6 Cities Where Foreclosures Are Soaring

November 23, 2011

Some housing markets are still battling high numbers of foreclosures that are continuing to put downward pressure on overall housing prices. Many of the cities facing the highest spikes in foreclosure are facing high unemployment rates, underwater borrowers, and low median family income. 

24/7 Wall St., using data from RealtyTrac, found that the following cities saw the biggest increases in foreclosures by 30 percent or more between the second and third quarters of 2011: 

1. Albuquerque, N.M.

  • Quarterly increase in foreclosures: +151%
  • Number of foreclosures in third quarter of 2011: 1,358
  • Percentage that home values have dropped from peak: -14.9%

2. Boston-Cambridge-Quincy, Mass.

  • Quarterly increase in foreclosures: +67%
  • Number of foreclosures in third quarter of 2011: 2,003
  • Percentage that home values have dropped from peak: -15.8%

3. Sarasota-Bradenton-Venice, Fla.

  • Quarterly increase in foreclosures: +57%
  • Number of foreclosures in third quarter of 2011: 1,673
  • Percentage that home values have dropped from peak: -51.4%

4. Cincinnati-Middleton, Ohio-Ky.-Ind.

  • Quarterly increase in foreclosures: +55%
  • Number of foreclosures in third quarter of 2011: 1,956
  • Percentage that home values have dropped from peak: -15.9%

5. Jacksonville, Fla.

  • Quarterly increase in foreclosures: +49%
  • Number of foreclosures in third quarter of 2011: 2,559
  • Percentage that home values have dropped from peak: -39.3%

6. Palm Bay-Melbourne-Titusville, Fla.

  • Quarterly increase in foreclosures: +44%
  • Number of foreclosures in third quarter of 2011: 1,039
  • Percentage that home values have dropped from peak: -53.4%

Find out what other cities are facing high foreclosure increases.

Source: “10 Cities Getting Slammed by Foreclosures,” 24/7 Wall St. (Nov. 11, 2011)

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