Foreclosures: How bad is your city?

iVillage Member
Registered: 03-18-2000
Foreclosures: How bad is your city?
12
Thu, 07-30-2009 - 9:52am
I've noticed more home sales locally but they appear to be in the lower priced end of the market $250k & below. The higher priced homes that were selling for 1/2 mil. + appear to be priced lower.
Foreclosures are easing in some of the worst hit metro areas, but watch out for the next wave of filings to start crashing in unexpected cities.





Hot or not?

Where foreclosures are heating up -- and cooling off -- in the 20 biggest U.S. cities.





Rank
Metro area
Foreclosure filing rate (One in # of homes)
Change from first half of 2008

1
Seattle
107
+72%

2
Minneapolis
90
+58.6%

3
Phoenix
22
+51.7%

4
Miami
28
+40.9%

5
Tampa
39
+31.5%

6
Chicago
59
+30.3%

7
Los Angeles
42
+29.9%

8
Riverside
17
+11.8%

9
Atlanta
49
+11.5%

10
San Francisco
52
+8.7%

11
San Diego
37
-0.1%

12
Philadelphia
168
-6%

13
Washington
73
-9.6

14
Dallas
131
-16.5%

15
Detroit
54
-16.4%

16
St. Louis
127
-21.2%

17
Baltimore
212
-22.5%

18
New York
211
-23.5%

19
Houston
153
-31.3%

20
Boston
144
-40.7%


http://money.cnn.com/2009/07/30/real_estate/worst_hit_foreclosure_cities/index.htm


Sun Belt cities dominated the list of metro areas with the biggest foreclosure problems during the first six months of 2009.


Cities in just four states -- California, Florida, Arizona and Nevada -- captured 29 of the top 30 places with the highest foreclosure rates, according to a report issued by RealtyTrac on Thursday. Greeley, Colo., was the only outsider, coming in at 29th.


The good news is that some of the worst hit spots, such as the Central Valley cities in California, showed some improvement, according to James Saccacio, chief executive officer of RealtyTrac.


"There are some significant differences beginning to show up in the data," he said. "Some of the markets that had the highest saturation of foreclosures over the past few years have seen declining rates."


But we could also be in a lull before the third wave of foreclosures hits, according to Rick Sharga, RealtyTrac's spokesman. The first wave was triggered by the subprime mortgage meltdown. The second wave was caused by layoffs and other economic fallout from the subprime meltdown. "The third wave," said Sharga, "will be the fallout from the option-ARM resets over the next several months."


Where it's getting worse

Many cities with populations larger than one million experienced rapid increases in foreclosure during the past six months. Seattle, for example, wasn't the worst hit city, but it experienced the biggest increase in the rate of filings. While a relatively small 1 in 107 homes received notices, that is a 72% jump compared with the same period a year ago. In second place was Minneapolis, where the filing rate grew by 58.6% to 1 in 90 homes; Phoenix spiked 51.7% to 1 in 22.


But some big cities showed substantial improvement. Filings in Greater New York fell 23.5% (1 in 211), and tumbled 40.7% in Boston (1 in 144) and 31.3% in Houston (1 in 153)


Taking the title of foreclosure capital is Las Vegas, which surpassed Stockton, Calif., for the honors. Stockton, which is 80 miles east of San Francisco, wore the crown for all of 2008.


Vegas, with a whopping 1 in 13 properties receiving a foreclosure filing during the first six months of 2009, is six times worse than the national average of 1 in 84. The number grew 56% since the first half of 2008.


The Cape Coral-Ft. Myers, Fla., area was second with 1 in 14 homes. California posted six cities in the top 10 list, with Merced coming in third at 1 in 15 homes being in trouble.


The Rust Belt, however, may have put the worst of its foreclosure problems behind it. Now even economically devastated Detroit recorded only 1 in 54 properties receiving filings. That's a 16% decline over the first half of 2008.


Cleveland, one of the first cities to get whacked, has also improved and is now ranked only 56th among all U.S. metro areas. The city was once home to the nation's hardest hit neighborhood -- Slavic Village -- but filings are now just 1 for every 73 homes, a 30% decline.


Inversely, Chicago, which had not previously suffered from the foreclosure blight, has pushed up 30% from last year to 39th place among cities. That equates to 1 in every 59 homes having a black mark. To top of page








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iVillage Member
Registered: 10-08-2008
Thu, 07-30-2009 - 11:13am

I'm in Las Vegas..

 

iVillage Member
Registered: 03-03-2009
Thu, 07-30-2009 - 11:19am

Overall, heating up according to RealtyTrac. (http://www.realtytrac.com/TrendCenter/Default.aspx?address=) Depends on the zip code. The newer parts of town where builders were throwing up housing left and right are doing worse. Not really surprising when you think about why--those areas have a preponderance of new buyers many of whom got lured in to loans they really stretched to afford. And owners may have bought at the peak of the market and now find themselves "underwater" as prices backed down from unrealistic highs.

A caveat on RealtyTrac's statistics. They don't necessarily gather information from all zip codes, particularly those in rural areas, so "no data available" can skew foreclosure rates artificially low for a region or state.

Jabberwocka

iVillage Member
Registered: 03-18-2000
Thu, 07-30-2009 - 12:39pm

"...bought two years ago is worth 55-60% less than what I paid.."


I'm so sorry. If you plan on staying there though the value is bound to increase eventually. At least you lost your obnoxious neighbours. That's an upside.


In Oct. of '94 we sold our townhouse in N. San Diego county

 


Photobucket&nbs

iVillage Member
Registered: 10-08-2008
Thu, 07-30-2009 - 12:46pm

It's crazy how high prices got here.

 

iVillage Member
Registered: 03-18-2000
Thu, 07-30-2009 - 12:46pm
The houses I see selling are not newly built.
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iVillage Member
Registered: 03-18-2000
Thu, 07-30-2009 - 1:13pm

I just looked it up on http://www.zillow.com/

 


Photobucket&nbs

iVillage Member
Registered: 10-08-2008
Thu, 07-30-2009 - 1:48pm

I was always under the impression that Zillow was pretty close to reality until I started trying to get my house refinanced.

 

iVillage Member
Registered: 03-18-2000
Thu, 07-30-2009 - 3:36pm
There's a place for sale on the road I lived on except it's 394 sq.' larger. Local real estate co.
$436,536

3 br 2 ba 1,394 sqft $313/sqft

I wouldn't pay that much even if I could afford it.

 


Photobucket&nbs

iVillage Member
Registered: 10-08-2008
Thu, 07-30-2009 - 3:45pm

I don't blame you.

 

iVillage Member
Registered: 02-20-2007
Thu, 07-30-2009 - 3:51pm
I thought even before the market went sour that the housing industry was ripe for a down turn. It seemed like homes were going up 10%-15% a year in value, but our paychecks were increasing on an average of 3%-5% annually. Something had to change eventually. Maybe for the better when all is said and done. At least I hope that's the case.

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