By: Dennis Norman
According to the Metropolitan Foreclosure Market Report for first quarter 2009 issued by RealtyTrac(R) foreclosures for the quarter are up almost 24% from a year ago nationwide.
The twenty six metro areas with the highest rates of foreclosure are all within only four states: California, Florida, Nevada and Arizona. Not surprisingly these states are also the ones that saw some of the highest price increases during the boom and with some of the highest ratios of median home cost to median income.
Las Vegas had the highest foreclosure rate in the country at 4.48% or 1 in every 22 homes receiving a foreclosure filing during the quarter. Merced, CA was 2nd with a 4.21% rate, Cape Coral-Fort Myers, Fl 3rd at 3.85%, Stockton, CA 4th at 3.72% and Riverside-San Bernardin0-Ontario, CA 5th at 3.54%.
Last on the list was Burlington-South Burlington, VT with a 0.01% rate or only one in 12,676 homes receiving a foreclosure filing.
The high concentration of foreclosures in four states definitely skews the stats for the country. The nationwide foreclosure rate was 0.63% however of the 203 metros in the report only 62 were above the average rate and more than double, 141, were below the average rate.
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