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Foreclosures hit ‘sand state’ metros

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The 26 metro areas with the highest foreclosure rates during the first quarter were located in just four "sand states" -- California, Florida, Nevada and Arizona --  data aggregator RealtyTrac said today. Las Vegas had the highest foreclosure rate of 203 U.S. metro areas with populations of 200,000 or more, with one foreclosure-related filing for every 22 housing units. Las Vegas was followed by Merced, Calif. (one filing per 24 homes) and Cape Coral-Fort Myers, Fla. (one filing per 26 homes), RealtyTrac said. Other metro areas in the top 10 included Stockton, Calif. (one filing per 27 homes), Riverside-San Bernardino-Ontario, Calif. (one filing per 28 homes), Modesto, Calif. (one filing per 29 homes), Bakersfield, Calif. (one filing in 37 homes), and Vallejo-Fairfield, Calif. (one filing per 37 homez); Phoenix, Ariz. (one filing per 40 homes); and Port St. Lucie, Fla. (one filing per 46 homes). Thirteen of the top 26 metro foreclosure rates were in California, n...