Yahoo ? Cities with the most homes in foreclosure ? Scottsdale ...

According to data released last week, the worst effects of the housing crisis are beginning to wind down. RealtyTrac?s latest report shows the number of foreclosures in the U.S. in April is down 13 percent to 188,780 from 219,258 a year ago. However, some of the largest cities in the U.S. continue to lag behind the rest of the country, and still have long to go before the housing crash has fully run its course.

RealtyTrac published the number of new home foreclosures in April in the 50 largest metropolitan statistical areas in the U.S. Of those 50 areas, 10 had more than double the national foreclosure rate, which is one out of every 698 new homes.

In California?s Inland Empire metropolitan area, the rate was more than triple that. Using RealtyTrac?s foreclosure rates and and home price data from Fiserv Case-Shiller, 24/7 Wall St. reviewed the metropolitan areas with the highest foreclosure rates.

The continuing high rates of foreclosures in some areas is a disturbing trend, says RealtyTrac?s vice president, Daren Blomquist. Although the national foreclosure rate appears to have peaked, he explains, the massive number of remaining properties yet to be foreclosed may continue to hurt the U.S. market in the long term. The large number of new foreclosures ?means that distressed property sales will continue to represent a large portion of overall sales for at least the remainder of this year, which in turn will keep a lid on any robust home price recovery,? Blomquist says.

After reviewing the markets with the highest foreclosure rates, it is clear that regions with the most foreclosures to date are the ones worst affected by the housing crisis. Seven of the 10 metro areas on this list had among the top 10 largest declines in home value from their pre-recession peaks. In six of the 10 regions, houses lost more than half their value in less than six years. In Las Vegas, home prices plummeted 61.8 percent between the beginning of 2006 and the end of last year.

24/7 Wall St. examined RealtyTrac?s latest foreclosure figures of new homes for April 2012, as well as the changes in the number of new foreclosures from a month prior and a year prior. In addition, we reviewed historical, current, and projected home price changes, provided by Fiserv-Case Shiller.

These are the five cities with the most homes in foreclosure:

5. Atlanta-Sandy Springs-Marietta, Ga.

Foreclosure rate: 1 in 298 homes

?Number of homes: 2,165,495 (9th most)

Foreclosures (April 2012): 7,271 (4th most)

Home price decline from peak: -35% (14th largest decline)

By the fourth quarter of 2011, home values in Atlanta fell 35 percent from their peak. The Atlanta area has the ninth most housing units of any region on the list, and the median price of these homes was just $110,000 in the fourth quarter of 2011. Things may be on the upswing, though ? the number of homes in foreclosure fell 11 percent from the prior month.

?4. Sacramento-Arden-Arcade-Roseville, Calif.

Foreclosure rate: 1 in 277 homes

Number of homes: 871,793 (23rd fewest)

Foreclosures (April 2012): 3,147 (12th most)

Home price decline from peak: 54.7% (5th largest)

With home prices down 54.7 percent from their high at the end of 2005, the Sacramento area registered the fifth-largest decline in home prices. However, foreclosures are down by 39.01 percent from last year, when April 2011 had 5,160 homes in foreclosure. Additionally, the number of foreclosures also decreased by 26.7% from the previous month, from 4,294 to 3,147. Fiserv expects home prices in the area to rise 6.3% annually through the fourth quarter of 2016.

3. Miami-Ft. Lauderdale-Pompano Beach, Fla.

?Foreclosure rate: 1 in 273 homes

?Number of homes: 2,464,417 (5th most)

Foreclosures (April 2012): 9,031 (3rd most)

Home price decline from peak: 54.2% (7th largest decline)

The Miami metro region topped all Florida regions in the number of new foreclosures. It also ranks third in new foreclosure rates among the 50 largest metros with 9,031 foreclosures in April 2012. While foreclosures in the area decreased between March 2012 and April 2012, to the tune of 9.2 percent, the future appears gloomy. Prices in this region are forecast to fall another 3.8 percent between the fourth quarters of 2012 and 2013.

2. Las Vegas-Paradise, Nev.

?Foreclosure rate: 1 in 249 homes

Number of homes: 840,343 (22nd fewest)

Foreclosures (April 2012): 3,378 (10th most)

Home price decline from peak: 61.8% (the largest decline)

Home prices in Las Vegas, the poster child of the housing crisis, plunged by 61.8 percent from their peak in early 2006 through 2011 ? the greatest decline of any of the nation?s 50 largest metros. Although new foreclosures in the Las Vegas-Paradise region declined by 66.1 percent to 3,378 over the past year, the number of foreclosures in April represents a slight increase over March, when 3,301 new homes were in foreclosure. Making matters worse, prices are expected to fall by another 3.3 percent between the fourth quarter of 2012 and the fourth quarter 2013, according to Fiserv.

1. Riverside-San Bernardino-Ontario, Calif.

Foreclosure rate: 1 in 213 homes

Number of homes: 1,500,344 (14th most)

Foreclosures (April 2012): 7,049 (5th most)

Home price decline from peak: -56.6% (2nd largest decline)

?

As of the fourth quarter of 2011, prices in the Riverside metro area fell by 56.6 percent from their peak, the second largest drop among top 50 metros. In addition, this region is first in terms of new foreclosure rate, at one in 213. While the number of homes (1.5 million) ranks 14th of the 50 largest regions, the area?s new foreclosure count for April 2012 reached 7,049 ? fifth highest overall. It appears, however, that, the situation is improving; between March 2012 and April 2012, foreclosures dropped 10.8 percent.

?

?

Like this:

Be the first to like this post.

moratorium dwts season 14 cast leap day michigan primary results olympia snowe davey jones dead boston weather