RealtyTrac has released their latest foreclosure report for the first half of 2010. According to the report foreclosure activity increased in three-quarters of 206 metro markets with populations of 200,000 or more during the first half of 2010
Of the 20 markets identified by RealtyTrac as having the highest foreclosure rates, all but one were also experiencing double-digit unemployment in June. Nine of the top 20 markets with the highest foreclosure rates during the first half of the year were in Florida, eight were in California and two markets were in Nevada.
Where does Reno fall in the list? Of the 206 metro markets with populations of 200,000 or more, Reno ranked 11th in foreclosure activity and 8th in unemployment.
| Rank | Market | Filings per housing unit | Unemployment rate (percent) |
|---|---|---|---|
| – | U.S. | 1 in 78 | 9.6 |
| 1 | Las Vegas-Paradise | 1 in 15 | 14.5 |
| 2 | Cape Coral-Fort Myers, Fla. | 1 in 20 | 13 |
| 3 | Modesto, Calif. | 1 in 22 | 17.3 |
| 4 | Merced, Calif. | 1 in 22 | 18.1 |
| 5 | Riverside-San Bernardino-Ontario, Calif. | 1 in 23 | 14.4 |
| 6 | Stockton, Calif. | 1 in 23 | 16.5 |
| 7 | Phoenix-Mesa-Scottsdale, Ariz. | 1 in 23 | 9 |
| 8 | Orlando-Kissimmee, Fla. | 1 in 24 | 11.4 |
| 9 | Vallejo-Fairfield, Calif. | 1 in 26 | 12.2 |
| 10 | Miami-Fort Lauderdale-Pompano Beach, Fla. | 1 in 26 | 11.7 |
| 11 | Reno-Sparks, Nev. | 1 in 27 | 13.6 |
| 12 | Bakersfield, Calif. | 1 in 27 | 15.7 |
| 13 | Naples-Marco Island, Fla. | 1 in 31 | 12.3 |
| 14 | Sacramento-Arden-Arcade-Roseville, Calif. | 1 in 31 | 12.4 |
| 15 | Deltona-Daytona Beach-Ormond Beach, Fla. | 1 in 32 | 12.1 |
| 16 | Port St. Lucie, Fla. | 1 in 33 | 13.4 |
| 17 | Lakeland, Fla. | 1 in 35 | 12.5 |
| 18 | Palm Bay-Melbourne-Titusville, Fla. | 1 in 36 | 11.4 |
| 19 | Visalia-Porterville, Calif. | 1 in 37 | 15.8 |
| 20 | Tampa-St. Petersburg-Clearwater, Fla. | 1 in 37 | 12 |
MikeZ
Naples, FL?! 1 in 31?! I *love* Naples. It’s a beautiful area. If only I was working there now, what a buying opportunity.
Walter
Mike Z, there was a huge housing bubble in Naples, Fla. I have family there and visit often. It was absurd what happened to the price of houses there in 2004-2007. One of the biggest bubbles in the entire country.
Oh wait. It looks like Reno, NV had an even bigger one.
sleezy
But the Reno/sparks RE market is STABLE! Just ask Mikez!
KingBud
MikeZ,
I have a friend who built a home on San Marcos Island in 2002. At the time, home was valued at about 950K. It had some minor hurricane damage a few years after it was built, which of course was repaired. He was told last year that the appraisal value on his home was about 500K.
MikeZ
RE: KingBud
See, that’s exactly what I mean. That kind of deep depreciation in an area like Naples/Marco turns into excellent buying opportunites.
Sigh. If only I was 20 years older, living in that area and ready to retire … I’d be out home shopping right now.
Sleezy
Yea except the cost of hurricane insurance in sw Florida is astronomical…..otherwise Naples is beautiful place to live even if your not retired…
Sleezy
Did i mention the severe problem Naples and surrounding areas have with illegals? They are literally everywhere.. And you though Nevada was bad? Ha!