By: Brandon Zimerman
The 26 metro areas with the highest foreclosure rates during the first quarter were located in just four "sand states" -- California, Florida, Nevada and Arizona -- data aggregator RealtyTrac said today. Las Vegas had the highest foreclosure rate of 203 U.S. metro areas with populations of 200,000 or more, with one foreclosure-related filing for every 22 housing units. Following Las Vegas was Merced, California with one filing per 24 homes, and Cape Coral-Fort Meyers, Florida with one filing per 26 homes.
The rest of the top 10 includes Stockton, California with one filing per 27 homes, Riverside-San Bernardino-Ontario, California with one filing per 28 homes, Modesto, California one filing per 29 homes, Bakersfield, California one filing in 37 homes, and Vallejo-Fairfield, California with one filing per 37 homes, Phoenix, Arizona one filing per 40 homes, and finally Port St. Lucie, Florida with one filing per 46 homes.
Thirteen of the top 26 metro foreclosure rates were in California, nine were in Florida, and two each in Nevada and Arizona, RealtyTrac said. RealtyTrac reported on April 16 that a record 803,489 U.S. homes were subjected to a foreclosure-related filing during the first quarter, up 9 percent from the previous quarter and 24 percent from a year ago. With real estate in these countries becoming less expensive, these numbers are expected to decrease over time.