Unemployment Causes More ForeclosuresHouseholds in the Sun Belt states are still among the highest hit with home foreclosures. The biggest increase in this third quarter, according to RealtyTrac, was in Seattle –Tacoma-Bellevue metropolitan area with 71% more foreclosures compared to last year this time. RealtyTrac is saying the underlying problems are high unemployment rate, underemployment, toxic loans and negative equity.
From the 20 biggest metropolitan areas in the U.S., 11 of them posted year-over-year increases in foreclosures. The areas include Seattle, Chicago-Napier-Joliet with a 35% jump in home foreclosures, Houston-Sugar Land-Baytown, Texas at 26%, Detroit-Warren-Livonia, Michigan at 24% and Attanta-Sandy Springs-Marietta, GA at 20%.
Las Vegas-Paradise area has one in every 25 housing units receiving a foreclosure filing. Nationally, 930,437 households received a foreclosure filing in the third quarter, one out of every 139. The cities that had the most home foreclosures included the Miami-Fort Lauderdale-Pompano beach area, where 58,624 households received a filing for foreclosures. Los Angeles-Long Beach-Santa Ana had 48, 849 filings even though there are 30% less foreclosures compared to last year around the same time.
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