Four States Top Foreclosure Rates

April 26, 2009
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Foreclosure Rates

Majority of the cities that have experienced the greatest number of foreclosures are those found in four states namely Arizona, Florida, California and Nevada. These states are the location of the 26 cities with the worst foreclosure problems in the United States today. RealtyTrac Inc. reported that the highest foreclosure rates were in Florida’s Cape Coral-Fort Myers area and in California’s Las Vegas and Merced areas.

There is also a great increase in foreclosure rates in other metro areas in California including Bakersfield, Riverside, Stockton, Vallejo-Fairfield and Modesto and in metro areas in Florida including Port St. Lucie and Phoenix.

There is a 24% increase in the number of American households that are about to face foreclosure for the first three months of 2009. This number is expected to increase after a temporary break in the foreclosure proceedings by major lenders. The number of homes that have received a foreclosure-related notice has also increased from 650,000 in January to March last year to 804,000 during the same period this year.

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