Property Managers Should Take Note of Foreclosure Rates

RealtyTrac, a leading web site for foreclosure properties, releases lists documenting the foreclosure rates for 100 metropolitan areas. Listed below are cities with the highest and the lowest foreclosure rates in November. The number listed to the right of the city shows the number of households per foreclosure filing. For example, in Stockton one in every 31 households has a foreclosure filing.




Highest Ten Cities

Households



Stockton, CA
31



Detroit, MI
33



Riverside, CA
43



Fort Lauderdale, Fl
48



Las Vegas, NV
48



Sacramento, CA
48



Cleveland, OH
57



Miami, Fl
60



Bakersfield, CA
64



Oakland, CA
71


__________________________




Lowest Ten Cities

Households



Birmingham, AL
1001



Norfolk, VA
1013



Charleston, SC
1040



Columbia, SC
1064



Richmond, VA
1103



Syracuse, NY
1139



Allentown, PA
1493



Honolulu, HI
1672



Baton Rouge, LA
2074



Mcallen, TX
2185



Greenville, SC
3289


Adjustable rate mortgages often finance homes threatened by foreclosure. Homeowners got in over their heads and figured they could sell their homes, or refinance their loans, if their mortgage payments became too much of a burden. Unfortunately, they did not anticipate falling real estate prices.

Some estimate that as many as 40% of foreclosures are investment property owners that were looking to flip the house and make a profit. Again, falling real estate prices derailed their plans.

Interest rates on over two million loans will jump over the next two years. How many of these will end in foreclosure? The effect on property managers, investment property owners, and tenants remains to be seen.

APM Admin
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