Big cities: Big changes in foreclosure rates

Foreclosure rate: 1 for every 22
Change from 2008: Up 51.7%

Phoenix grew very quickly over the past 10 years, setting the stage for a hard fall when the market turned sour.

Prices rose so much during the boom that many buyers turned to non-traditional mortgage products, such as hybrid adjustable rate mortgages, which offered affordable payments early on, but became much harder to pay off later.

When the real estate market went bust, real estate speculators and newer owners with no equity were quick to walk away. Phoenix got caught in a spiral of steeply falling home prices and rising foreclosure rates. "Homeowners there are losing equity and going underwater," said Mark Fleming, chief economist for First American CoreLogic, which forecasts foreclosure risk.

Future foreclosure risk: High. The number of loans 90 days late or more, has more than doubled in the past year. That will send vacant home inventory higher, putting more downward pressure on prices and perhaps triggering another round of defaults. The foreclosure risk here is among the highest in the nation, according to First American.

NEXT: Slowing: New York