Industry News

Stockton, Detroit, Riverside hot spots for foreclosures

RealtyTrac issues Q3 statistics for metro areas

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California and Florida were home to seven of 10 metropolitan areas with the highest rate of foreclosure activity during the third quarter, according to data aggregator RealtyTrac Inc. Stockton, Calif., and Detroit, Mich., retained their places atop RealtyTrac's list of the metropolitan areas with the highest rate of default notices, notices of auction sales and bank repossessions, while Riverside-San Bernardino, Calif., bumped Las Vegas out of third place. With one foreclosure-related filing for every 31 households, the rate of foreclosure activity in Stockton was more than six times the national average of one filing per 196 households. That doesn't mean one of every 31 homes in Stockton is in foreclosure, however, because properties may be subject to multiple filings during the foreclosure process. But the rate of foreclosure-related filings in Stockton was up 31.6 percent from the previous quarter, and has more than quadrupled in the last year. Entering the list of top 10 metro a...