Is Your City a Hot Spot for Foreclosures?

By
Real Estate Agent with Weichert Realtors, Engle & Hambright
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 send the home values skyrocketing. Even though the area is seeing some pretty affordable homes on the market, York’s heavy reliance on the manufacturing industry has lead to some moderate job losses. Still, experts say it’s surprising that the foreclosure is so severe in York. The article on CNNMoney.com quoted a Penn State professor, Austin Jaffe, who said the increasing foreclosure rate in York is a typical manifestation that is often seen in Pennsylvania some time after the national trends. He also blamed the city and county’s lagging economy, and said he doesn’t see much improvement in the foreclosure rate until much later this year. Rounding out the list of surprising hot spots for foreclosures are: • Albuquerque, New Mexico • Spartanburg, North Carolina • Myrtle Beach, South Carolina, • Charlotte, North Carolina • Savannah, Georgia • Tulsa, Oklahoma • Virginia Beach, Virginia • New Orleans, Louisiana • Mobile, Alabama
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Rainmaker
1,938,042
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Middle class jobs are disappearing not growing right now ! This will have to turn around for a real recovery to take place !

Feb 03, 2011 01:17 PM #1
Rainer
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Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo
 

yes they look so nice but Foreclosures are such tough on to stomach.

Nov 12, 2011 05:59 PM #2
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