More Stats From OBAMAVILLE………

27 Apr

Thursday, April 26, 2012

Foreclosures up in half of US cities

City increases were led by Philadelphia, up 49  percent; Indianapolis, up 37 percent, and New York, up 24 percent.

(UPI) — Roughly half of 212 U.S. cities tracked by market researchers  saw foreclosure activity rise in the first quarter of 2012, a private firm  said.

RealtyTrac, an online marketplace for foreclosure properties, said 114 of 212  cities with populations above 200,000 experienced increased foreclosure activity  January through March.

In larger cities, the ratio held with 26 out of 50 metropolitan areas  experiencing increases. City increases were led by Philadelphia, up 49 percent;  Indianapolis, up 37 percent, and New York, up 24 percent.

The largest quarterly decreases among the 50 largest U.S. cities were  Portland, Ore., where foreclosures fell 28 percent quarter to quarter; Las  Vegas, down 26 percent, and Providence, R.I., down 24 percent.

Although up from the previous quarter, in 64 percent of the 212 areas  tracked, foreclosure activity dropped from the first quarter of 2011.

“First quarter metro foreclosure trends were a mixed bag. While the majority  of metro areas continued to show foreclosure activity down from a year ago, more  than half reported increasing foreclosure activity from the previous quarter — an early sign that long-dormant foreclosures are coming out of hibernation in  many local markets,” said Brandon  Moore, RealtyTrac’s chief executive officer in a statement.

Stockton, Calif., experienced the highest foreclosure rate among U.S. cities  in the first quarter with one in every 60 housing units involved in foreclosure  processes.

Modesto, Calif., posted the second highest foreclosure rate and 10 other  California cities were among the top 20, the firm said.

But the largest annual increases were outside California. From the first  quarter of 2011, foreclosure activity rose 52 percent in Orlando, Fla., 41  percent in Indianapolis, 38 percent in Hartford, Conn., 37 percent in Miami and  33 percent in Philadelphia, RealtyTrac said.


Photo Copyright Getty Images © YellowBrix, Inc. Copyright 2012

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