Foreclosure Home Press Releases DETROIT, STOCKTON, LAS VEGAS POST HIGHEST 2007 METRO FORECLOSURE RATES

DETROIT, STOCKTON, LAS VEGAS POST HIGHEST 2007 METRO FORECLOSURE RATES

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California, Ohio, Florida, Michigan account for 15 of Top 20 Metro Rates

IRVINE, Calif. – Feb. 13, 2008 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its Year-End 2007 Metropolitan Foreclosure Report, which shows Detroit, Stockton, Calif., and Las Vegas documented the three highest foreclosure rates among the nation’s 100 largest metro areas during 2007.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

“As expected, the number of properties entering some stage of foreclosure in 2007 was up in the vast majority of the nation’s 100 largest metro areas, with 86 metros reporting increases from 2006,” said James J. Saccacio, chief executive officer of RealtyTrac. “Most of the metro areas with the highest foreclosure rates were either cities like Stockton and Las Vegas, which experienced meteoric growth and unsustainable price appreciation over the past few years, or cities like Detroit, which are undergoing a more widespread economic downturn along with higher unemployment rates.”

California, Ohio, Florida and Michigan cities dominate top 20 metro rates
Fifteen of the metro areas with the top 20 metro foreclosure rates were located in four states: California with six, Ohio with four, Florida with three and Michigan with two.

Detroit registered the highest foreclosure rate among the nation’s 100 largest metro areas, with close to 5 percent of its households entering some stage of foreclosure during the year — 4.8 times the national average and up from about 3 percent in 2006. A total of 72,616 foreclosure filings on 41,273 properties were reported in the Detroit metro area in 2007, up 68 percent from 2006. The other Michigan metro area with a foreclosure rate in the top 20 was Warren-Farmington Hills-Troy at No. 17.

With 4.866 percent of its households entering some stage of foreclosure during the year, Stockton, Calif., documented the second highest metro foreclosure rate. A total of 22,184 foreclosure filings on 10,608 properties were reported in the metro area in 2007, up 271 percent from 2006. Other California metros with foreclosure rates in the top 20 were Riverside-San Bernardino at No. 4, Sacramento at No. 5, Bakersfield at No. 7, Fresno at No. 14 and Oakland at No. 16.

Las Vegas posted the third highest metro foreclosure rate among the 100 largest metropolitan areas in 2007, with 4.228 percent of its households entering some stage of foreclosure during the year. A total of 59,983 foreclosure filings on 30,375 properties were reported in the metro area during 2007, up 169 percent from 2006.

Cleveland’s 2007 foreclosure rate — 2.972 percent of households entering some stage of foreclosure during the year — ranked sixth highest nationally and was the highest of any Ohio metro area on the list. A total of 49,071 foreclosure filings on 27,848 properties were reported during 2007, up 112 percent from 2006. Other Ohio metros with foreclosure rates in the top 20 were Akron at No. 12, Dayton at No. 15 and Toledo at No. 19.

With 2.724 percent of its households entering some stage of foreclosure in 2007, Miami documented the eighth highest metro foreclosure rate, highest among Florida metro areas. A total of 51,662 foreclosure filings on 25,296 properties were reported in the metro area during 2007, up 106 percent from 2006. Other Florida metro areas with foreclosure rates in the top 20 were Fort Lauderdale at No. 10 and Orlando at No. 20.

Other cities in the top 20 were Denver at No. 9, Atlanta at No. 11, Memphis at No. 13, and Indianapolis at No. 18.

Report methodology
The RealtyTrac Metro Foreclosure Market Report provides the total number of foreclosure filings by metropolitan area, along with the total number of unique addresses entering some stage of foreclosure and percentage of total households entering some stage of foreclosure (foreclosure rate). 

The household numbers are based on the U.S. Census Bureau’s 2005 estimates of total housing units. Foreclosure filings include foreclosure-related documents in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).

