SOURCE: RealtyTrac

RealtyTrac

January 27, 2011 00:00 ET

2010 Foreclosure Activity Down in Hardest-Hit Markets but Increases in 72 Percent of Major Metros Nationwide

Metros With Top 10 Foreclosure Rates All Post Decreasing Foreclosure Activity

Houston, Seattle, Atlanta See Biggest Increases Among 20 Largest Metros

IRVINE, CA--(Marketwire - January 27, 2011) - RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its 2010 Year-End Metropolitan Foreclosure Market Report, which shows that while foreclosure activity increased from 2009 in 149 of the nation's 206 metropolitan areas with a population of 200,000 or more, the metro areas with the 10 highest foreclosure rates all posted decreasing foreclosure activity from 2009 and six of the top 10 also posted decreasing foreclosure activity from 2008.

California, Florida, Nevada and Arizona cities accounted for 19 of the top 20 metro foreclosure rates, with Boise City-Nampa, Idaho the lone exception at No. 20. Boise also was one of only three metros in the top 20 where foreclosure activity increased from 2009, along with the Florida metro areas of Deltona-Daytona Beach-Ormond Beach at No. 13 and Tampa-St. Petersburg-Clearwater at No. 17.

"Foreclosure floodwaters receded somewhat in 2010 in the nation's hardest-hit housing markets," said 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, where deep faultlines of risk remain and could potentially trigger more waves of foreclosure activity in 2011 and beyond. Meanwhile foreclosures became more widespread in 2010 as high unemployment drove activity up in 72 percent of the nation's metro areas -- many of which were relatively insulated from the initial foreclosure tsunami."

Top 10 metro foreclosure rates
Las Vegas-Paradise continued to post the nation's highest metro foreclosure rate, with one in every 9 housing units (10.88 percent) receiving a foreclosure filing in 2010 -- nearly five times the national average. A total of 88,198 Las Vegas-area properties received a foreclosure filing in 2010, a decrease of 7 percent from 2009 but still up 31 percent from 2008.

Despite decreasing foreclosure activity from both 2009 and 2008, Cape Coral-Fort Myers, Fla., documented the nation's second highest metro foreclosure rate, with one in every 12 housing units (8.40 percent) receiving a foreclosure filing in 2010. A total of 30,660 properties in the metro area received a foreclosure filing in 2010, down 28 percent from 2009 and down 25 percent from 2008.

Modesto, Calif. also reported a decrease in foreclosure activity from 2009 and 2008, but the metro area still posted the nation's third highest metro foreclosure rate with one in every 14 housing units (7.34 percent) receiving a foreclosure filing in 2010.

Along with Cape Coral-Fort Myers and Modesto, four other metro areas with foreclosure rates in the top 10 also reported two-year decreases in foreclosure activity: No. 6 Riverside-San Bernardino-Ontario, Calif., where foreclosure activity was down nearly 20 percent from 2009 and nearly 10 percent from 2008; No. 7 Stockton, Calif., where foreclosure activity was down nearly 19 percent from 2009 and nearly 25 percent from 2008; No. 8 Merced, Calif., where foreclosure activity was down nearly 31 percent from 2009 and 30 percent from 2008; and No. 10 Vallejo-Fairfield, Calif., where foreclosure activity was down 12 percent from 2009 and 3 percent from 2008.

Other metro areas with foreclosure rates in the top 10 were Phoenix-Mesa-Scottsdale at No. 4 (7.27 percent); Miami-Fort Lauderdale-Pompano Beach at No. 5 (7.08 percent); and Orlando-Kissimmee at No. 9 (6.86 percent).

Trends in 20 largest metro areas
Foreclosure activity trends were evenly split in the nation's 20 largest metro areas, with 10 of those metro areas showing decreasing foreclosure activity from 2009, and 10 showing increasing foreclosure activity from 2009. Foreclosure activity increased 26 percent from 2009 in Houston-Sugar Land-Baytown, Texas, the biggest increase among the 20 largest metro areas, followed by Seattle-Tacoma-Bellvue, Wash., with a nearly 23 percent increase, and Atlanta-Sandy Springs-Marietta, Ga., with a nearly 21 percent increase.

