Foreclosure rates: 20 cities with highest filings and state-by-state rankings
The highest foreclosure rates are primarily in cities where the proceedings don't move through the courts.
In the first quarter of 2011, all but one of the 20 highest foreclosure rate metros — Cape Coral-Fort Myers, Fla. — were in "nonjudicial" states where foreclosure proceedings don't move through the courts. Foreclosures in these states are moving more rapidly.
California cities accounted for 11 of the 20 highest foreclosure rates. But Las Vegas retained its top spot in the quarter as the market where the most buyers who gambled on a home stood to lose.
Here are the cities with the highest rates, followed by state-by-state rankings.
20 cities with highest foreclosure rates, 2011 first quarter
|Rank||Metro||Total # of filings||% Housing units||1/every # of households||% change from Q4 2010||% change from Q1 2010|
|1||Las Vegas-Paradise, NV||26,275||3.21||31||-11.54||-7.74|
|6||Riverside-San Bernardino-Ontario, CA||29,859||2.04||49||-6.84||-27.17|
|13||Boise City-Nampa, ID||3,458||1.42||70||3.01||-10.58|
|15||Atlanta-Sandy Springs-Marietta, GA||27,250||1.26||79||-4.13||-6.48|
|16||Salt Lake City, UT||4,907||1.22||82||-0.45||-4.81|
|17||Oxnard-Thousand Oaks-Ventura, CA||3,340||1.22||82||-9.44||-15.06|
|18||Cape Coral-Fort Myers, FL||4,248||1.16||86||-34.48||-58.74|
Chart data provided by RealtyTrac
Foreclosure filings by state, 2011 first quarter
|Rank||State||Total # of filings||1/every # of households||% change from Q4 2010||% change from Q1 2010|
|District of Columbia||63||4,526||-84.41||-87.6|
Chart data provided by RealtyTrac
Funny how it all comes back to Bush. We will fix his mess eventually. We have a little more than five and a half years to clean it up. Sorry George, your watch, your mess. Have a nice day!
I completely feel your pain and have found that the lenders were insured 80-90% of the home value at the time the loan was put together...this means the banks are making more money when they foreclose. I recently was able to settle on my mortgage and they lowered the principal balance leaving me at today's market value and restructured my rate to 2.56% fixed for 30 years. If you need this kind of help, email the gentleman that helped me. He is not a modification company, they sue the bank as leverage to get what we want. For anyone that needs his help I highly recommend him. His email is dbenter @ the ufan pc.com
The "800 lb Gorilla in the room" for those seeking a loan modification is the "Mortgage Insurance Premium-aka-PMI", required of almost all loans originated with less than 20% down payment/equity. The Banks have no interest in modifying a loan that will be paid "nearly" in full by the PMI/insurance when they foreclose on a defaulted loan. They get the the loan paid off and the house, who would be foolish enough to modify the loan or go for a short-sale then they get it all.
Why isn't anyone asking about this issue, why is it not front page news, the banks get the bailout and the little-guy (taxpayer) gets the bill. Why do you think AIG was given the big bucks to keep it from insolvency, were they the "re-insurer" holding the bag for the "PMI" defaults?
Real Estate in Palm Springs has attracted many Canadians including me because of the low price, good quality.
I feel there are accurate for the Phoenix area. Some of you guys might be interested with another number. Approx 600 homes are scheduled for trustee sale EVERY WORK DAY in the Phoenix Metro area. Investors buy approx 55-75, with atlest 100 being taken by the banks. The rest postpone or cancel.