 

Foreclosure Activity for the Nation’s 100 Largest MSAs – 2007 Totals

Rate Rank Metro Area Foreclosure Filings Properties with Filings %Households (foreclosure rate) % Change from 2006

--

U.S. Total

2,203,295

1,285,873

1.033

79.21

--

Top 100 Metro Areas Total

1,774,778

     1,010,355

1.382

78.23

1

DETROIT/LIVONIA/DEARBORN, MI

72,616

41,273

4.918

68.15

2

STOCKTON, CA

22,184

10,608

4.866

271.30

3

LAS VEGAS/PARADISE, NV

59,983

30,375

4.228

169.11

4

RIVERSIDE/SAN BERNARDINO, CA

102,506

51,739

3.826

186.14

5

SACRAMENTO, CA

49,532

23,772

3.189

272.54

6

CLEVELAND/LORAIN/ELYRIA/MENTOR, OH

49,071

27,848

2.972

112.43

7

BAKERSFIELD, CA

13,682

7,524

2.960

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

11

ATLANTA/SANDY SPRINGS/MARIETTA, GA

81,038

50,271

2.531

52.25

12

AKRON, OH

12,359

7,083

2.326

107.53

13

MEMPHIS, TN

22,654

11,291

2.141

30.35

14

FRESNO, CA

12,330

6,208

2.121

168.16

15

DAYTON, OH

14,285

7,812

2.073

145.51

16

OAKLAND, CA

39,483

19,463

2.071

191.06

17

WARREN/FARMINGTON HILLS/TROY, MI

30,378

21,607

2.069

95.19

18

INDIANAPOLIS, IN

25,695

14,591

2.019

7.89

19

TOLEDO, OH

10,056

5,756

1.938

117.29

20

ORLANDO, FL

24,004

15,834

1.932

117.74

21

PALM BEACH, FL

18,561

11,918

1.924

88.90

22

PHOENIX/MESA, AZ

56,040

30,453

1.915

177.00

23

TAMPA/ST PETERSBURG/CLEARWATER, FL

41,539

24,086

1.908

95.90

24

SARASOTA/BRADENTON/VENICE, FL

11,807

6,805

1.840

226.69

25

COLUMBUS, OH

24,055

13,823

1.832

86.39

26

SAN DIEGO, CA

38,917

20,217

1.816

157.77

27

JACKSONVILLE, FL

15,149

9,540

1.748

38.99

28

DALLAS, TX

49,133

24,921

1.653

-5.20

29

FORT WORTH/ARLINGTON, TX

25,050

12,295

1.645

2.42

30

CHICAGO, IL

73,469

50,350

1.641

50.22

31

VENTURA, CA

6,261

4,341

1.629

195.11

32

LAKE/KENOSHA, IL-WI

5,034

3,718

1.507

35.45

33

CINCINNATI, OH

21,392

13,119

1.469

104.38

34

CHARLOTTE/GASTONIA, NC

13,032

9,426

1.440

113.50

35

LOS ANGELES/LONG BEACH, CA

93,696

45,415

1.360

137.77

36

ST LOUIS, MO-IL

19,084

15,444

1.279

58.11

37

CAMDEN, NJ

5,237

3,415

1.229

42.35

38

ORANGE, CA

23,002

12,501

1.229

168.15

39

HOUSTON/BAYTOWN/SUGAR LAND, TX

39,220

24,917

1.221

4.08

40

KANSAS CITY, MO-KS

15,681

10,076

1.177

83.70

41

WASHINGTON/ARLINGTON/ALEXANDRIA, DC-VA-MD

28,455

19,229

1.160

574.94

42

GARY, IN

5,320

3,114

1.108

41.29

43

NEWHAVEN/MILFORD, CT

7,348

3,790

1.093

340.19

44

SAN ANTONIO, TX

13,699

7,658

1.067

4.56

45

NEWARK, NJ

15,403

8,770

1.049

45.71

46

TUCSON, AZ

7,372

4,239

1.041

75.02

47

TACOMA, WA

5,276

3,107

1.025

38.95

48

GREENSBORO/HIGHPOINT, NC

3,329

3,078

1.025

137.50

49

MILWAUKEE/WAUKESHA/WST ALLIS, WI

9,856

6,529

1.017

79.47

50

WORCHESTER, MA

6,993

3,094

0.994

169.98

51

SAN JOSE/SUNNYVALE/SANTA CLARA, CA

11,433

6,173

0.991

161.57

52

SALT LAKE CITY, UT

4,882

3,692

0.984

-16.96

53

RALEIGH/CARY, NC

5,249

3,884

0.982

122.83

54

SUFFOLK/NASSAU, NY

