Friday, January 28, 2011

10 Worst Places For Foreclosures

Well this next list would probably be one I wouldn't want to be on. It's the '10 Worst Cities for Foreclosures' list which was released today by CBS MoneyWatch.

Here's the scoop - RealtyTrac actually collected the data and published the list, CBS just reported on it.
And here's the list of the Worst Places in America for Foreclosures:
#1 Las Vegas - Paradise(?) Nevada
#2 Cape Coral - Fort Myers Florida
#3 Modesto California
#4 Phoenix - Mesa - Scottsdale Arizona
#5 Miami - Fort Lauderdale - Pompano Beach Florida
#6 Riverside San Bernardino Ontario California
#7 Stockton California
#8 Merced California
#9 Orlando Kissimmee Florida
#10 Vallejo Fairfield California

Here's what really strikes me first about this list - 5 of the top 10 cities for foreclosures are in California. Isn't that ironic considering we just looked at two places in California which hit two very different lists. It also goes back to a post I made a few days ago about Germany and how shocked they were to find prices varied from one city to the next in the same country. Here we have cities that are almost in the same county on opposite ends of the scale!

Back to the list and to put it in even starker reality, RealtyTrac found that in Vegas one out of every 9 'housing units' was foreclosed upon. That's almost 11% of all house in the Las Vegas metro area! WoW! I know that there are what have been referred to as the cheapest times to go to Vegas and considering the real estate market there now, it would not be a great time to buy in Nevada... or would it?

Not to belittle the stress and strain that has places on so many families but these areas might also make our 'Cheapest Places to Live' list if this trend continues. Sad but true.

When it comes to being on a 'Best Places' list this is one list you probably don't want to be on!

Source: CBS

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