According to recent RealtyTrac numbers, California has been taking a major hit in terms of foreclosures. Several California Metro areas have dominated the top 10.
Stockton, CA – 8,169 filings, a 256 percent increase (1 foreclosure for every 27 households2) over the same period last year. 1
“Six California cities rank in the top 10 nationwide for foreclosure rates, according to RealtyTrac, with the top three spots — Stockton, Modesto and Merced — situated in the Central Valley, where longtime agricultural towns have turned into small residential cities.
California has the third-highest rate of foreclosures in the country, RealtyTrac says, behind Nevada and Colorado. In July, another real estate data firm, DataQuick, reported that the state had its highest level of foreclosure in two decades, with nearly 54,000 notices of default sent to delinquent homeowners in the second quarter of 2007.”3
“Sacramento ranked fifth worst in the nation, according to the Realty Trac Report. One in 36 homes is foreclosed on, amounting to more than 20,500 filings in Sacramento. That’s a 241 percent increase from last year.” 4
“Detroit and Las Vegas rank second and third respectively. Memphis (ninth) ranks in between the Bakersfield, California (eighth – 1 foreclosure for every 47 homes2) and Cleveland, Ohio (tenth) metro areas.”1
Other cities, including Denver and Miami, were also included in the top 10.
“Richmond, Va. had the country’s least foreclosure activity.”2 “Other low foreclosure metro areas included Greenville, South Carolina (one in 1,721, down 66 percent), McAllen, Texas (one in 1,494, down 35 percent) and Honolulu (one in 1,151, up 68 percent).” 5
Source: CNNMoney 5
Sources Cited:
1 Memphis Business Journal – Memphis among cities with highest foreclosure rates
2 The Bakersfield Californian – Bakersfield foreclosure rate climbs higher
3 New York Times – From Housing Haven to Foreclosure Leader
4 CBS13/CW31 – Stockton Worst In The Nation For Home Foreclosures
5 CNNMoney – California cities fill top 10 foreclosure list
Article Author:
Joshua DorkinJoshua has written 539 articles for us.
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Those Californians all have champagne taste!
The way I see it, here in Vegas (#3 in foreclosures) there are two foreclosure rates… SFR’s and High Rises… SFR’s are going fast to the auction block but high rises are a much lower rate per property. Our market is also much better than other cities like Miami where there are 40K high rise properties on the MLS!!! In Vegas there are less than 2K. Big difference. It’s doom and gloom for SFR but NOT for high rise in Vegas.
-Jason Fox / Luxury Financier
That was easy to foresee. The popular creative loans people have been taking out allowed people to purchase homes way out of their price range. What is going to happen if we hit a huge recession in the economy? We’re about due for a major correction.
I know the North Texas real estate market cant be that far behind, we are setting all kinds of foreclosure records as well.
I have seen foreclosures rise so badly that I feel sorry for all the homeowners who will lose their homes. I feel that the lenders should shoulder more of the blame because they did not follow good practices when they are lending and they put every one into this position.