Some Top Metro Foreclosure Activity Decreases
For the third quarter of 2009, five of the Top 10 metro areas reported decreasing foreclosure activity from the third quarter of 2008, according to the latest Metropolitan Foreclosure Market Report from RealtyTrac.
In Merced, Calif., a total of 3,092 Merced properties received a foreclosure filing during the quarter, down 11% from a year ago. Despite a 13% decrease in foreclosure activity, the city posted the nationís second highest foreclosure rate, with 3.72% of its housing units receiving a filing. Foreclosures in the Cape Coral-Fort Myers metro area in Florida also decreased from the previous quarter and from the third quarter of 2008.
Among the top 50 metro foreclosure rates, the three biggest year-over-year increases were in Boise City-Nampa, Idaho, and Provo-Orem and Salt Lake City in Utah. In several states the largest increases were posted in cities not previously a focal point for foreclosure activity. The Chico metro area posted the biggest year-over-year increase in California, with foreclosure activity up 98% from a year ago. The medium-sized metro about 100 miles north of Sacramento had a 12.8% unemployment rate in August, above the state and national averages.