RealtyTrac's 2009 foreclosure stats are in and cities in California, Nevada, Arizona and Florida account for the top 20 foreclosure rates in the U.S.
The worst hit city is Las Vegas with one in every twelve households being foreclosed upon last year. Cape Coral, Florida is in a very close second place position. The catalyst for most of the foreclosures was lender products such as toxic ARMS. RealtyTrac adds, however, that foreclosure filings actually decreased in these top 20-cities in the last three months of 2009.
The bad news is that the foreclosure epidemic is now spreading to places other than Sun Belt states such as Rockford, Illinois, Provo, Utah, Fayettville, Arkansas and numerous other venues ... and the culprit here is not so much questionable mortgage products as it is unemployment.
For more on this story: http://www.cnbc.com/id/35055884
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