Top 10 Worst Metro Regions For Foreclosures toward the end of 2008

The foreclosure carnage while not sole contained to Florida, California, Nevada, and Arizona, is definitely concentrated there. Of the top 20 metro regions with the worst foreclosure percentage, only Detroit and Atlanta are outside of these 4 states.

22 cities have foreclosure rates over 1 percent, 45 have a foreclosure rate over a half a percent. So looking at the big picture, the foreclosure crisis is contained to a subsection of the country that had their homes priced too high by speculators.

With a 12 percent drop in foreclosures this past month we may have rode the worst of this foreclosure wave out. Now it is important to see how the economy will affect housing inventory. If we go into a bad recession then we may be facing another wave of foreclosure in the near future.

Top 10 Worst Metro Regions For Foreclosures toward the end of 2008

1. Stockton, CA 3.69% of homes in foreclosure
2. Las Vegas, NV 3.48%
3. Riverside / San Bernardino, CA 3.09%
4. Bakersfield, CA 2.58%
5. Fort Lauderdale, FL 2.30%
6. Phoenix / Mesa AZ 2.11%
7. Sacramento, CA 1.97%
8. Orlando, FL 1.87%
9. Fresno, CA 1.68%
10. Oakland, CA 1.64%

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