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Top Metros for Foreclosure Increases
Move over Las Vegas and Phoenix. The foreclosure crisis is entering a second phase, moving into smaller metropolitan areas.
During the first half of this year, 74% of metropolitan areas posted year-over-year increases in foreclosure activity, according to RealtyTrac. In total, more than 1.6 million properties have foreclosure filings, up 8.3% from the first half of 2009.
Although Sun Belt cities like Las Vegas, San Bernardino, Calif., and Phoenix each recorded foreclosure filings upwards of 50,000, filings have eased in those areas since the first half of 2009.
Instead, areas like McAllen, Tx. and Spokane, Wash. have experienced spikes in foreclosures because of extended high unemployment and pay cuts, says Rick Sharga, senior vice president at RealtyTrac. (He projects that foreclosures will peak next year before they decline.)
The top 5 metro areas with increases are:
- McAllen-Edinburg-Mission, Texas
- Kennewick-Richland-Pasco, Washington
- Gulfport-Biloxi, Mississippi
- Baltimore-Towson, Maryland
- Barnstable Town, Massachusetts
CLICK HERE to find the reasons behind the increases in foreclosures.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Top 5 metros with biggest increases in foreclosures is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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