The Washington, D.C., metro area posted the biggest decrease in foreclosure activity from 2009 among the nation's 20 largest metro areas, down 22 percent, followed by three Southern California metro areas: Riverside-San Bernardino-Ontario, with a 20 percent decrease; San Diego-Carlsbad-San Marcos, with a 17 percent decrease; and Los Angeles-Long Beach-Santa Ana, with a 16 percent decrease.

Metros with most bank repossessions
The Phoenix-Mesa-Scottsdale metro area reported 55,372 bank repossessions (REO) in 2010, the most of any metro area and up 17 percent from 2009. The Chicago-Naperville-Joliet metro area reported 45,555 REOs in 2010, the second most of any metro area and an increase of nearly 20 percent from 2009, and the Detroit-Warren-Livonia metro area reported 43,541 REOs in 2010, the third most of any metro area and up 19 percent from 2009.

Other metros in the top five for most REOs in 2010 were Miami-Fort Lauderdale-Pompano Beach, with 42,630 bank repossessions, and Atlanta-Sandy Springs-Marietta, with 38,535. All five metro areas in the top five posted increasing REO activity from 2009.

Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the year for metropolitan statistical areas with a population of 200,000 or more based on Census bureau estimates. Some foreclosure filings entered into the database during a year may have been recorded in previous time periods. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac's report incorporates documents filed in all three phases of foreclosure: Default -- Notice of Default (NOD) and Lis Pendens (LIS); Auction -- Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the year, only the most recent filing is counted in the report. If the same type of foreclosure document was filed against a property previous to the year but within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the year.

