Unemployment Rates Increasingly Affecting FC Rates

Posted by Orb Staff on July 30, 2009 No Comments
Categories : Mortgage Servicing

rnia, Florida, Nevada and Arizona continued charting the nation's highest foreclosure rates in the first six months of the year, accounting for 35 of the 50 highest foreclosure rates among metro areas with a population of 200,000 or more, according to RealtyTrac's [link=http://www.realtytrac.com/ContentManagement/PressRelease.aspx?channelid=9&ItemID=6965][u]Midyear 2009 Metropolitan Foreclosure Market Report[/u][/link]. The report notes that areas of the country not previously considered foreclosure hot spots, such as Oregon, Idaho, Utah and Arkansas, have shown above-average levels of activity. RealtyTrac says this shift in activity suggests growing unemployment is weighing more heavily on new activity than the subprime fallout. "While some of the markets that had the highest saturation of foreclosures over the past few years have seen declining rates, new markets like Provo, Utah; and Boise, Idaho; have seen large increases," says James J. Saccacio, RealtyTrac CEO. As unemployment rates increase in different parts of the country, it's very likely that we'll see similar patterns develop elsewhere." Las Vegas posted the nation's highest metro foreclosure rate, with 7.45% of its housing units receiving at least one foreclosure filing in the first half of 2009 – more than six times the national average. The Cape Coral-Fort Myers metro area in Florida took second place, with 7.2% of its units receiving at least one filing. Merced, Calif., posted the third-highest rate, 6.89%. Foreclosure activity in Stockton, Calif., meanwhile, decreased nearly 4% from the previous six months, while Modesto, Calif., saw its foreclosure activity drop nearly 3% from the previous six months. Detroit and Cleveland, two areas that were among the most active in 2007, have also seen declines, RealtyTrac says. SOURCE: [link=http://www.realtytrac.com]RealtyTrac

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