Foreclosure Activity Rises 65 Percent in Third Quarter

Foreclosure activity increased 65 percent nationwide year-over-year, according to RealtyTrac’s Q3 2010 Metropolitan Foreclosure Market Report.  The report showed that cities in California, Florida, Nevada, and Arizona once again accounted for all top 10 foreclosure rates in the third quarter among metropolitan areas with a population of 200,000 or more, while cities outside those four states accounted for many of the biggest increases in metro foreclosure activity.  California, Florida, Nevada, and Arizona cities also accounted for 19 of the top 20 metro foreclosure rates.
With one in every 36 housing units receiving a foreclosure filing during the third quarter, Modesto, Calif., posted the nation’s third highest metro foreclosure rate, despite a nearly 18 percent decrease in foreclosure activity from the third quarter of 2009. Other California metro areas in the top 10 were Stockton at No. 4; Merced at No. 5; Riverside-San Bernardino-Ontario at No. 6; Bakersfield at No. 9; and Vallejo-Fairfield at No. 10, according to the report.

A total of 48,849 properties in Los Angeles-Long Beach-Santa Ana area received a foreclosure filing in the third quarter, the second highest metro total, despite a nearly 3 percent decrease from the previous quarter and a nearly 30 percent decrease from the third quarter of 2009.