2010 Year-End U.S. Metro Foreclosure Market Data

Rate Rank   Metro Name   Properties with Filings   %
Housing Units
 
1/
every
X HU
  %Change from 2009   %Change from 2008
--   U.S. Total   2,871,891   2.23   45   1.67   23.23
1   Las Vegas-Paradise, NV   88,198   10.88   9   -7.02   31.20
2   Cape Coral-Fort Myers, FL   30,660   8.40   12   -28.25   -25.29
3   Modesto, CA   12,844   7.34   14   -13.29   -13.70
4   Phoenix-Mesa-Scottsdale, AZ   124,720   7.27   14   -6.79   27.68
5   Miami-Fort Lauderdale-Pompano Beach, FL   171,704   7.08   14   -0.69   42.51
6   Riverside-San Bernardino-Ontario, CA   101,210   6.95   14   -19.91   -9.86
7   Stockton, CA   15,868   6.94   14   -18.79   -24.89
8   Merced, CA   5,801   6.93   14   -30.85   -30.03
9   Orlando-Kissimmee, FL   61,674   6.86   15   -14.51   31.66
10   Vallejo-Fairfield, CA   9,415   6.25   16   -12.03   -3.16
11   Reno-Sparks, NV   11,005   6.08   16   -0.29   61.77
12   Bakersfield, CA   16,439   6.03   17   -14.26   1.43
13   Deltona-Daytona Beach-Ormond Beach, FL   14,333   5.77   17   9.20   62.99
14   Naples-Marco Island, FL   10,590   5.46   18   -13.56   13.37
15   Sacramento--Arden-Arcade--Roseville, CA   44,845   5.25   19   -6.20   6.89
16   Port St. Lucie, FL   10,767   5.17   19   -31.11   -16.29
17   Tampa-St. Petersburg-Clearwater, FL   64,963   4.91   20   3.58   21.13
18   Lakeland, FL   13,387   4.77   21   -7.07   30.59
19   Sarasota-Bradenton-Venice, FL   18,447   4.71   21   -10.05   6.90
20   Boise City-Nampa, ID   11,289   4.69   21   2.54   108.51
21   Greeley, CO   4,402   4.68   21   11.90   19.20
22   Palm Bay-Melbourne-Titusville, FL   12,479   4.67   21   -1.62   21.46
23   Visalia-Porterville, CA   6,284   4.56   22   -1.04   41.44
24   Fresno, CA   13,880   4.50   22   -7.31   10.41
25   Atlanta-Sandy Springs-Marietta, GA   95,145   4.42   23   20.69   41.99
26   Prescott, AZ   4,603   4.35   23   0.92   72.53
27   Jacksonville, FL   24,963   4.20   24   -5.93   46.63
28   Ocala, FL   6,782   4.20   24   -7.03   29.85
29   Detroit-Warren-Livonia, MI   79,623   4.19   24   15.11**   15.52**
30   Provo-Orem, UT   5,954   4.06   25   2.34   105.45
31   Salinas, CA   5,408   3.86   26   -19.63   -15.76
32   Oxnard-Thousand Oaks-Ventura, CA   10,419   3.81   26   -6.60   23.71
33   Fayetteville-Springdale-Rogers, AR-MO   7,099   3.80   26   2.71   35.22†
34   Salt Lake City, UT   14,825   3.72   27   29.90   123.67
35   Chicago-Naperville-Joliet, IL-IN-WI   138,913   3.68   27   16.09   54.85
36   Flint, MI   7,149   3.63   28   19.89**   21.93**
37   San Diego-Carlsbad-San Marcos, CA   40,983   3.60   28   -16.57   -8.79
38   Tucson, AZ   14,480   3.40   29   13.14   60.12
39   Los Angeles-Long Beach-Santa Ana, CA   147,715   3.34   30   -15.98   15.16
40   Medford, OR   2,857   3.24   31   5.08   65.82
41   Santa Rosa-Petaluma, CA   6,230   3.14   32   -9.17   18.35
42   Rockford, IL   4,440   3.07   33   22.55   42.44
43   San Francisco-Oakland-Fremont, CA   51,525   3.03   33   -4.73   12.10
44   Pensacola-Ferry Pass-Brent, FL   5,903   2.96   34   5.11   40.85
45   Santa Barbara-Santa Maria-Goleta, CA   4,327   2.85   35   -2.37   30.53
46   Chico, CA   2,722   2.85   35   14.37   71.95
47   Denver-Aurora, CO   29,870   2.83   35   3.14   -9.26
48   Charleston-North Charleston, SC   7,900   2.74   36   27.46   125.65
49   Lansing-East Lansing, MI   5,293   2.69   37   6.26**   26.69**
50   Ogden-Clearfield, UT   4,787   2.66   38   6.76   88.61
