February 2, 2011

Foreclosures Increase in Cities Nationwide in 2010

Driven by continued high levels of unemployment across many parts of the country, data from RealtyTrac shows foreclosure activity increased in many cities during last year, despite the fact that many lenders halted their foreclosure process for part of the year.

According to the report, foreclosures increased in 149 of the 206 largest cities in the country, with Houston and Seattle showing the sharpest increase from 2009 to 2010. Las Vegas continued to have the highest foreclosure rate in the country during 2010, even though activity there, along with each of the 10 hardest-hit cities, showed declines compared to 2009.

"Foreclosure floodwaters receded somewhat in 2010 in the nation's hardest-hit housing markets," according to James J. Saccacio, chief executive officer of RealtyTrac. "Even so, foreclosure levels remained five to 10 times higher than historic norms in most of those hard-hit markets."

Nationwide last year, more than 2.8 million properties received foreclosure filings, accounting for roughly 2.2 percent of all homes.

However, the number of foreclosed properties may also provide opportunities for many buyers. According to the National Association of Realtors, distressed homes made up 36 percent of all existing-home sales in December.

Tags: foreclosures, home sales, housing, nar

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