Nov. 28, 2011 – Some housing markets are still battling high numbers of foreclosures that continue to put downward pressure on overall housing prices. Many cities facing the highest foreclosure spikes also have high unemployment rates, underwater borrowers and low median family income.24/7 Wall St., using data from RealtyTrac, found that the following cities saw the biggest increases in foreclosures – 30 percent or more – between the second and third quarters of 2011:
6 cities where foreclosures are increasing are:
1. Albuquerque, N.M.
Quarterly increase in foreclosures: +151%
Number of foreclosures in third quarter of 2011: 1,358
Percentage that home values have dropped from peak: -14.9%
2. Boston-Cambridge-Quincy, Mass.Quarterly increase in foreclosures: +67%
Number of foreclosures in third quarter of 2011: 2,003
Percentage that home values have dropped from peak: -15.8%
3. Sarasota-Bradenton-Venice, Fla.
Quarterly increase in foreclosures: +57%
Number of foreclosures in third quarter of 2011: 1,673
Percentage that home values have dropped from peak: -51.4%
4. Cincinnati-Middleton, Ohio-Ky.-Ind.Quarterly increase in foreclosures: +55%
Number of foreclosures in third quarter of 2011: 1,956
Percentage that home values have dropped from peak: -15.9%
5. Jacksonville, Fla.
Quarterly increase in foreclosures: +49%
Number of foreclosures in third quarter of 2011: 2,559
Percentage that home values have dropped from peak: -39.3%
**6. Palm Bay-Melbourne-Titusville, Fla.
Quarterly increase in foreclosures: +44%
Number of foreclosures in third quarter of 2011: 1,039
Percentage that home values have dropped from peak: -53.4%
Source: “10 Cities Getting Slammed by Foreclosures,” 24/7 Wall St. (Nov. 11, 2011)
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