California cities are exploding to the top of the foreclosure list. Three cities with the highest foreclosure rates in the nation are Stockton,Ca., Detroit, Michigan, and Riverside-San Bernardino, Ca. Two (three, if you separate Riverside and San Bernardino), in California are at the top of the list.
According to RealtyTrac.com, these cities had the highest foreclosure rates among the nation’s 100 largest metropolitan areas during the third quarter in their 2007 “Metropolitan Foreclosure Market Report”. California had seven cities in the top 25 metro foreclosure rates.
James J. Saccacio, chief executive officer of RealtyTrac stated,
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. 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.
The breakdown of mortgage foreclosures
In the 3rd Quarter2007, a breakdown of foreclosure filings by household looks a little like this;
- STOCKTON, CA. – had 1 foreclosure filing for every 31 households
- DETROIT/LIVONIA/DEARBORN, MI – 1 foreclosure filing for every 33 households
- RIVERSIDE/SAN BERNARDINO, CA – 1 foreclosure filing for every 43 households
- FORT LAUDERDALE, FL – 1 foreclosure filing for every 48 households
- LAS VEGAS/PARADISE, NV – 1 foreclosure filing for every 48 households
- SACRAMENTO CA – 1 foreclosure filing for every 48 households
- CLEVELAND/LORAIN/ELYRIA /MENTOR, OH – 1 foreclosure filing for every 57 households
- MIAMI – 1 foreclosure filing for every 60 households
- BAKERSFIELD, CA – 1 foreclosure filing for every 64 households
- OAKLAND, CA – 1 foreclosure filing for every 71 households
These are just a few of the top foreclosure rates listed by RealtyTrac.com. Even Los Angeles, CA., made the list at number 26 with 1 foreclosure filing for every 113 households. A complete list can be found here at RealtyTrac.com to see if your city is on the list.
With all of this foreclosure activity, one would have to think that there must be a better way that would benefit both the lender and the homeowner wanting to stop foreclosure on their home.
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