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Misty Williams on Real Estate ~

Valley foreclosures more than double in 2007

February 13th, 2008, 10:52 am · 2 Comments · posted by mistywilliams

A total of 56,040 foreclosure filings — including default notices, auction sale notices and bank repossessions — were reported in the Valley last year, up 177 percent from 2006, according to a report by mortgage research firm RealtyTrac. That means 1.9 percent of all Valley households entered some stage of foreclosure.

But the Valley’s foreclosure woes could be worse.

Detroit, Stockton, Calif. and Las Vegas had the three highest foreclosure rates in the nation, the study shows. Some 4.9 percent of Detroit households entered foreclosure — roughly five times the national average of 1.03 percent. The Valley came in at No. 22 on the list of metropolitan area foreclosure rates.

The top 10 also included: California’s Riverside, Stockton, Sacramento and Bakersfield, as well as Las Vegas, Cleveland, Miami, Denver and Fort Lauderdale, Fla.

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2 Responses to “Valley foreclosures more than double in 2007”

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