Today, RealtyTrac released its Midyear 2010 Metropolitan Foreclosure Market Report. In the report, it listed cities with the highest foreclosure rates. As expected, Modesto, CA remained in the top 10 of the list. Modesto was ranked 3rd while Merced was 4th and Stockton was ranked 6th.
Modesto’s foreclosure rates are not as alarming when considered the city’s unemployment rates are at an all-time high. Modesto had 4.59 foreclosures filings for every 100 homes. However, the numbers are greatly skewed when considering the time frame it takes for a bank to bring a house to the steps of the courthouse.
1) Las Vegas – Paradise, NV
2) Cape Coral – Fort Myers, FL
3) Modesto, CA
4) Merced, CA
5) Riverside – San Bernardino – Ontario, CA
6) Stockton, CA
7) Phoenix – Mesa – Scottsdale, AZ
8) Orlando – Kissimmee, FL
9) Vallejo – Fairfield, CA
10) Miami – Fort Lauderdale – Pompano Beach, FL