Big cities: Big changes in foreclosure rates

Of the country's 20 largest cities, these six posted the fastest year-over-year growth and decline in their foreclosure rates during the first six months of 2009.

1 of 6
BACKNEXT
Growing: Seattle
Foreclosure rate: One for every 107 housing units
Change from 2008: Up 72%

The housing bust arrived late in Seattle; home prices continued to swing upward all the way through July 2007 when they finally peaked, according to the S&P/Case-Shiller Home Price index. Prices have plunged since then, down 22.6% from their high.

That drop has triggered a rapid increase in foreclosure filings, faster than any other major city. But since the increase was up from a low base, Seattle is still relatively unscathed, overall.

The housing market could rebound quickly, according to Fleming. "It's down because of economic distress," he said. Once job losses end, the city's very diverse and modern companies should drive a quick recovery.

Future foreclosure risk: Low. Delinquencies may be up but they are still around half the national average and very few actually progress to the foreclosure stage. The inventory of bank-owned properties is only 0.2% of all housing units, according to First American CoreLogic, exerting little drag on the market.
NEXT: Growing: Minneapolis
Last updated August 13 2009: 6:12 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
Source: RealtyTrac
More Galleries
8 must-have travel apps Whether you've got wanderlust or an airline grievance, here are some apps to pack onto your phone. More
Hot stocks: 10 record breaking companies The S&P 500 is trading at all-time highs, and many well-known businesses are leading the charge. Time to buy or sell? More
My biggest retirement mistake Five CNNMoney readers share stories about saving that you can learn from. What they would do differently if they had another chance. More

Special Offer
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.