According to RealtyTrac’s Metropolitan Foreclosure Market Report for Q1 2009, several key states have been hit the hardest with the highest foreclosure rates in the country. The states at the top of the list are: California, Florida, Nevada and Arizona. These four states account for 26 of the highest home foreclosure rates in the first quarter.
So when you’re searching for the best cities work in, make sure that you keep these cities in mind, especially if you are a first-time homebuyer.
Here are the top 10 cities with the highest foreclosure rates:
1. Las Vegas-Paradise, NV
2. Merced, CA
3. Cape Coral-Fort Myers, FL
4. Stockton, CA
5. Riverside-San Bernardino-Ontario, CA
6. Modesto, CA
7. Bakersfield, CA
8. Vallejo-Fairfield, CA
9. Phoenix-Mesa-Scottsdale, AZ (see Phoenix City Profile)
10. Port St. Lucie, FL
Check out the entire list here.
James J. Saccacio, Chief Executive Officer of RealtyTrac, said, “The metro areas with the highest levels of foreclosure activity in the first quarter of 2009 paint a picture of concentrated problems in a relatively small number of hard hit areas.” He did say that despite these high foreclosure rates, he thinks that other markets will rise as more people gain employment.
Let’s just hope that he is right.
Source: RealtyTrac
Tags: hot lists, top cities