51   Indianapolis-Carmel, IN   19,917   2.64   38   8.20   -1.96
52   San Luis Obispo-Paso Robles, CA   3,082   2.64   38   3.56   68.88
53   Santa Cruz-Watsonville, CA   2,723   2.63   38   -2.09   27.54
54   Toledo, OH   7,836   2.61   38   6.48   -1.52
55   Colorado Springs, CO   6,713   2.60   38   3.52   15.03
56   Columbus, OH   19,958   2.57   39   12.94   2.41
57   San Jose-Sunnyvale-Santa Clara, CA   16,305   2.57   39   -18.15   4.30
58   Grand Rapids-Wyoming, MI   8,015   2.51   40   2.38**   14.91**
59   Savannah, GA   3,686   2.49   40   36.62   88.35
60   Cleveland-Elyria-Mentor, OH   23,531   2.49   40   4.91   -15.03
61   Atlantic City, NJ   3,136   2.46   41   2.38   37.24
62   Dayton, OH   8,917   2.33   43   12.67   -3.40
63   Portland-Vancouver-Beaverton, OR-WA   20,588   2.29   44   2.85   92.70
64   Myrtle Beach-Conway-North Myrtle Beach, SC   3,896   2.25   44   43.92   446.42
65   Holland-Grand Haven, MI   2,269   2.24   45   6.23**   52.79**
66   Macon, GA   2,292   2.20   45   11.48   24.09
67   Albuquerque, NM   7,968   2.19   46   60.32*   196.43*
68   Memphis, TN-MS-AR   11,976   2.16   46   -21.90   -30.55††
69   Salem, OR   3,162   2.13   47   1.67   96.40
70   Akron, OH   6,590   2.13   47   15.41   -20.21
71   Saginaw-Saginaw Township North, MI   1,884   2.12   47   21.16**   -1.62**
72   Gainesville, FL   2,458   2.12   47   2.97   86.78
73   Milwaukee-Waukesha-West Allis, WI   13,827   2.11   47   9.93   35.81
74   Kansas City, MO-KS   18,200   2.10   48   20.79   33.91†
75   Ann Arbor, MI   3,073   2.08   48   15.48**   10.30**
76   Minneapolis-St. Paul-Bloomington, MN-WI   27,994   2.08   48   -3.85   51.73
77   Youngstown-Warren-Boardman, OH-PA   5,435   2.07   48   18.98   8.63
78   Washington-Arlington-Alexandria, DC-VA-MD-WV   43,962   2.04   49   -21.98   -20.65†
79   Canton-Massillon, OH   3,607   2.03   49   -7.49   -19.56
80   Kalamazoo-Portage, MI   2,935   2.02   49   18.20**   24.68**
81   Charlotte-Gastonia-Concord, NC-SC   14,732   2.02   50   37.27   50.30
82   Little Rock-North Little Rock-Conway, AR   5,977   2.01   50   25.88   37.85
83   Tulsa, OK   8,040   2.00   50   37.60   68.31
84   Seattle-Tacoma-Bellevue, WA   27,926   1.95   51   22.63   75.55
85   Tallahassee, FL   3,064   1.90   53   11.95   68.82
86   Greenville-Mauldin-Easley, SC   5,170   1.89   53   12.76   66.77
87   Trenton-Ewing, NJ   2,664   1.89   53   4.92   9.81
88   Virginia Beach-Norfolk-Newport News, VA-NC   12,815   1.87   54   30.85   96.07†
89   Worcester, MA   5,864   1.85   54   6.79   -7.57
90   Cincinnati-Middletown, OH-KY-IN   16,654   1.82   55   1.81   -0.46
91   York-Hanover, PA   3,154   1.80   56   28.84   93.38
92   Mobile, AL   3,242   1.79   56   27.84   85.15
93   Richmond, VA   9,100   1.76   57   26.79   76.39†
94   St. Louis, MO-IL   21,778   1.75   57   11.88   0.61†
95   New Orleans-Metairie-Kenner, LA   7,822   1.75   57   36.25   78.87
96   Fort Collins-Loveland, CO   2,246   1.75   57   -11.68   5.69
97   New Haven-Milford, CT   6,068   1.73   58   7.72   -3.90
98   Dallas-Fort Worth-Arlington, TX   41,325   1.72   58   16.34   19.67
99   Green Bay, WI   2,273   1.66   60   -4.94   115.45
100   Spartanburg, SC   2,026   1.66   60   227.83   92.40
101   Honolulu, HI   5,561   1.65   61   39.55   237.64
102   Bridgeport-Stamford-Norwalk, CT   5,777   1.64   61   7.76   -1.65
103   Birmingham-Hoover, AL   8,228   1.63   61   0.66   269.63
104   Houston-Sugar Land-Baytown, TX   35,816   1.61   62   26.39   11.99
