Although Las Vegas wins the title for the highest foreclosure rates in the US, CNN Money.com 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.