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Metros With Highest Foreclosures

Los Angeles tops RealtyTrac ranking

April 22, 2009

By MortgageDaily.com staff


Four of the 10 worst metropolitan areas for foreclosures are in California. But the highest foreclosure rate is in a Nevada town.

With 59,652 properties that faced foreclosure filings, the Los Angeles-Long Beach-Santa Ana metropolitan area saw more filings than any other area during the first quarter, according to a news release today from RealtyTrac. L.A. foreclosures climbed 42 percent from the prior quarter and 43 percent from a year earlier.

RealtyTrac reports the number of properties that either faced a notice of default, a notice of trustee sale or a real estate owned filing. The company's database reflects more than 1.5 million listings from more than 2,200 counties.

California's Riverside-San Bernardino-Ontario area was the second worst metro, with 50,885 filings. Filings were up 41 percent from the fourth-quarter 2008 and up 37 percent from the first-quarter 2008.

Next was the Phoenix-Mesa-Scottsdale metropolitan area, where 41,382 properties faced foreclosure during the latest period. Filings were 6 percent higher than three months earlier and 79 percent above 12 months earlier.

No. 4 was the Las Vegas-Paradise area, which saw foreclosures filed on 35,321 properties during the first quarter. Activity was up 19 percent from the fourth quarter and more than double the level during the first-quarter 2008.

Chicago-Naperville-Joliet came in fifth with 35,291 filings, up one-third from the fourth quarter and more than two-thirds higher than the first-quarter 2008.

No.s 6 through 10 were Miami-Fort Lauderdale-Pompano Beach, with 30,477 filings; Atlanta-Sandy Springs-Marietta, which had 21,880 filings; Detroit-Warren-Livonia, where 18,907 homes faced foreclosure; San Francisco-Oakland-Fremont, at 18,285 foreclosures; and California's Sacramento-Arden-Arcade-Roseville area, which had 18,175 filings.

The Las Vegas area had the highest foreclosure rate: 4.48 percent. Merced, Calif., was second, with a rate of 4.21 percent, then Florida's Cape Coral-Fort Myers, where the rate was 3.85 percent.

Stockton, Calif., had a 3.72 percent rate, making it No. 4, and Riverside's rate was the fifth worst, at 3.54 percent.

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