Real Estate

Rust and Sun Belt cities lead '07 foreclosures

Detroit, Stockton and Las Vegas are top activity centers for troubled homeowners, according to a new study.

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By Ben Rooney, CNNMoney.com staff writer

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NEW YORK (CNNMoney.com) -- Rust Belt and Sun Belt cities led the nation in metro-area foreclosure rates for 2007, according to a new report released Wednesday.

Detroit led the list with nearly 5% of its households entering some stage of foreclosures, which is 4.8 times the national average, according RealtyTrac, an online marketplace for foreclosure properties.

Of the 100 largest U.S. cities surveyed by RealtyTrac, 86 reported higher foreclosure rates.

Separately, a RealtyTrac spokeswoman told CNNMoney.com that the number of homes that were repossessed, or taken back by the bank, jumped 50% nationwide last year to 404,849 from 268,532 in 2006.

After Detroit, the city with the second highest foreclosure rate was Stockton, Calif., with 4.8% of its households experiencing some foreclosure action, followed by Las Vegas, where 4.2% of households were hit with foreclosure.

RealtyTrac's chief executive, James Saccacio, pointed out in a statement that the cities topping this year's list generally fell into one of two categories.

"Most of the metro areas with the highest foreclosure rates were either cities like Stockton and Las Vegas, which experienced meteoric growth and unsustainable price appreciation over the past few years, or cities like Detroit, which are undergoing a more widespread economic downturn along with higher unemployment rates," Saccacio said.

Metro areas in California, which grew exceptionally fast during the housing boom, also experienced high foreclosure rates last year. Riverside-San Bernardino was number four on the list, followed by Sacramento at number five and Bakersfield at number seven.

Similarly, property values in Florida surged at the height of the housing bubble. In 2007, Miami had the eighth highest foreclosure rate in the nation. Fort Lauderdale and Orlando also showed increased foreclosure activity.

In Ohio, metro areas around former industrial centers ranked high on the list of foreclosure rates. Cleveland had 2.9% of its households undergo some foreclosure action. Akron, Dayton and Toledo also registered higher foreclosure rates. To top of page

