If you drive 32 miles east of Reno, you'll find Fernley, Nevada. The city that limits its dog count to three per address and speaks out about the effects of graffiti on its Website has troublesome news to digest. It has the nation's highest foreclosure rate through August.
While the great recession has wreaked havoc on numerous local economies, Fernley has been the hardest hit. The city has seen more than 3,500 foreclosure filings over a 12-month period among its 17,900 housing units, according to Realty Trac, an online service that collects and aggregates foreclosure data.
It's been an awful time for the real estate market, which was only made worse by recent news. August was the toughest month for homeowners as lenders swooped in and seized more than 95,000 homes across the United States, according to Realty Trac
Top 10 Cities for Foreclosures:
1. Fernley, NV Foreclosure Rate: 1 in 5 homes Housing Units: 17,947 Unemployment Rate: 16%
2. Las Vegas-Paradise, NV Foreclosure Rate: 1 in 6 homes Housing Units: 788,094 Unemployment Rate: 12%
3. Pahrump, NV Foreclosure Rate: 1 in 6 homes Housing Units: 16,600 Unemployment Rate: 14%
4. Modesto, CA Foreclosure Rate: 1 in 8 Homes Housing Units: 173,590 Unemployment Rate: 16%
5. Merced, CA Foreclosure Rate: 1 in 8 Homes Housing Units: 83,091 Unemployment Rate: 17.2%
6. Cape Coral-Fort Meyers, FL Foreclosure Rate: 1 in 8 Homes Housing Units: 360,036 Unemployment Rate: 12.4%
7. Stockton, CA Foreclosure Rate: 1 in 8 Homes Housing Units: 226,644 Unemployment Rate: 15.4%
8. Riverside-San Bernardino-Ontario, CA Foreclosure Rate: 1 in 8 Homes Housing Units: 1,436,332 Unemployment Rate: 13.3%
9. Bakersfield, CA Foreclosure rate: 1 in 9 Homes Housing Units: 268,989 Unemployment Rate: 14.4%
10. Vallejo, Fairfield, CA Foreclosure Rate: 1 in 9 Homes Housing Units: 149,830 Unemployment Rate: 10.9%
*Housing Data is based on research by Realty Trac, and unemployment figures come from annual 2009 rates.
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