11,880

9,700

0.973

48.41

55

LITTLE ROCK/NORTH LITTLE ROCK, AR

5,396

2,702

0.952

15.52

56

TULSA, OK

5,670

3,532

0.912

-3.66

57

OMAHA/COUNCIL BLUFFS, NE-IA

3,403

3,021

0.890

59.67

58

AUSTIN/ROUND ROCK, TX

10,100

5,166

0.874

-11.75

59

NASHVILLE/DAVIDSON, TN

8,454

5,301

0.869

54.01

60

MINNEAPOLIS/ST PAUL/BLOOMINGTON, MN-WI

12,755

10,798

0.836

146.81

61

EDISON, NJ

15,800

7,723

0.836

43.42

62

OKLAHOMA CITY, OK

7,042

4,054

0.801

-15.44

63

ROCHESTER, NY

3,903

3,404

0.776

126.78

64

ESSEX, MA

5,378

2,251

0.765

190.83

65

HARTFORD, CT

7,427

3,699

0.761

216.97

66

BALTIMORE/TOWSON, MD

10,059

8,003

0.734

544.36

67

SPRINGFIELD, MA

5,190

1,985

0.706

109.83

68

BRIDGEPORT/STAMFORD/NORWALK, CT

5,091

2,439

0.703

258.15

69

BOSTON/QUINCY, MA

11,165

5,106

0.683

199.47

70

BETHESDA/FREDERICK/GAITHERSBURG, MD

4,179

2,999

0.682

1288.43

71

ALBUQUERQUE, NM

2,921

2,217

0.651

5.77

72

KNOXVILLE, TN

2,770

1,813

0.607

46.80

73

PORTLAND/VANCOUVER/BEAVERTON, OR-WA

5,834

5,162

0.602

24.18

74

LOUISVILLE, KY

6,233

3,197

0.601

-12.05

75

BIRMINGHAM/HOOVER, AL

3,069

2,351

0.521

63.15

76

NEW YORK/WAYNE/WHITE PLAINS, NY-NJ

33,714

22,569

0.518

74.04

77

EL PASO, TX

2,317

1,257

0.515

-17.57

78

CAMBRIDGE/NEWTON/FRAMINGHAM, MA

7,205

2,906

0.496

209.15

79

PHILADELPHIA, PA

16,246

7,899

0.492

-32.09

80

SAN FRANCISCO, CA

5,895

3,485

0.478

116.73

81

SEATTLE/BELLEVUE/EVERETT, WA

9,028

5,016

0.475

16.35

82

BUFFALO/CHEEKTOWAGA/TONAWANDA, NY

3,850

2,210

0.426

113.53

83

PROVIDENCE/NEW BEDFORD, RI

3,241

1,839

0.411

354.07

84

NEW ORLEANS, LA

4,501

2,318

0.399

215.80

85

WILMINGTON, DE-NJ

1,363

1,012

0.367

157.51

86

PITTSBURGH, PA

9,012

4,040

0.367

-29.58

87

NORFOLK/VIRGINIA BEACH/NEWPORT NEWS, VA

2,321

1,841

0.361

258.17

88

COLUMBIA, SC

1,113

961

0.324

-2.93

89

CHARLESTON, SC

1,043

839

0.318

35.10

90

POUGHKEEPSIE/NEWBURGH/MIDDLETOWN, NY

1,391

656

0.271

12.52

91

BATON ROUGE, LA

997

823

0.270

-59.81

92

SCRANTON/WILKES/BARRE/HAZLETON, PA

2,380

685

0.267

23.65

93

WICHITA, KS

1,322

662

0.262

-13.12

94

ALBANY/SCHENECTADY/TROY, NY

1,617

960

0.256

638.46

95

RICHMOND, VA

1,090

908

0.184

168.64

96

ALLENTOWN/BETHLEHEM/EASTON, PA

834

526

0.173

12.15

97

HONOLULU, HI

621

517

0.157

52.96

98

MCALLEN/EDINBURG/PHARR, TX

339

305

0.132

-19.74

99

SYRACUSE, NY

935

364

0.128

128.93

100

GREENVILLE, SC

306

213

0.082

-73.47

About RealtyTrac Inc.
Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For current news and information regarding foreclosure-related issues and trends, visit our blog at www.ForeclosurePulse.com.

###

Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139
michelle.schneider@realtytrac.com

Christine Stricker
949.502.8300 Ext. 268
christine.stricker@realtytrac.com

Detailed & Historical Data:
Tyler White
949.502.8300 Ext. 158
tyler.white@realtytrac.com


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