Seventy-five percent of the nation's largest metropolitan areas posted year-over-year increases in foreclosure activity, even while foreclosure activity decreased in nine of the 10 metros with the highest foreclosure rates, according to RealtyTrac's midyear report.
Four states – Florida, California, Nevada and Arizona – accounted for all top 20 metro foreclosure rates. Florida led the way, with nine of the top 20 metro foreclosure rates, followed by California with eight, Nevada with two and Arizona with one.
‘While we're seeing early signs that foreclosure activity may have peaked in some of the hardest-hit markets, foreclosures continued to rise in three-quarters of the nation's metropolitan areas in the first half of the year," says James J. Saccacio, CEO of RealtyTrac. "The fragile stability achieved in many local housing markets hinges on improvements in the underlying economy – specifically job growth. If unemployment remains persistently high and foreclosure prevention efforts only delay the inevitable, then we could continue to see increased foreclosure activity and a corresponding weakness in home prices in many metro areas."Â Â Â
Las Vegas continued to post the nation's highest metro foreclosure rate in the first half of the year, with 6.6%. The Miami-Fort Lauderdale-Pompano Beach metro area recorded the highest foreclosure totals during the first half of the year, with 94,466 properties receiving a filing during the six-month period. That represents an 8% decrease from the previous six months, but a nearly 11% increase from the first six months of 2009.