Report: Inland Empire ranks No. 6 in foreclosure rate
RealtyTrac today released its Metropolitan Foreclosure Market Report for the third quarter, which shows that cities in California, Florida and Nevada again accounted for the 10 highest foreclosure rates among metro areas with a population of 200,000 or more. But five of those Top 10 metro areas reported decreasing foreclosure activity from the third quarter of 2008, while many other metro areas with Top 50 foreclosure rates reported sharp increases in foreclosure activity. The Inland Empire remained in the Top 10 regions but dropped to No. 6, with a rate of 3.37 percent. Las Vegas posted the nation's highest metro foreclosure rate, with 5.13 percent of its housing units receiving a foreclosure filing during the quarter -- nearly seven times the national average. Despite a 13 percent decrease in foreclosure activity from the previous quarter, Merced posted the nation's second-highest foreclosure rate, with 3.72 percent. Foreclosure activity in the Cape Coral-Fort Myers metro area in Florida also decreased but still registered the nation's third-highest metro foreclosure rate -- with 3.67 percent. Other metro areas in the Top 10 were the California areas of Stockton (3.53 percent), Modesto (3.39 percent), Riverside-San Bernardino, Bakersfield (2.88 percent) and Vallejo-Fairfield (2.85 percent), along with the Nevada's Reno-Sparks metro area (2.67 percent) and the Florida metro areas of Port St. Lucie (2.63 percent) and Orlando-Kissimmee (2.57 percent).
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