Current foreclosure rate in Stockton CA: one filing for every 31 households (5x rate of Q3 2006)

Foreclosures hit some cities harder than others
Pace of those forced from homes continued to rise in the third quarter

http://www.msnbc.msn.com/id/21773741/



http://www.msnbc.msn.com/id/21773741/

By John W. Schoen
Senior Producer
MSNBC
updated 7:24 a.m. PT, Wed., Nov. 14, 2007

Foreclosure rates continued to rise in the third quarter in most of the top 100 largest metropolitan areas of the country, according to the latest data from RealtyTrac, a Web site that logs foreclosure filings.

Stockton, Calif., saw the highest rate of foreclosures — with one filing for every 31 households — a rise of 32 percent from the second quarter and more than five times the rate of last year’s third quarter. Foreclosures in Detroit were up 92 percent from the second quarter of this year; the pace in California's Riverside-San Bernardino area rose 39 percent.

The adage that real estate is all about “location, location, location” seems to be playing out in the foreclosures now facing millions of American homeowners as foreclosure rates in the third quarter varied widely from one region to the next. Cities in California, Florida and Ohio accounted for 17 of the top 25 metro area foreclosure rates, according to RealtyTrac.

Other cities in the top 10 highest foreclosure rates were Fort Lauderdale, Fla.; Las Vegas; Sacramento, Calif.; Cleveland; Miami; Bakersfield, Calif.; and Oakland, Calif. California cities accounted for seven of the top 25 metro foreclosure rates, while Florida and Ohio each accounted for five of the top 25 spots.