Sun Belt Ranks Highly on Top Foreclosure Rate List

Cities in California, Florida, Nevada and Arizona accounted for the 26 highest foreclosure rates in the first quarter among metro areas with a population of 200,000 or more in RealtyTrac's Metropolitan Foreclosure Market Report for the first quarter. Las Vegas posted the highest metro rate, with 4.48% of its housing units receiving a foreclosure filing during the quarter. Merced, Calif., saw the second highest metro foreclosure rate, with 4.21% receiving a foreclosure filing, and Cape Coral-Fort Myers, Fla., recorded the third highest rate, with 3.85% receiving a filing. "Sales activity appears to be increasing in some of these markets as home prices have fallen to levels that are attractive to first-time homebuyers and investors," said CEO James J. Saccacio. "While we expect many of these metro areas to continue to experience high levels of foreclosure activity throughout 2009, we also expect to see other markets rise up the ranks as unemployment rates surge throughout the country." Other metro areas in the top 10 were the California cities of Stockton, Riverside-San Bernardino, Modesto, Bakersfield, and Vallejo-Fairfield, along with Phoenix and Port St. Lucie, Fla.