Aug 14 2007 11:54AM | Permalink | Email this | Comments (0) |
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Some depressing foreclosure numbers came out today for the first six months of the year. RealtyTrac, an online marketer of foreclosure properties, just released its mid-year report, which shows foreclosures up more than 30 percent from the previous six months and more than 55 percent from a year ago.

Of the top 100 metro areas, 82 saw year-over-year increases in foreclosures. The highest foreclosure rates were in Stockton, Calif., where there was a filing for one out of every 27 homes, followed closely by Detroit at one out of 29. The rest of the top 10: Las Vegas; Riverside/San Bernadino, Calif.; Sacramento; Denver; Miami; Bakersfield, Calif.; Memphis and Cleveland.

Even in cities with relatively low rates, the numbers are up drastically from a year ago. Even some of the best remodeling markets aren't immune: Bethesda, Md. (up 581 percent); Hartford, Conn. (up 446 percent); Bridgeport/Stamford, Conn. (up 552 percent); Boston (up 342 percent); and Washington/Arlington/Alexandria, Va. (up 430 percent).

On the positive side, foreclosures did go down in a few areas, most notably those that haven't seen huge price run-ups over the last few years: Dallas (down 15 percent); Little Rock, Ark. (down 39 percent); Austin, Texas (down 21 percent); Oklahoma City (down 22 percent); Salt Lake City (down 39 percent); and Pittsburgh (down 22 percent).