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Is Your City a Hot Spot for Foreclosures?
You’re gonna lose big if you bet against Las Vegas as being the biggest hot spot for the most foreclosures of any other city in the United States. There’s no surprise there. What may be a shock is to see the 10 cities that unexpectedly made the list of the metropolitan areas that have the fastest-growing rates of foreclosures out of the cities that have been the hardest hit in the housing market crisis. You’ll be surprised to know that a local city made the list. According to CNNMoney.com, York is rapidly adding to the number of foreclosures its adding to the market. There was a 28 percent increase in these types of homes in 2010. What that means is that one home in 56 – in a city of 429,000 -- are repossessed by the banks and other financial institutions that hold the note, the news outlet reports in a story posted Wednesday. Driving the foreclosure rate is the rising unemployment rate. York and the surrounding area have heavily relied on the manufacturing industry, including Harley Davidson factory, over the past few decades. The robust economy lead by its manufacturing sector drew people to this area, but not enough to ... more

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