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Las Vegas Heads List of Metro Areas with Highest Foreclosure Rates for 2009

Sun Belt states accounted for all top 20 foreclosure rates in 2009 among metro areas with a population of 200,000 or more, according to a new report from RealtyTrac.

| January 28, 2010

IRVINE, Calif. – RealtyTrac, an online marketplace for foreclosure properties, released its  Year-End 2009 Metropolitan Foreclosure Market Report, which shows that cities in four Sun Belt states accounted for all top 20 foreclosure rates in 2009 among metro areas with a population of 200,000 or more, but foreclosure  activity showed signs of spreading into previously insulated areas as  unemployment became more of a driving factor.

California accounted for nine of the top 20 metro foreclosure rates, followed by Florida with eight, Nevada with  two and Arizona with one. The highest-ranked metro area outside of those four states was in Boise City-Nampa, Idaho,  which ranked No. 24 with 4.66 percent of its housing units receiving at least  one foreclosure notice in 2009.

Las  Vegas posted the nation’s highest metro foreclosure rate for the year, with  more than 12 percent of its housing units receiving a foreclosure notice in  2009 — more than five times the national average. Las Vegas reported a quarter-over-quarter decline  in foreclosure activity in the fourth quarter — as did all the other metro  areas with foreclosure rates ranking among the top 10 for 2009.

With 11.87 percent of its housing units receiving a foreclosure notice  in 2009, Cape Coral-Fort Myers, Fla.,  documented the second highest metro foreclosure rate. Other Florida  cities in the top 10 were Orlando-Kissimmee at No. 7 (8.17 percent), Port St.  Lucie at No. 9 (7.58 percent), and Miami-Fort   Lauderdale-Pompano Beach at No. 10 (7.16 percent).

Merced, Calif., registered the nation’s third  highest metro foreclosure rate, with more than 10 percent of its housing units  receiving a foreclosure notice in 2009. Other California  cities in the top 10 were Riverside-San Bernardino-Ontario at No. 4 (8.80 percent),  Stockton at No. 5 (8.62 percent), and Modesto at No. 6 (8.53  percent).

The Phoenix-Mesa-Scottsdale metro area in Arizona documented the nation’s eighth  highest metro foreclosure rate in 2009, with more than 8 percent of its housing  units receiving a foreclosure notice during the year.

Click here to view the entire list.


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