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Foreclosures Spike in More Metro Areas

Stockton, Detroit, Riverside have highest foreclosure rates

November 14, 2007

In its breakdown on the third quarter of 2007, RealtyTrac found foreclosure activity is not only on the rise, but appears to be spreading to additional metropolitan areas of the country.

“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 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,” Saccacio said.

California, Ohio, Florida dominate

The Stockton metro documented one foreclosure filing for every 31 households during the quarter, the highest foreclosure rate among the nation’s 100 largest metro areas. A total of 7,116 foreclosure filings on 4,409 properties were reported in the metro area during the quarter, up more than 30 percent from the previous quarter.

Detroit’s third-quarter foreclosure rate of one foreclosure filing for every 33 households ranked second highest among the nation’s 100 largest metro areas. A total of 25,708 foreclosure filings on 16,079 properties were reported in the metro area during the quarter, more than twice the number of filings reported in the previous quarter.

The Riverside-San Bernardino metropolitan area in Southern California documented the nation’s third highest metro foreclosure rate, one foreclosure filing for every 43 households. A total of 31,661 foreclosure filings 20,664 properties were reported in the metro area during the quarter, up more than 30 percent from the previous month.

Other cities in the top 10 metro foreclosure rates: Fort Lauderdale, Fla.; Las Vegas; Sacramento, Calif.; Cleveland; Miami; Bakersfield, Calif.; and Oakland, Calif. California cities accounted for seven of the top 25 metro foreclosure rates, while Florida and Ohio each accounted for five of the top 25 spots.

Most filings

The Riverside-San Bernardino metropolitan area reported the most foreclosure filings during the quarter, followed by Los Angeles, with 29,501 filings on 18,043 properties.

The Los Angeles foreclosure rate of one foreclosure filing for every 113 households ranked No. 26 among the nation’s 100 largest metro areas. Detroit reported the third highest number of foreclosure filings during the quarter.

Atlanta’s foreclosure filing total of 21,695 on 18,940 properties was the fourth highest foreclosure filing total, and the metro area’s foreclosure rate of one foreclosure filing for every 92 households ranked No. 18 among the top 100 metro areas.

Other cities with foreclosure filing totals among the 10 highest were Phoenix, Fort Lauderdale, Fla., Cleveland, Chicago; Miami and Sacramento, Calif.

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