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Crisis In The Housing Market

Foreclosures Rise In 3 Of 4 Metro Areas

Foreclosures rose in three of four metropolitan areas in the first half of 2010 compared with 2009, said a company that tracks the trend.  David Zalubowski/AP hide caption

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David Zalubowski/AP

More bad news on the housing front Thursday. While it appears foreclosures may have peaked in metropolitan areas that were initially the worst hit, the crisis is now becoming much more widespread.

RealtyTrac, which follows national foreclosure trends, reported that foreclosures were up in 75 percent of the nation's metro areas for the first half of 2010 compared with the comparable 2009 period.

An excerpt from RealtyTrac's news release:

Four states — Florida, California, Nevada and Arizona — accounted for all top 20 metro foreclosure rates. Florida led the way, with nine of the top 20 metro foreclosure rates, followed by California with eight, Nevada with two and Arizona with one.

“While we’re seeing early signs that foreclosure activity may have peaked in some of the hardest-hit markets, foreclosures continued to rise in three-quarters of the nation’s metropolitan areas in the first half of the year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The fragile stability achieved in many local housing markets hinges on improvements in the underlying economy, specifically job growth. If unemployment remains persistently high and foreclosure prevention efforts only delay the inevitable, then we could continue to see increased foreclosure activity and a corresponding weakness in home prices in many metro areas.”