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Foreclosure News | Foreclosure Resources

Worst Foreclosure Metros

Detroit has highest foreclosure rate

February 13, 2008

By MortgageDaily.com staff

In the Detroit area, nearly one out of every 20 households had a foreclosure filed last year -- the worst of any metropolitan area. It was a California area, however, that saw the highest number of filings.

During 2007, the Detroit-Livonia-Dearborn area had 72,616 foreclosure filings, according to RealtyTrac. The actions were taken of 41,273 properties. The level of activity brought the foreclosure rate to 4.918 filings for every 100 households, higher than any other.

A single foreclosure process can include up to three phases of filings if completed, including , including notices of default, notices of sale and real estate owned, according to the foreclosure listing service.

Stockton, Calif., saw 22,184 filings on 10,608 properties, bringing its foreclosure rate to 4.866 percent, the second highest in the country, RealtyTrac said. Las Vegas-Paradise was next with 59,983 foreclosures on 30,375 properties and a 4.228 percent rate.

No. 4 was Riverside-San Bernardino, Calif., with 102,506 filings on 51,739 properties and a 3.826 percent foreclosure rate, according to the report. Sacramento, Calif., followed with 49,532 filings on 23,772 properties -- brining its foreclosure rate to 3.189 percent.

The most filings occurred in Riverside-San Bernardino, followed by Los Angeles-Long Beach, with 93,696, and Atlanta-Sandy Springs-Marietta, at 81,038 filings, the data indicated. No. 4 was Chicago, which saw 73,469 filings, then Detroit.

By number of properties, Riverside-San Bernardino topped the list, followed by Chicago, with 50,350, the report said. Atlanta-Sandy Springs-Marietta was next with 50,271 properties, followed by Los Angeles-Long Beach, with 45,415 properties, then Detroit.

For the entire country, RealtyTrac reported 1.8 million foreclosure filings on 1.0 million properties. U.S. filings were 79 percent higher than in 2006. The national foreclosure rate was 1.033 filings for every 100 households.

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