Aug
12

Foreclosures Climb in 75 Percent of Nation’s Metro Markets

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Three-fourths of the nation’s metropolitan markets saw foreclosure filings climb during the first half of the year, according to a report issued July 29 by RealtyTrac, an online company that tracks foreclosed homes. Las Vegas was the worst hit city, with one filing for every 15 households in its metro area.

The booming numbers of foreclosed homes are no longer primarily being blamed on shady subprime mortgages, but instead on many cities’ high unemployment rates. As Rick Sharga, spokesman for RealtyTrac told CNNMoney, the economy is currently to blame.

“Look at a place like Salt Lake City,” Sharga said. “The foreclosure rise there appears to be entirely related to the economy,” not because people can’t afford their subprime loans.

After Las Vegas, Cape Coral/Fort Myers, Fla., had the second highest rate of foreclosure, with one for every 20 households, according to RealtyTrac. Modesto and Merced, both in California, were tied for third worst in foreclosures, with one filing for every 22 households, RealtyTrac reported.

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