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While foreclosures fell in nine out of the nation's ten highest foreclosure markets during the past six months, they are increasing almost everywhere else in the nation as the changing causes of mortgage defaults bring foreclosures home to hundreds of communities.

Foreclosures Move in Next Door

While foreclosures fell in nine out of the nation’s ten highest foreclosure markets during the past six months, they are increasing almost everywhere else in the nation as the changing causes of mortgage defaults bring foreclosures home to hundreds of communities.

Even though four states? Florida, California, Nevada and Arizona? still account for more than 20 percent of the nation’s foreclosure filings, foreclosures continued a year-old trend away from the “sand states” to any market where unemployment is significant. The economy and unemployment, rather than high risk mortgages concentrated in a few states, now are the leading causes of new foreclosure filings.

RealtyTrac, today released its Midyear 2010 Metropolitan Foreclosure Market Report, which shows 154 of the 206 U.S. metropolitan areas with a population of 200,000 or more posted year-over-year increases in foreclosure activity even while foreclosure activity decreased in nine of the 10 metros with the highest foreclosure rates.

Some of the fastest growing metros for foreclosures in the nation are Lincoln, NE, (foreclosures up 314 percent since the last half of 2009); Burlington, VT (foreclosures up 145.percent since the last half of 2009); Kennewick-Richland, WA (foreclosures up 217 percent since the last half of 2009); Ashville, NC (foreclosures up 271 percent since the last half of 2009); Lafayette, LA (foreclosures up 156 percent since the last half of 2009); McAllen, TX (foreclosures up 230.00 percent since the last half of 2009); and Spartanburg, SC (foreclosures up 254 percent since the last half of 2009).

“While we’re seeing early signs that foreclosure activity may have peaked in some of the hardest-hit markets, foreclosures continued to rise in three-quarters of the nation’s metropolitan areas in the first half of the year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The fragile stability achieved in many local housing markets hinges on improvements in the underlying economy, specifically job growth. If unemployment remains persistently high and foreclosure prevention efforts only delay the inevitable, then we could continue to see increased foreclosure activity and a corresponding weakness in home prices in many metro areas.”

Las Vegas continued to post the nation’s highest metro foreclosure rate in the first half of the year, with 6.60 percent of its housing units (one in 15) receiving a foreclosure filing - more than five times the national average. A total of 53,525 Las Vegas properties received a foreclosure filing during the six-month period, a decrease of nearly 15 percent from the previous six months and a decrease of nearly 9 percent from the first half of 2009.

Foreclosure activity in the Cape Coral-Fort Myers, Fla., metro area decreased nearly 22 percent from the previous six months and was down nearly 30 percent from the first half of 2009, but the metro area still documented the nation’s second highest metro foreclosure rate - 4.98 percent of its housing units (one in 20) received a foreclosure filing during the six-month period. Other Florida cities in the top 10 were Orlando-Kissimmee at No. 8 (4.15 percent of housing units) and Miami-Fort Lauderdale-Pompano Beach at No. 10 (3.89 percent).

With 4.59 percent of its housing units (one in 22) receiving a foreclosure filing, Modesto, Calif., posted the nation’s third highest metro foreclosure rate. Other California cities in the top 10 were Merced at No. 4 (4.47 percent of housing units); Riverside-San Bernardino-Ontario at No. 5 (4.37 percent); Stockton at No. 6 (4.37 percent); and Vallejo-Fairfield at No. 9 (3.91 percent).

The Phoenix-Mesa-Scottsdale metro area in Arizona posted the nation’s seventh highest metro foreclosure rate, with 4.28 percent of its housing units (one in 23) receiving a foreclosure filing in the first half of 2010.

More properties received a foreclosure filing in the Miami-Fort Lauderdale-Pompano Beach metro area during the first half of 2010 than any other metro area with a population of 200,000 or more. A total of 94,466 properties in the Miami area received a foreclosure filing during the six-month period, a decrease of 8 percent from the previous six months, but up nearly 11 percent from the first six months of 2009.

A total of 93,263 properties in the Los Angeles-Long Beach-Santa Ana metro area received a foreclosure filing in the first half of 2010, the second highest total of any metro area nationwide and 2.11 percent of all housing units (one in 47) - ranking No. 35 in terms of foreclosure rate.

A total of 78,022 properties in the Chicago-Naperville-Joliet metro area received a foreclosure filing in the first half of 2010, the third highest total and 2.07 percent of all housing units (one in 48) - ranking No. 37 in terms of foreclosure rate.

Other metro areas with the 10 highest foreclosure totals were Phoenix-Mesa-Scottsdale (73,352), Riverside-San Bernardino-Ontario (63,717), Las Vegas-Paradise (53,525), Atlanta-Sandy Springs-Marietta (52,381), Detroit-Warren-Livonia (47,563), New York-Northern New Jersey-Long Island (44,522), and Orlando-Kissimmee (37,352).

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