105   Eugene-Springfield, OR   2,376   1.58   63   10.87   98.33
106   Baltimore-Towson, MD   17,519   1.58   63   16.30   48.77
107   Nashville-Davidson--Murfreesboro--Franklin, TN   10,277   1.57   64   11.07   8.94††
108   Columbia, SC   4,915   1.55   64   10.18   81.77
109   Chattanooga, TN-GA   3,576   1.55   65   2.26   9.49††
110   Philadelphia-Camden-Wilmington, PA-NJ-DE-MD   36,774   1.54   65   18.55   36.04
111   Manchester-Nashua, NH   2,472   1.52   66   8.90   10.85
112   Augusta-Richmond County, GA-SC   3,431   1.50   67   23.51   38.96
113   Austin-Round Rock, TX   9,809   1.49   67   22.58   70.98
114   Greensboro-High Point, NC   4,631   1.46   68   22.45   17.69
115   San Antonio, TX   11,196   1.46   69   12.70   39.38
116   Appleton, WI   1,303   1.44   69   33.92   144.47
117   Reading, PA   2,296   1.43   70   11.19   46.06
118   Bremerton-Silverdale, WA   1,437   1.41   71   17.69   40.47
119   Olympia, WA   1,434   1.40   72   10.31   28.49
120   Winston-Salem, NC   2,888   1.38   73   21.60   17.97
121   Louisville/Jefferson County, KY-IN   7,540   1.37   73   19.64   75.96
122   Columbus, GA-AL   1,763   1.36   73   26.47   50.94
123   South Bend-Mishawaka, IN-MI   1,906   1.36   74   -4.56**   -11.47**
124   Barnstable Town, MA   2,102   1.35   74   20.18   0.14
125   Anchorage, AK   1,881   1.34   75   10.00   27.09
126   Norwich-New London, CT   1,547   1.32   76   16.67   2.38
127   Boulder, CO   1,631   1.31   76   2.19   30.69
128   Providence-New Bedford-Fall River, RI-MA   8,811   1.30   77   6.98   -11.47
129   Allentown-Bethlehem-Easton, PA-NJ   4,311   1.29   78   18.83   81.21
130   Springfield, MO   2,360   1.27   79   6.40   21.46†
131   Madison, WI   3,131   1.26   79   12.22   144.80
132   Des Moines-West Des Moines, IA   2,964   1.26   79   12.15   44.66
133   Killeen-Temple-Fort Hood, TX   1,851   1.25   80   5.89   41.08
134   Boston-Cambridge-Quincy, MA-NH   22,767   1.24   80   -4.45   -23.02
135   Hartford-West Hartford-East Hartford, CT   6,111   1.24   81   11.07   -3.08
136   Springfield, MA   3,500   1.23   81   1.77   -19.19
137   Raleigh-Cary, NC   5,359   1.21   82   24.63   20.59
138   Knoxville, TN   3,779   1.21   83   7.45   6.69††
139   Oklahoma City, OK   6,354   1.21   83   38.67   27.67
140   Fort Wayne, IN   2,138   1.20   83   -14.00   -34.96
141   Fort Smith, AR-OK   1,484   1.19   84   14.51   42.01
142   Amarillo, TX   1,162   1.17   86   28.11   36.87
143   Hagerstown-Martinsburg, MD-WV   1,303   1.14   88   -6.53   46.08
144   Brownsville-Harlingen, TX   1,656   1.14   88   -23.01   -0.48
145   Montgomery, AL   1,748   1.11   90   -6.32   99.32
146   Las Cruces, NM   854   1.10   91   23.77*   198.60*
147   McAllen-Edinburg-Mission, TX   2,775   1.10   91   16.65   40.01
148   New York-Northern New Jersey-Long Island, NY-NJ-PA   79,849   1.08   93   -5.00   1.83
149   Laredo, TX   755   1.07   94   24.18   84.15
150   Baton Rouge, LA   3,479   1.06   94   31.28   214.27
151   Clarksville, TN-KY   1,162   1.05   95   10.88   10.14††
152   Davenport-Moline-Rock Island, IA-IL   1,725   1.04   96   -0.98   35.72
153   Topeka, KS   1,044   1.01   99   21.40   98.86
154   Corpus Christi, TX   1,732   0.97   103   25.23   35.31
155   Springfield, IL   933   0.97   103   25.23   2.87
156   Sioux Falls, SD   892   0.95   105   32.94*   167.87*
157   Roanoke, VA   1,333   0.95   105   -1.91   342.86†
158   Huntsville, AL   1,626   0.95   105   10.69   97.09
159   Wichita, KS   2,465   0.95   106   12.25   45.17
