Half of largest metro areas post annual increases in foreclosure activity
Ten of the nation’s 20 largest metro areas by population documented year-over-year increases in foreclosure activity in February, led by the Florida cities of Tampa (64 percent increase) and Miami (53 percent increase).
The 10 metro areas with increases were all on the East Coast or in the Midwest, while most of the metro areas with year-over-year decreases in foreclosure activity were in the West, led by Seattle (59 percent decrease) and Phoenix (43 percent decrease).
The metro areas with the highest foreclosure rates among the 20 largest were Riverside-San Bernardino in California (one in 166 housing units), Atlanta (one in 244), Phoenix (one in 259), Miami (one in 264) and Chicago (one in 302).
Nevada, California, Arizona post top state foreclosure rates
Foreclosure activity in Nevada reached a 58-month low in February, but the state still posted the nation’s highest state foreclosure rate for the 62nd straight month. One in every 278 Nevada housing units had a foreclosure filing during the month, more than twice the national average.
California posted the nation’s second highest state foreclosure rate in February although the state’s foreclosure activity hit a 51-month low. A total of 48,422 California properties had a foreclosure filing during the month, one in every 283 housing units.
Arizona foreclosure activity increased on a monthly basis for the second month in a row boosted by a 33 percent jump in scheduled foreclosure auctions. One in every 312 Arizona housing units had a foreclosure filing during the month, the nation’s third highest state foreclosure rate.
One in every 331 Georgia housing units had a foreclosure filing in February, the nation’s fourth highest state foreclosure rate, and one in every 341 Florida housing units had a foreclosure filing during the month, the nation’s fifth highest state foreclosure rate. Florida default notices increased on a year-over-year basis for the fourth straight month in February, and overall Florida foreclosure activity was up on an annual basis for the second straight month.
Other states with foreclosure rates ranking among the top 10 were Illinois (one in 398 housing units), Michigan (one in 433), South Carolina (one in 489), Ohio (one in 543) and Wisconsin (one in 596).