Before we get to the bad news, here’s some good news if you’re planning a move: According to recent estimates, foreclosure activity is down in the US cities that have been hardest hit by the housing market collapse. Now for the bad news: Foreclosures have increased 72 percent in every other major city in the country.
RealtyTrac’s 2010 US foreclosure report took into consideration a range of data for more than 200 of America’s biggest metropolitan areas. Most notably, the report counted the total number of foreclosures in each city during the 2010 calendar year.
Many of these once thriving urban areas have been devastated by the recession; hundreds of thousands of people move out voluntarily or are forced out of their homes if they can’t afford relocation.
Arizona, California, Florida, and Nevada have all experienced huge housing booms, where thousands of people move in, and devastating busts, as many of these same people move away. In fact, most of the top 25 cities on RealtyTrac’s list are found in these states, once popular relocation destinations. They’ve been leading the nation’s foreclosure crisis for years now, thanks to a rapidly depreciating real estate market and bad loans.
If you’re looking for a relocation or real estate deal, these cities could be worth checking out.
Here are the top five:
1. Las Vegas, NV: 1 in 9 homes foreclosed
2. Fort Meyers/Cape Coral, FL: 1 in 12 homes
3. Modesto, CA: 1 in 14 homes
4. Phoenix, AZ: 1 in 14 homes
5. Miami/Fort Lauderdale, FL: 1 in 14 homes
-Lance Grooms
