Foreclosure pain index: 10 cities

Despite being four years after the housing bust, the foreclosure plague has continued to spread. Here's how the country's 10 biggest cities are faring.

1 of 10
New York
New York
Median price: $435,000
Foreclosure rate: 1.08%

The New York area has the lowest foreclosure rate of any of the nation's 10 largest metro areas.

There three good reasons for that: Prices have always been high, and they have only fallen about 13%, according to the NAHB housing index; many area residents rent rather than own; and a large percentage of owners are either in condominiums or co-operative apartments.

Condo and, especially, co-op boards have authority over who gets to buy, and these boards have been very prudent in choosing their neighbors. They usually require buyers put at least 20% down, often more, before approving sales. That meant few buyers utilized dangerous loans to purchase homes.

NEXT: Los Angeles
Last updated January 27 2011: 6:31 PM ET
12 cities: Where to buy vs. rent Cities like Las Vegas and Miami boast killer buying opportunities, but you're better off renting in New York and Seattle More
Most overvalued citiesCan a housing market be the most undervalued in the nation and one of the worst housing buys? It can if it's Las Vegas. More
Las Vegas: Still foreclosure king One out of every 9 homes in Sin City received some kind of default notice in 2010. That's five times higher than the national average. More
  • Find Homes for sale
    Real estate and homes for sale on Trulia

  • Property Type
  • Find a home in:
  • New York | Atlanta | Chicago | Los Angeles
  • Washington D.C | Houston | Philadelphia | More options
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.45%4.43%
15 yr fixed3.89%3.89%
5/1 ARM4.17%4.22%
30 yr refi4.44%4.43%
15 yr refi3.87%3.87%
Rate data provided
View rates in your area
Find personalized rates:
Special Offer