Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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
Top luxurious hotel suites for business travelers For many people, you can't put a price on comfort. More
Million-dollar startups: These firms scored big sales their first year Their first year in business, these companies generated $1 million in sales. More
The 10 best states for retirees It might be worth moving to a new place to find your dream retirement home. Check out these 10 states. More

Special Offer