Data released by RealtyTrac Thursday shows that foreclosure activity rose in 65 percent of the nation’s major metropolitan areas during the third quarter.
Cities in California, Florida, Nevada, and Arizona once again claimed the nation’s highest foreclosure rates, accounting for 19 of the top 20 metros at the top of RealtyTrac’s list. The only exception was Boise City-Nampa, Idaho at No. 14. However, the largest increases in foreclosure filings were reported from Seattle, Chicago, and Houston.
Among all 206 metro areas tracked in the report 133 posted year-over-year increases in foreclosure activity, including 11 of the nation’s 20 largest metro areas.
Seattle-Tacoma-Bellevue led the way with a 71 percent increase in foreclosure activity from the third quarter of 2009, followed by Chicago-Naperville-Joliet with a 35 percent increase. Houston-Sugar Land-Baytown posted a 26 percent increase in foreclosure activity from a year earlier. Detroit-Warren-Livonia saw filings up nearly 23 percent, and Atlanta-Sandy Springs-Marietta recorded a 20 percent increase.
“The underlying problems that are causing homeowners to miss their mortgage payments – high unemployment, underemployment, toxic loans and negative equity – are continuing to plague most local housing markets,” said James J. Saccacio, CEO of RealtyTrac. “And these historically high foreclosure rates will continue until those problems are resolved.”