Foreclosure activity across the United States continues on an upward trend. Among 206 metropolitan areas tracked by RealtyTrac, 65% had year-over-year increases in foreclosures during the third quarter of 2010. Metros with the nation’s worst foreclosure rates remain concentrated in California, Florida, Nevada and Arizona, with metro Las Vegas occupying the overall top spot.
Nevertheless, the problem is much less severe in plenty of other metros. Foreclosure rates in major metros such as New York, Boston, Houston and Dallas are at least 5 times better (ie., lower) than such places as Riverside, CA, Miami and Phoenix.
For ULI members, a low foreclosure rate can signal a housing market that isn’t flooded with short sales and thus may have more demand for new residential construction. So, below are the Top 10 major metros with the lowest foreclosure rates in the third quarter of 2010:
Rank | Metro | 3Q foreclosure filings | 3Q foreclosures per metro housing units |
1 | New York | 20,504 | 1 per 362 |
2 | Boston | 7,632 | 1 per 240 |
3 | Philadelphia | 11,399 | 1 per 210 |
4 | Houston | 10,691 | 1 per 209 |
5 | Dallas-Fort Worth | 11,572 | 1 per 208 |
6 | Baltimore | 5,753 | 1 per 193 |
7 | St. Louis | 6,616 | 1 per 188 |
8 | Washington D.C. | 13,728 | 1 per 157 |
9 | Minneapolis-St. Paul | 8,739 | 1 per 154 |
10 | Seattle | 11,122 | 1 per 129 |
(Source: RealtyTrac Inc.)
