Foreclosures Fall in Nine of Top 10 Hardest Hit Metros

July 29, 2010 No Comments »

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Foreclosure filings increased in 75 percent of the nation’s top metro areas during the first half of 2010, according to RealtyTrac’s Midyear 2010 Metropolitan Foreclosure Market Report.

Data revealed that 154 of the 206 U.S. metropolitan areas with populations of 200,000 posted year-over-year increases in foreclosure activity.

However, nine of the top 10 most severely impacted metros saw year-over-year declines in foreclosure filings, though rates in those areas remain three to five times higher than the national average.

Four states, including Florida, California, Nevada, and Arizona, accounted for all top 20 metro foreclosure rates.

Florida fared worst, with nine of the top 20 metros, followed by California with 8, Nevada with two, and Arizona with one.

Las Vegas continues to be the biggest loser in terms of foreclosure rate, with one in 15 housing units receiving a foreclosure filing during the first half of the year.

But the 53,525 filings received in the past six months were down 15 percent from the previous six months and nearly nine percent lower than numbers seen in the first half of 2009.

The Miami-Fort Lauderdale-Pompano Beach metro area was top for foreclosure filings, with 94,466 properties receiving a notice during the first half of the year.

The numbers were down eight percent from the previous six months, but nearly 11 percent higher than the first six months of 2009.

The big questions remains whether the lower numbers are actually significant, or just the result of foreclosure moratoria and loan modifications that will eventually re-default.

Top 10 Foreclosure Metros in the United States

top foreclosure metros

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