Cities with the most homes in foreclosure
Isaac Brekken / AP fileHome prices in Las Vegas, the poster child of the housing crisis, plunged by 61.8 percent from their peak in early 26 through 2011.
According to data released last week, the worst effects of the housing crisis are beginning to wind down. in April is down 13 percent to 188,780 from 219,258 a year ago. continue to lag behind the rest of the country and still have long to go before the housing crash has fully run its course. Of those 50 areas, 10 had more than double the national foreclosure rate, which is one out of every 698 new homes. In California's Inland Empire metropolitan area, the rate was more than triple that. Using RealtyTrac's foreclosure rates and home price data from Fiserv Case Shiller, 24/7 Wall St. reviewed the 10 metropolitan areas with the highest foreclosure rates.
The continuing high rates of foreclosures in some areas is a disturbing trend, said RealtyTrac's vice president, Daren Blomquist. market in the long term, he added. The large number of new foreclosures "means that distressed property sales will continue to represent a large portion of overall sales for at least the remainder of this year, which in turn will keep a lid on any robust home price recovery," Blomquist said.
After reviewing the markets with the highest foreclosure rates, it is clear that regions with the most foreclosures to date are the ones worst affected by the housing crisis. Seven of the 10 metro areas on this list had among the top 10 largest declines in home value from their pre recession peaks. In six of the 10 regions, houses lost more than half their value in less than six years. In Las Vegas, home prices plummeted 61.8 percent between the beginning of 26 and the end of last year.
While all 10 metropolitan areas on this list have a high foreclosure rate compared to the national average, in some cities foreclosures have begun to decline, while in others they continue to increase. For example, of these regions with the highest foreclosure rates, the number of new foreclosures fell by 44 percent in Phoenix and by 66 percent in Las Vegas in one year. Meanwhile, foreclosures rose 38 percent in Miami and 59 percent in Tampa.
24/7 Wall St.: America's most (and least) peaceful states
24/7 Wall St. spoke with Trulia's chief economist Jed Kolko. According to Kolko, while the overall decline in home prices is the major underlying force behind these areas' high foreclosure rates, it is the legal systems of the regions' respective states that are affecting whether foreclosures are still rising or declining. Florida has a long foreclosure process, which involves the courts on many occasions, while Nevada's process is much shorter and non judicial. Florida is therefore far behind in liquidating its foreclosure inventory, while Nevada is far along the process.
24/7 Wall St. examined RealtyTrac's latest foreclosure figures of new homes for April 2012, as well as the changes in the number of new foreclosures from a month prior and a year prior. In addition, we reviewed historical, current and projected home price changes, provided by Fiserv Case Shiller.
These are the 10 cities with the most homes in foreclosure:Foreclosure rate: One in 347 homes Number of homes: 942,312 (24th most) Foreclosures (April 2012): 2,717 (16th most) Home price decline from peak: 54.2 percent (sixth largest decline)Median home prices in the Orlando area fell by 54.2 percent from their peak in the second quarter of 26 through the end of 2011. Orlando had 2,717 new homes in foreclosure this past April, up 12.9 percent from the 2,406 in April 2011. The forecast for the future is similarly bleak. In April, the Chicago Naperville Joliet metro area had the largest number of new homes in foreclosure among the 50 largest MSAs, at 11,840. This represented an increase of 25.5 percent from April 2011 when 9,433 homes entered foreclosure. However, the number of foreclosures represents a 7.63 percent decline from March, when the Chicago area also led all metropolitan areas with 12,818 foreclosures. Another positive sign for Chicagoans: Home prices are projected to rise 6.3 percent annually through 2016, according to Fiserv.
24/7 Wall St.: America's fastest growing housing marketsForeclosure rate:One in 315 homes Number of homes: 1,{Cheap NFL Jerseys Authentic Free Shipping|cheap nfl jerseys,353,158 (17th most) Foreclosures: (April 2012): 4,295 (eighth most) Home price decline from peak: 48 percent (eighth largest decline)Residents of the Tampa, Fla., metro area watched the median home price in the region fall to $137,{Wholesale Cheap NBA Jerseys For Kids Youth Cheap Top Quality|cheap authentic nba jerseys kids,0 in the fourth quarter of 2011   a 48 percent drop from its peak. The region recorded 4,295 fore