Thursday, February 10, 2011

10 Foreclosure Hotspots

Although Las Vegas wins the title for the highest foreclosure rates in the US, CNN has put together a list of cities with the fastest-growing foreclosure rates in the past year. Check out a snippet of their article below or click here for the full text. Looks like the South is having a hard time…

    Spartanburg, S.C.

    Population: 287,000

    Foreclosure rate: One in 60 homes

    Percent increase in 2010: 228%

    Spartanburg is found in the upstate portion of South Carolina, the fastest-growing region in the state. But in the last year, it also had the country's fastest-growing foreclosure rate.

    The 228% spike in foreclosure filings is the result of two converging trends, according to city manager Ed Memmott: Questionable mortgages used to buy homes -- especially investment homes -- during the boom; and job losses.

    Albuquerque, N.M.

    Population: 529,000

    Foreclosure rate: One in 46 homes

    Percent increase in 2010: 60.32%

    One of the fastest growing metro areas in the nation, Albuquerque was one of the nation's fastest-growing metro areas over the past decade, drawing the young and retirees alike thanks to a warm climate and plethora of jobs, from tech positions in atomic energy and solar to manufacturing positions at the new Tempur-Pedic mattress plant.

    The recession, however, applied the brakes to the area's economy and Albuquerque has been slow to recover. Unemployment is still on the upswing, rising to 8.6% in November from 7.8% a year earlier. Plus, the metro area lost 13% of its construction jobs last year, according to the Associated General Contractors of America.


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