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
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
Where Millennials are buying homes Here are the top 10 markets where Millennials represented large shares of mortgages, according to Realtor.com More
Ralph Lauren's many looks A look at his brands and iconic creations More
8 biggest job killing companies of 2015 Whole Foods became the latest corporate giant to lay off workers. Here's a look at the companies that have announced the most jobs cuts this year. More

Special Offer