERSFIELD, CA 13,682 7,524 2.96 244.82 8 MIAMI, FL 51,662 25,296 2.724 106.13 9 DENVER/AURORA, CO 49,519 26,632 2.641 27.79 10 FORT LAUDERDALE, FL 45,367 20,801 2.632 110.05
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Tom,
Thank for posting this list. One thing we have seen in the last several years in towns such as Santa Barbara and Montecito, people have a fair amount of equity in their homes and have refied to then invest dollars in other more affordable places such as Vegas, Bakersfield, Riverside etc. Now unfortunately this has come back to bite them.