Thread: Foreclosures Growing in Suburbs and Secondary, RealtyTrac

Foreclosures Growing in Suburbs and Secondary, says RealtyTrac

By JON PRIOR
October 30, 2009 11:53 AM CST

Foreclosures are beginning to flare up in suburban and secondary metro markets for Q309, according to a report from RealtyTrac.

Dramatic increases in foreclosures from a year ago came in suburban areas previously believed to be more stable, such as Boise, Idaho, up nearly 22% from Q209. Another area, Provo, Utah, is located a distance of 45 miles outside Salt Lake City and rose nearly 11% in the same period. RealtyTrac provides an online marketplace for foreclosure properties with more than 1.5m default, auction and REO listings.

In several states, foreclosure activities drifted toward new focal points, such as smaller towns with previously self-sustaining industries. Chico, California in Sacramento Valley, and agricultural hub, had a 98% increase in foreclosures from Q308, according to the report.

The Las Vegas metro area had the highest percentage of foreclosures among its housing units with 5.13% in Q309. Merced, Calif. - west of San Jose - had a 3.72% foreclosure rate, and Cape Coral - Fort Meyers, Fla. came in third with 3.67% of homes sliding into foreclosures, according to the report.

“You’re moving from Phoenix to Prescott, you’re moving from Las Vegas to Reno,â€

Thank You obama and dirty elites. This is YOUR fault. You may have inherited an untidy mess from Bush but you took that mess and turned it into a Tsunami that the American people will never be able to get out from under. But, then that's the idea. huh?