Stockton Reports Highest Metro Foreclosure Rate in Third Quarter

November 14, 2007 No Comments »

RealtyTrac released its Q3 2007 Metropolitan Foreclosure Market Report, which revealed that Stockton, CA, Detroit, MI, and San Bernardino, CA had the highest foreclosure rates among the nation’s 100 largest metropolitan areas during the quarter.

Stockton, CA reported one foreclosure filing per 31 households during the third quarter, up more than 30 percent from the previous quarter, with 7,116 foreclosure filings on 4,409 properties reported.

Detroit, MI chalked a foreclosure rate of 1 for every 33 households, more than twice the filings it reported in the second quarter, with 25,708 foreclosure filings on 16,079 properties.

San Bernardino, CA had the third highest metro foreclosure rate in the U.S., with one foreclosure for every 43 households, up more than 30 percent from the prior quarter, with 31,661 foreclosure filings 20,664.

Rounding out the top 10 metro foreclosure rates were Fort Lauderdale, FL.; Las Vegas, NV; Sacramento, CA.; Cleveland, OH; Miami, FL; Bakersfield, CA.; and Oakland, CA.

California cities accounted for seven of the top 25 metro foreclosure rates, including five of the top 10, while Florida and Ohio each accounted for five of the top 25 spots.

“Although cities in just three states — California, Ohio and Florida — accounted for more than two-thirds of the top 25 metro foreclosure rates, increasing foreclosure activity was not limited to just a few hot spots,” said James J. Saccacio, chief executive officer of RealtyTrac, in a release.

“In fact, 77 out of the top 100 metro areas reported more foreclosure filings in the third quarter than they had in the previous quarter. Still, there continue to be pockets of the country — most noticeably metro areas in the Carolinas, Virginia and Texas — that have thus far dodged the foreclosure bullet.”

It should be noted that RealtyTrac counts foreclosure filings in all three phases of foreclosure, including multiple filings on single properties, with many not actually resulting in foreclosure.

Meanwhile, real estate data firm DataQuick reported that the median price paid for a Southern California home was $444,000 last month, down 3.9 percent from $462,000 in September, and 8 percent from October 2006.

DataQuick also noted that home sales fell to the lowest level for October in more than 20 years, with 12,999 new and resale homes sold, compared to 23,745 in the year-ago month.

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