160   Poughkeepsie-Newburgh-Middletown, NY   2,272   0.92   109   -5.10   -19.60
161   Spokane, WA   1,800   0.91   110   83.86   57.07
162   Waco, TX   833   0.90   111   1.96   4.26
163   Gulfport-Biloxi, MS   935   0.88   113   73.47   1,432.79
164   Cedar Rapids, IA   961   0.86   116   52.30*   44.73
165   Pittsburgh, PA   9,471   0.86   117   2.72   -5.41
166   Omaha-Council Bluffs, NE-IA   3,014   0.85   117   64.97*   15.35
167   Lancaster, PA   1,648   0.84   118   16.88   41.82
168   Jackson, MS   1,864   0.84   120   -20.58   137.45
169   Scranton--Wilkes-Barre, PA   2,152   0.83   120   68.65   32.84
170   Shreveport-Bossier City, LA   1,429   0.82   122   16.46   135.03
171   Champaign-Urbana, IL   780   0.79   127   43.91   81.40
172   Yakima, WA   657   0.78   127   12.69   40.38
173   Beaumont-Port Arthur, TX   1,277   0.78   128   96.76   58.44
174   Lafayette, LA   843   0.75   133   39.57   196.83
175   Asheville, NC   1,496   0.74   135   228.79   98.41
176   Evansville, IN-KY   1,176   0.73   137   45.01   -2.81
177   Hickory-Lenoir-Morganton, NC   1,147   0.72   138   117.65   22.15
178   Lynchburg, VA   782   0.72   140   140.62   788.64†
179   Wilmington, NC   1,437   0.71   140   79.63   21.99
180   Harrisburg-Carlisle, PA   1,604   0.69   145   28.01   94.66
181   Duluth, MN-WI   942   0.68   146   28.51   15.44
182   Portland-South Portland-Biddeford, ME   1,712   0.67   150   28.34   25.79
183   Peoria, IL   1,065   0.65   154   -5.59   -29.19
184   Kennewick-Richland-Pasco, WA   541   0.62   161   135.22   -9.83
185   Durham, NC   1,318   0.61   164   13.62   -36.82
186   Tyler, TX   471   0.61   165   31.20   31.56
187   Fayetteville, NC   832   0.54   184   187.89   -32.25
188   Lexington-Fayette, KY   1,029   0.50   199   15.75   4.15
189   Kingsport-Bristol-Bristol, TN-VA   682   0.47   215   27.00   39.47†††
190   Erie, PA   538   0.45   220   -16.72   -3.76
191   Binghamton, NY   500   0.45   221   -11.66   6.16
192   Houma-Bayou Cane-Thibodaux, LA   371   0.45   222   64.89*   689.36*
193   El Paso, TX   1,104   0.43   233   -42.05   -21.59
194   Longview, TX   337   0.40   253   0.60   91.48
195   Huntington-Ashland, WV-KY-OH   504   0.38   263   4.13   62.58
196   Rochester, NY   1,650   0.37   268   -36.59   -56.86
197   Lubbock, TX   416   0.35   286   10.05   1.96
198   Buffalo-Niagara Falls, NY   1,571   0.30   332   -43.49   -59.11
199   Albany-Schenectady-Troy, NY   1,018   0.27   375   -16.56   -57.86
200   Lincoln, NE   303   0.24   410   116.43*   -56.96
201   Tuscaloosa, AL   223   0.23   433   5.19   142.39
202   Syracuse, NY   619   0.22   462   17.68   -39.79
203   College Station-Bryan, TX   191   0.22   464   14.37   22.44
204   Charleston, WV   177   0.12   822   -21.68   12.03
205   Burlington-South Burlington, VT   90   0.10   991   100.00*   119.51*
206   Utica-Rome, NY   60   0.04   2,268   -14.29   -58.33

*Actual increase may not be as high due to data collection changes or improvements
**Collection of records classified as NOD began in August 2009 because of change in state law
† Collection of some records previously classified as NOD in this MSA was discontinued starting in January 2009
†† Collection of some records previously classified as NOD in this MSA was discontinued starting in September 2008

About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac's foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

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