Largest urban cities hit hardest in US foreclosures
According to the latest data, the largest urban cities in US are the hardest hit in foreclosure mess, including locations in California, Ohio, Florida and Michigan.
As reported by RealtyTrac on Wednesday, data shows that the largest cities in the country are some of the most hurt in terms of foreclosures. In 2007, the United States largest metropolitan locations, including cities in California, Ohio, Michigan and Florida had the highest rates of foreclosure and available foreclosure properties.
Detroit, one of the largest hit areas, is facing not only a struggling housing market but also record high unemployment rates. It ranked the highest in terms of foreclosure activity in the country's top 100 metropolitan cities. Here, a huge 4.9 per cent of houses in the metro area are in some stage of foreclosure. This is 4.8 per cent higher than the nation's average. Filings rose in the top 100 metro areas as well. They rose by 78.2 per cent over the 2006 housing year – a record number 1.775 million homes in total.
California has six large metropolitan cities on the list; Ohio has four, Florida has three and Michigan has two.
This information comes from RealtyTrac, which is an online market foreclosure property, and was provided on Wednesday as a report called Year End 2007 Metropolitan Foreclosure Market Report.
Chief executive officer of RealtyTrac has this to say, as reported by Reuters, "As expected, the number of properties entering some stage of foreclosure in 2007 was up in the vast majority of the nation's 100 largest metro areas, with 86 metro areas reporting increases from 2006."