Foreclosure Home Press Releases Sun Belt Cities Top List Of Nation’s Metro Foreclosure Rates In First Quarter

Sun Belt Cities Top List Of Nation’s Metro Foreclosure Rates In First Quarter

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California, Florida, Nevada, Arizona Account for Top 26 Metro Rates
Las Vegas, Merced and Cape Coral-Fort Myers Post Three Highest Rates

 

IRVINE, Calif. – April 22, 2009 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its Metropolitan Foreclosure Market Report for Q1 2009, which shows cities in California, Florida, Nevada and Arizona accounted for the 26 highest foreclosure rates in the first quarter among metro areas with a population of 200,000 or more.

 

Las Vegas posted the highest metro rate, with 4.48 percent of its housing units receiving a foreclosure filing during the quarter (one in every 22) — more than seven times the national average. Merced, Calif., documented the second highest metro foreclosure rate, with 4.21 percent of its housing units receiving a foreclosure filing (one in every 24), and Cape Coral-Fort Myers, Fla., recorded the third highest metro foreclosure rate, with 3.85 percent of its housing units receiving a foreclosure filing (one in every 26).

 

“The metro areas with the highest levels of foreclosure activity in the first quarter of 2009 paint a picture of concentrated problems in a relatively small number of hard hit areas,” said James J. Saccacio, chief executive officer of RealtyTrac. “Sales activity appears to be increasing in some of these markets as home prices have fallen to levels that are attractive to first-time homebuyers and investors. While we expect many of these metro areas to continue to experience high levels of foreclosure activity throughout 2009, we also expect to see other markets rise up the ranks as unemployment rates surge throughout the country.”

 

Other metro areas in the top 10 were the California cities of Stockton, Riverside-San Bernardino, Modesto, Bakersfield, and Vallejo-Fairfield, along with Phoenix and Port St. Lucie, Fla. Thirteen of the top 26 metro foreclosure rates were in California, nine were in Florida, and Nevada and Arizona each added two to the Top 26 list.

 

Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the quarter. Data is also available at the individual county level and MSA level for both Q1 2009 and March 2009.

Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed 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). If more than one foreclosure document is filed against a property during the month or quarter, only the most recent filing is counted in the report.

 

 

U.S. Metro Foreclosure Market Data – Q1 2009

    Properties with Foreclosure Filings
Rate Rank Metro Name Total 1/every X HU (rate) %HU with FC Filings %Change from Q4 08 %Change from Q1 08

--

U.S. Total

803,489

159

0.63

9.16

23.63

1

Las Vegas-Paradise, NV Total

35,321

          22

4.48

18.81

103.93

2

Merced, CA Total

3,497

          24

4.21

17.39

46.75

3

Cape Coral-Fort Myers, FL Total

13,875

          26

3.85

-5.52

36.11

4

Stockton, CA Total

8,430

          27

3.72

29.97

11.51

5

Riverside-San Bernardino-Ontario, CA Total

50,885

          28

3.54

40.94

36.64

6

Modesto, CA Total

5,931

          29

3.42

29.16

10.57

7

Bakersfield, CA Total

7,260

          37

2.70

26.61

41.99

8

Vallejo-Fairfield, CA Total

4,023

          37

2.69

25.56

33.57

9

Phoenix-Mesa-Scottsdale, AZ Total

41,382

          40

2.48

6.03

78.87

10

Port St. Lucie, FL Total

4,439

          46

2.15

-2.61

64.53

11

Sacramento--Arden-Arcade--Roseville, CA Total

18,175

          47

2.14

37.74

25.18

12

Reno-Sparks, NV Total

3,837

          47

2.14

30.64

132.69

13

Orlando-Kissimmee, FL Total

17,669

          50

2.00

-4.15

67.92

14

Naples-Marco Island, FL Total

3,771

          51

1.96

10.49

127.31

15

Salinas, CA Total

2,622

          53

1.88

10.77

38.36

16

Fresno, CA Total

5,572

          55

1.83

36.97

46.17

17

Visalia-Porterville, CA Total

2,308

          59

1.70

28.51

82.31

18

San Diego-Carlsbad-San Marcos, CA Total

17,887

          63

1.58

35.05

16.79

19

Oxnard-Thousand Oaks-Ventura, CA Total

3,921

          69

1.44

47.52

66.14

20

Los Angeles-Long Beach-Santa Ana, CA Total

59,652

          74

1.35

41.62

42.82

21

Sarasota-Bradenton-Venice, FL Total

4,991

          78

1.28

-6.80

16.10

22

Miami-Fort Lauderdale-Pompano Beach, FL Total

30,477

          79

1.26

-26.64

11.36

23

Tampa-St. Petersburg-Clearwater, FL Total

16,464

          80

1.25

-11.18

39.40

24

Deltona-Daytona Beach-Ormond Beach, FL Total

3,049

          81

1.24

-2.02

53.60

25

Prescott, AZ Total

1,273

          82

1.22

35.71

84.23


 

 



About RealtyTrac Inc.
RealtyTrac (http://www.realtytrac.com/) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac’s foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

 

###


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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