St Louis Foreclosures Rose In 3rd Quarter
St Louis Mortgage and Real Estate News –
St Louis Principal Reduction and Loan Modification News: Foreclosures Climbed Higher In The Third Quarter of 2010
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Foreclosure filings increased from last year in 133 of 206 metropolitan statistical areas tracked in the third quarter of 2010, or 65 percent, according to RealtyTrac.
The Seattle area had the highest increase. There, foreclosure filings, which include notices of default, pending cases, notices of foreclosure sale and repossessions, increased 71 percent from the third quarter of 2009.
Chicago was second with a 35 percent increase followed by Houston, Texas at 26 percent.
California, Florida, Nevada and Arizona accounted for 19 of the top-20 foreclosure rates in the country.
The only exception was Boise City, Idaho, which was 14th according to St Louis loan audit experts.
In the west, Las Vegas, Nevada posted the highest rate in the third quarter, where one in every 25 housing units received a filing, more than five times the national average. The 32,288 filings is down 20 percent from last year.
Cape Coral-Fort Meyers, Florida was second with a one in 35 foreclosure rate. Filings there reached 10,352, down 22 percent.
One in 36 houses in Modesto, California received a filing in the third quarter for the third highest rate, but it was an 18 percent drop from a year ago.
Once again Miami, Florida posted the highest total number of foreclosures in the third quarter, at more than 58,600 filings. It's an increase of 9 percent from last year and up 25 percent from the previous quarter.
“The underlying problems that are causing homeowners to miss their mortgage payments are high unemployment, underemployment, toxic loans and negative equity which are continuing to plague most local housing markets,” said James Saccacio, CEO of RealtyTrac.
He goes on to say: “And these historically high foreclosure rates will continue until those problems are resolved.”
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