California, Nevada, Florida and Arizona remain the nation's foreclosure hotbeds, accounting for 19 of the top 20 metropolitan areas with the highest foreclosure rates between July and September, foreclosure listing firm RealtyTrac Inc. said Thursday.
And the main areas that have been hitThose states saw housing values surge during the housing boom years. When the boom ended, values collapsed and foreclosures soared.
Preliminary data from this month shows almost no change in foreclosure activity versus September, Sharga said.
"We're not seeing what we might have anticipated in terms of a falloff," he said.
The Las Vegas-Paradise, Nev., metropolitan area topped the list of metropolitan areas with the highest foreclosure rates in July-September with one in every 25 homes receiving a foreclosure warning -- more than five times the national average. But foreclosure filings declined 20 percent from the same quarter last year.
"It's not out of the woods yet, it's just less bad than it was a year ago," Sharga said.
Rounding out the rest of the top 10 metros with the highest foreclosure rate were Cape Coral-Fort Myers, Fla.; Modesto, Calif.; Stockton, Calif.; Merced, Calif.; Riverside-San Bernardino-Ontario, Calif.; Miami-Fort Lauderdale-Pompano Beach, Fla.; Phoenix-Mesa-Scottsdale, Ariz.; Bakersfield, Calif.; and Vallejo-Fairfield, Calif.