Housing woes across America
Foreclosure Activity for the Nation’s 100 Largest Metro Areas – 2007 Totals
Rate Rank Metro Area Foreclosure Filings Properties with Filings %Households (foreclosure rate) % Change from 2006
1 DETROIT/LIVONIA/DEARBORN, MI 72,616 41,273 4.918 68.15
2 STOCKTON, CA 22,184 10,608 4.866 271.3
3 LAS VEGAS/PARADISE, NV 59,983 30,375 4.228 169.11
4 RIVERSIDE/SAN BERNARDINO, CA 102,506 51,739 3.826 186.14
5 SACRAMENTO, CA 49,532 23,772 3.189 272.54
6 CLEVELAND/LORAIN/ELYRIA/MENTOR, OH 49,071 27,848 2.972 112.43
7 BAKERSFIELD, CA 13,682 7,524 2.96 244.82
8 MIAMI, FL 51,662 25,296 2.724 106.13
9 DENVER/AURORA, CO 49,519 26,632 2.641 27.79
10 FORT LAUDERDALE, FL 45,367 20,801 2.632 110.05
11 ATLANTA/SANDY SPRINGS/MARIETTA, GA 81,038 50,271 2.531 52.25
12 AKRON, OH 12,359 7,083 2.326 107.53
13 MEMPHIS, TN 22,654 11,291 2.141 30.35
14 FRESNO, CA 12,330 6,208 2.121 168.16
15 DAYTON, OH 14,285 7,812 2.073 145.51
16 OAKLAND, CA 39,483 19,463 2.071 191.06
17 WARREN/FARMINGTON HILLS/TROY, MI 30,378 21,607 2.069 95.19
18 INDIANAPOLIS, IN 25,695 14,591 2.019 7.89
19 TOLEDO, OH 10,056 5,756 1.938 117.29
20 ORLANDO, FL 24,004 15,834 1.932 117.74
21 PALM BEACH, FL 18,561 11,918 1.924 88.9
22 PHOENIX/MESA, AZ 56,040 30,453 1.915 177
23 TAMPA/ST PETERSBURGH/CLEARWATER, FL 41,539 24,086 1.908 95.9
24 SARASOTA/BRADENTON/VENICE, FL 11,807 6,805 1.84 226.69
25 COLUMBUS, OH 24,055 13,823 1.832 86.39
26 SAN DIEGO, CA 38,917 20,217 1.816 157.77
27 JACKSONVILLE, FL 15,149 9,540 1.748 38.99
28 DALLAS, TX 49,133 24,921 1.653 -5.2
29 FORT WORTH/ARLINGTON, TX 25,050 12,295 1.645 2.42
30 CHICAGO, IL 73,469 50,350 1.641 50.22
31 VENTURA, CA 6,261 4,341 1.629 195.11
32 LAKE/KENOSHA, IL-WI 5,034 3,718 1.507 35.45
33 CINCINNATI, OH 21,392 13,119 1.469 104.38
34 CHARLOTTE/GASTONIA, NC 13,032 9,426 1.44 113.5
35 LOS ANGELES/LONG BEACH, CA 93,696 45,415 1.36 137.77
36 ST LOUIS, MO-IL 19,084 15,444 1.279 58.11
37 CAMDEN, NJ 5,237 3,415 1.229 42.35
38 ORANGE, CA 23,002 12,501 1.229 168.15
39 HOUSTON/BAYTOWN/SUGARLAND, TX 39,220 24,917 1.221 4.08
40 KANSAS CITY, MO-KS 15,681 10,076 1.177 83.7
41 WASHINGTON/ARLINGTON/ALEXANDRIA, DC-VA-MD 28,455 19,229 1.16 574.94
42 GARY, IN 5,320 3,114 1.108 41.29
43 NEWHAVEN/MILFORD, CT 7,348 3,790 1.093 340.19
44 SAN ANTONIO, TX 13,699 7,658 1.067 4.56
45 NEWARK, NJ 15,403 8,770 1.049 45.71
46 TUCSON, AZ 7,372 4,239 1.041 75.02
47 TACOMA, WA 5,276 3,107 1.025 38.95
48 GREENSBORO/HIGHPOINT, NC 3,329 3,078 1.025 137.5
49 MILWAUKEE/WAUKESHA/WST ALLIS, WI 9,856 6,529 1.017 79.47
50 WORCHESTER, MA 6,993 3,094 0.994 169.98
51 SAN JOSE/SUNNYVALE/SANTA CLARA, CA 11,433 6,173 0.991 161.57
52 SALT LAKE CITY, UT 4,882 3,692 0.984 -16.96
53 RALEIGH/CARY, NC 5,249 3,884 0.982 122.83
54 SUFFOLK/NASSAU, NY 11,880 9,700 0.973 48.41
55 LITTLE ROCK/NORTH LITTLE ROCK, AR 5,396 2,702 0.952 15.52
56 TULSA, OK 5,670 3,532 0.912 -3.66
57 OMAHA/COUNCIL BLUFFS, NE-IA 3,403 3,021 0.89 59.67
58 AUSTIN/ROUND ROCK, TX 10,100 5,166 0.874 -11.75
59 NASHVILLE/DAVIDSON, TN 8,454 5,301 0.869 54.01
60 MINNEAPOLIS/ST PAUL/BLOOMINGTON, MN-WI 12,755 10,798 0.836 146.81
61 EDISON, NJ 15,800 7,723 0.836 43.42
62 OKLAHOMA CITY, OK 7,042 4,054 0.801 -15.44
63 ROCHESTER, NY 3,903 3,404 0.776 126.78
64 ESSEX, MA 5,378 2,251 0.765 190.83
65 HARTFORD, CT 7,427 3,699 0.761 216.97
66 BALTIMORE/TOWSON, MD 10,059 8,003 0.734 544.36
67 SPRINGFIELD, MA 5,190 1,985 0.706 109.83
68 BRIDGEPORT/STAMFORD/NORWALK, CT 5,091 2,439 0.703 258.15
69 BOSTON/QUINCY, MA 11,165 5,106 0.683 199.47
70 BETHESDA/FREDERICK/GAITHERSBURG, MD 4,179 2,999 0.682 1288.43
71 ALBUQUERQUE, NM 2,921 2,217 0.651 5.77
72 KNOXVILLE, TN 2,770 1,813 0.607 46.8
73 PORTLAND/VANCOUVER/BEAVERTON, OR-WA 5,834 5,162 0.602 24.18
74 LOUISVILLE, KY 6,233 3,197 0.601 -12.05
75 BIRMINGHAM/HOOVER, AL 3,069 2,351 0.521 63.15
76 NEW YORK/WAYNE/WHITE PLAINS, NY-NJ 33,714 22,569 0.518 74.04
77 EL PASO, TX 2,317 1,257 0.515 -17.57
78 CAMBRIDGE/NEWTON/FRAMINGHAM, MA 7,205 2,906 0.496 209.15
79 PHILADALPHIA, PA 16,246 7,899 0.492 -32.09
80 SAN FRANCISCO, CA 5,895 3,485 0.478 116.73
81 SEATTLE/BELLEVUE/EVERETT, WA 9,028 5,016 0.475 16.35
82 BUFFALO/CHEEKTOWAGA/TONAWANDA, NY 3,850 2,210 0.426 113.53
83 PROVIDENCE/NEW BEDFORD, RI 3,241 1,839 0.411 354.07
84 NEW ORLEANS, LA 4,501 2,318 0.399 215.8
85 WILMINGTON, DE-NJ 1,363 1,012 0.367 157.51
86 PITTSBURGH, PA 9,012 4,040 0.367 -29.58
87 NORFOLK/VIRGINIA BEACH/NEWPORT NEWS, VA 2,321 1,841 0.361 258.17
88 COLUMBIA, SC 1,113 961 0.324 -2.93
89 CHARLESTON, SC 1,043 839 0.318 35.1
90 POUGHKEEPSIE/NEWBURGH/MIDDLETOWN, NY 1,391 656 0.271 12.52
91 BATON ROUGE, LA 997 823 0.27 -59.81
92 SCRANTON/WILKES/BARRE/HAZLETON, PA 2,380 685 0.267 23.65
93 WICHITA, KS 1,322 662 0.262 -13.12
94 ALBANY/SCHENECTADY/TROY, NY 1,617 960 0.256 638.46
95 RICHMOND, VA 1,090 908 0.184 168.64
96 ALLENTOWN/BETHLEHEM/EASTON, PA 834 526 0.173 12.15
97 HONOLULU, HI 621 517 0.157 52.96
98 MCALLEN/EDINBURG/PHARR, TX 339 305 0.132 -19.74
99 SYRACUSE, NY 935 364 0.128 128.93
100 GREENVILLE, SC 306 213 0.082 -73.47
-- U.S. Total 2,203,295 1,285,873 1.033 79.21
-- Top 100 Metro Areas Total 1,774,778 1,010,355 1.382 78.23


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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.