Stockton, Calif., metropolitan Detroit and Riverside-San Bernardino, Calif. documented the three highest foreclosure rates among the nation's 100 largest metropolitan areas during the third quarter, according to a new report released yesterday by foreclosure marketplace RealtyTrac. The company said foreclosure activity during the quarter was increased in most metropolitan areas:
Although cities in just three states -- California, Ohio and Florida -- accounted for more than two-thirds of the top 25 metro foreclosure rates, increasing foreclosure activity was not limited to just a few hot spots," said James J. Saccacio, chief executive officer of RealtyTrac. "In fact, 77 out of the top 100 metro areas reported more foreclosure filings in the third quarter than they had in the previous quarter. Still, there continue to be pockets of the country -- most noticeably metro areas in the Carolinas, Virginia and Texas -- that have thus far dodged the foreclosure bullet."
California, Ohio, and Florida cities dominated top metro foreclosure rates, however, in spite of the more general national trend. Stockton, Calif., documented one foreclosure filing for every 31 households during the quarter, the highest foreclosure rate among the nation's 100 largest metro areas. A total of 7,116 foreclosure filings on 4,409 properties were reported in the metro area during the quarter, up more than 30 percent from the previous quarter. Detroit's third-quarter foreclosure rate of one foreclosure filing for every 33 households ranked second highest among the nation's 100 largest metro areas. A total of 25,708 foreclosure filings on 16,079 properties were reported in the metro area during the quarter, more than twice the number of filings reported in the previous quarter. The Riverside-San Bernardino, Calif., metropolitan area in Southern California documented the nation's third highest metro foreclosure rate, one foreclosure filing for every 43 households. A total of 31,661 foreclosure filings 20,664 properties were reported in the metro area during the quarter, up more than 30 percent from the previous month. For more information, visit http://www.realtytrac.com.