Find Home Foreclosures in Top-Ranking Cities

Find home foreclosures in cities with the highest rates of foreclosures in the July to September quarter. Based on a report released this week on foreclosures in the 203 largest metro areas in the country, there are now cities previously not experiencing spikes in foreclosures that have entered the top 20 list.

The metro areas which occupied the top of foreclosure charts over the past quarters are still on top of the charts, such as Merced and Stockton in California, but their foreclosure rates have declined.

The new cities that soared through the top 20 of the list were Reno, Nevada, whose foreclosure rate of one in 37 homes represented an 80-percent jump from the same three-month period last year. It is now ninth in the foreclosure chart.

Another is Boise, Idaho, where the pace of foreclosures jumped by a staggering 141 percent – the highest rate of increase from 2008 among all metro areas. Foreclosures in the city of Provo in Utah also soared, climbing up by 120 percent.

According to analysts, the rise in foreclosures in cities where previously investors cannot find home foreclosures in large numbers was largely caused by sharply growing job losses and the adjustment of flexible mortgage loans to higher rate levels.

In the Reno-Sparks area, the unemployment rate reached 13.1 percent in September, marking a significant rise from 12.4 percent in August and from 7.3 percent in September 2008, based on data from the Nevada Department of Employment, Training and Rehabilitation.

In the Boise-Nampa metro area in Idaho, the unemployment rate hit 9.5 percent, with the number of jobless workers rising from 15,700 workers to 27,300 workers in September this year and the total work force dropping from 292,700 to 288,000.

The unemployment rate in the Provo-Orem area in Utah meanwhile reached 5.5 percent in September, a low number compared to other city jobless rates, but very high compared to the city’s jobless rate of only 2.9 percent in September 2008.

Among all of the 203 metro areas surveyed, the Las Vegas-Paradise area still dominated the foreclosure rate chart. One in every 20 houses in the area in the July to September quarter received a default or foreclosure notice, marking a 53-percent increase compared to the same three-month period last year.

Other cities where one can find distressed home foreclosures based on third-quarter filings are Merced, Stockton, Modesto, Riverside, Bakersfield and Vallejo in California and in Cape Coral and Port Saint Lucie in Florida.

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