How Bad Are Foreclosures In Your City?

July 30^th, 2009

Cities in the four states of California, Florida, Arizona and Nevada represented 29 of the 30 top-list with the highest foreclosure rates as reported by Realty Trac. Greeley, Colorado came in at 29^th.

According to James Saccacio, chief executive officer of Realty Trac, the worst hit spots such as the Central Valley cities in California showed some improvement. Some of the markets that have experienced the highest rates of foreclosures over the past few years have seen declining rates.

Rick Sharga, a spokesman for Realty Trac said that we could be in the path of a third wave of foreclosure. He explained that the first wave was triggered by the subprime mortgage meltdown. The second wave resulted from layoffs and other economic shakeout from the subprime. The third wave will be a result of the option-ARM resets coming in the horizon over the next several months.

Although Seattle wasn’t among the worst hit cities, it experienced the biggest increase in the rate of foreclosure filings. There is a 72% jump in the amount of homes receiving notices within the same period last year. Minneapolis came 2^nd place where filing rate grew by 58.6% or 1 in 90 homes. Phoenix, Arizona jumped 51.7% or 1 in 22 received a notice.

Some other bigger cities such as New York fell by 23.5% (1 in 211) while Boston fell by 40.7% (1 in 144) and 31.3% in Houston (1 in 153).

Taking the crown of foreclosure capital is Las Vegas which surpassed Stockton, California. Stockton located about 80 miles east of San Francisco held the title of foreclosure capital for the whole of 2008.

Las Vegas with an alarming 1 in 13 properties receiving a filing during the first half of 2009 is 6 times worse than the national average of 1 in 84. It has grown to 56% during the same first half of 2008.

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News Archive

Rep. Barney Frank Threatens Banks To Stop Foreclosure Or Else? - July 28th 2009

U.S Government Wants 500,000 Trial Modifications By Nov 1st - July 28th 2009

Subprime Brokers Involved In Loan Modification Scam - July 21st 2009

'Walk-Away' Survey Shows 26% of Defaults Are Intentional - July 21st 2009

'Own-To-Rent' The New Emerging Mortgage Plan - July 17th 2009

Tools To Help Homeowners Save Big In Property Taxes - July 16th 2009

Lawmakers Dissapointed With Foreclosure Help Programs - July 16th 2009

New Jersey Attorney General Goes After Mortgage Scams - July 15th 2009

Watch Out For Some Misleading Reverse Mortgage Advertisements - July 6th 2009

Chase And Bank of America To Experience 2nd Wave of Foreclosures - July 6th 2009

Obama Extends Mortgage Refinancing Program, Raising New Limit To 125% - July 1st 2009

Paper Avalanche, Lack of Trained Staff Add Obstacles To Loan Modification Program - June 29th 2009

Government Loan Modification And Refinance Program Shows Substantial Progress - June 18th 2009

Luring First Time Homebuyers, Tips To Beat The Competition And Sell Your Home - June 15th 2009

Bank Of America has modified 50,000 loans in Countrywide settlement - May 26th 2009

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Rep. Barney Frank Threatens Banks To Stop Foreclosure Or Else?
WASHINGTON – Rep. Barney Frank threatened and warned banks that if they do not volunteer to help save more homeowners from foreclosure, Congress will step in and force them to do so. Should the number of loan modifications remain low, he said Congress will revive legislation that will allow bankruptcy judges to write down homeowner’s monthly mortgage payments. - Read Full Story.

U.S Government Wants 500,000 Trial Modifications By Nov 1st
New York – The Treasury Department announced that there will be an increased speed in mortgage modifications under the Obama foreclosure prevention program. The administration is expecting to see 500,000 trial modifications put in place by Nov 1st 2009 with 200,000 already underway. - Read Full Story.

Subprime Brokers Involved In Loan Modification Scam
On the 9th floor of an office building located on Wilshire Boulevard, Los Angeles, Jack Sousanna once triumphed as a successful mortgage broker during the real estate bubble and accumulated a vast fortune. - Read Shocking Story.