Over half of the metro areas in U.S. see ... - Real Estate Investors Daily

By Dennis Norman, on July 26th, 2012

This morning RealtyTrac^? released its Midyear 2012 Metropolitan Foreclosure Market Report, showing that, for the first half of 2012, foreclosure activity increased from the prior 6-month period in 125 of the 212 metro areas in the U.S. that have a population of 200,000 or more. On a positive note, the foreclosure activity for the first half of 2012 was less than that in the first half of 201 for 129 metro areas.Highlights from the report:

• California accounted for seven of the 10 highest metro foreclosure rates and 10 of the top 20 metro foreclosure rates during the first half of the year.
• Florida accounted for four of the top 20 metro foreclosure rates, and Illinois accounted for two of the top 20. Georgia, Arizona, Nevada and Colorado each had one city in the top 20.
• Stockton, Calif., posted the nation?s highest metro foreclosure rate, 2.66 percent of housing units (one in every 38) with a foreclosure filing in the first half of 2012 ? more than three times the national average. There were a total of 6,218 Stockton properties with a foreclosure filing during the six-month period, a decrease of 13 percent from the previous six months and a decrease of 16 percent from the first half of 2011.
• Four other California cities ranked in the top 5 metro foreclosure rates despite decreasing foreclosure activity: Modesto at No. 2 (2.61 percent of housing units with a foreclosure filing), Riverside-San Bernardino-Ontario at No. 3 (2.59 percent), Vallejo-Fairfield at No. 4 (2.56 percent), and Merced at No. 5 (2.15 percent).
• Atlanta was the only metro area with a top 10 foreclosure rate to register increasing foreclosure activity in the first half of 2012. A total of 46,267 Atlanta area properties had a foreclosure filing during the six-month period, 2.14 percent of all housing units (one in every 47) ? the nation?s sixth highest metro foreclosure rate. Atlanta area foreclosure activity increased 3 percent from the previous six months and was up 5 percent from the first half of
• Half of the nation?s 20 largest metro areas in terms of population documented increasing foreclosure activity from the previous six months, led by the Tampa-St. Petersburg-Clearwater metro area in Florida with a 47 percent increase.

Metro	Q2 2012 FC Starts	FC Starts %? from Q1 2012	Q1 2012 Avg FC Sales Price	Sales Price %? from Q1 2011	Q1 2012 Avg Foreclosure Discount %	REO Inventory Months? Supply
Durham, NC	185	62.28	$154,951	19.44	24.68	11.28
Springfield, MA	401	59.76	$99,293	11.63	46.46	13.92
Olympia, WA	197	58.87	$183,806	9.69	15.82	9.20
Boston, MA	1,804	52.36	$204,702	7.13	44.64	17.92
Providence, RI	327	42.79	$136,901	7.07	36.42	14.63
Worcester, MA	573	39.08	$138,911	12.76	38.44	13.61
Montgomery, AL	285	37.02	$95,092	10.78	34.76	16.98
Cleveland, OH	3,165	34.00	$69,468	9.05	37.27	15.33
San Luis Obispo, CA	365	8.31	$322,812	6.00	23.29	7.95
Phoenix, AZ	13,606	8.12	$130,763	7.25	22.48	11.10

Source: RealtyTrac

Source: http://realestateinvestordaily.com/foreclosures/over-half-of-the-metro-areas-in-u-s-see-increased-foreclosure-activity-in-first-half-of-2012/

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