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Foreclosures Up In Most Urban Metros Last Year

Detroit, Stockton, Las Vegas among the hardest hit

By Mark Huffman
ConsumerAffairs.com

February 13, 2008

Stockton and Las Vegas are both fast-growing metros where home prices appreciated at dizzying speed over the last few years. Detroit has been hard hit by economic problems common in America's Rust Belt.

"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, a firm that markets foreclosure "opportunities" to investors.

"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," Saccacio said

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.

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