Some Top Metropolitan Areas' Foreclosure Rates Falling

For the third quarter of 2009, five of the top 10 metro areas reported decreasing foreclosure activity from the third quarter of 2008, while many other regions with top 50 foreclosure rates saw sharp increases in foreclosure activity, according to the latest Metropolitan Foreclosure Market Report from RealtyTrac. In Merced, Calif., a total of 3,092 Merced properties had a foreclosure filing during the quarter, down 11% from a year ago. Despite a 13% decrease in foreclosure activity, the city posted the nation's 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 a year ago. Among the top 50 metro 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 foreclosures. The Chico metro area posted the biggest year-over-year increase in California, with 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. A similar trend was seen in cities like Reno-Sparks, Nev., with an 80% year-over-year increase in foreclosures; Prescott, Ariz., with a 77% increase; Jacksonville, Fla., with a 64% increase; Rockford, Ill., with a 64% increase; and Lansing-East Lansing, Mich., with a 41% increase.