Foreclosures Up in 72% of Major Metros but Down in Hardest-Hit Areas

Realty Trac has released its 2010 foreclosure tallies for the nation’s largest metropolitan areas.

The tracking firm found that foreclosure activity increased from 2009 in 149 of the 206 metros with a population of 200,000 or more, or 72 percent. Interestingly enough, the metro areas with the 10 highest foreclosure rates all posted decreasing activity from 2009, but RealtyTrac says foreclosures became more widespread last year as high unemployment drove activity up in parts of the country that had been relatively insulated from the initial foreclosure tsunami.

“Foreclosure floodwaters receded somewhat in 2010 in the nation’s hardest-hit housing markets,” said James J. Saccacio, RealtyTrac’s CEO. “Even so, foreclosure levels remained five to 10 times higher than historic norms in most of those hard-hit markets, where deep fault lines of risk remain and could potentially trigger more waves of foreclosure activity in 2011 and beyond.”

Among the 20 largest metros, RealtyTrac says Houston (+26%), Seattle (+23%), and Atlanta (+21%) saw the biggest increases in foreclosure filings last year. However, cities in California, Florida, Nevada, and Arizona once again accounted for the nation’s 10 highest foreclosure rates, despite the fact that their activity retreated.

The Las Vegas metro claimed the No. 1 spot, with one in every nine homes there receiving a foreclosure filing last year – nearly five times the national average. That’s despite the fact that filings were down 7 percent from 2009. A total of 88,198 Las Vegas-area properties received a foreclosure filing in 2010.

Cape Coral-Fort Myers, Florida documented the nation’s second highest metro foreclosure rate, with one in every 12 housing units (8.40%) receiving a foreclosure filing in 2010. A total of 30,660 properties in the metro area received a filing in 2010, down 28 percent from 2009.

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