Foreclosure Hotspots (3d Quarter, 2007)

The Realtytrac 3d Quarter foreclosure numbers released this week paint a grim picture for the nation’s housing market. Unprecedented foreclosure rates were reported for numerous cities. In Stockton, CA, the leader of the pack, an astounding 1 in 31 households filed for foreclosure last quarter.

What is also unsettling is the geographic pervasiveness of the problem. As James Saccacio, the CEO of the Realtytrac noted this week: “…increasing foreclosure activity was not limited to just a few hot spots.”

The maps below show foreclosure rates and trends in filings for the top 98 largest metropolitan areas (lower 48 states), based on Realtytrac’s numbers. Pan across the maps to identify hotspots by city or zoom out to get a more general spatial perspective. Top rankings are provided beneath each map.

Foreclosure Rates

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Stockton, CA ~ 1 in 31

Detroit/Livonia/Dearborn, MI ~ 1 in 33

Riverside/San Bernadino, CA ~ 1 in 43

Sacramento, CA ~ 1 in 48

Las Vegas/Paradise, NV ~ 1 in 48

Percent Change in Property Foreclosure Files (2nd to 3d Quarter 2007)

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Richmond, VA ~ 224%

Wilmington, DE-NJ ~ 202%

Springfield, MA ~ 151%

Boston/Quincy, MA ~ 146%

Cambridge/Newton/Framington, MA ~ 132%

Percent Change in Property Foreclosure Files (3d Quarter 2006 to 3d Quarter 2007)

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Bethesda/Frederick/Gaithersburg, MD ~ 1640%

Cambridge/Newton/Framington, MA ~ 1552%

Boston/Quincy, MA ~ 1274%

Springfield, MA ~ 1169%

Essex, MA ~ 994%