The number of U.S. properties with foreclosure-related filings rose about 1.7 percent in 2010, to an estimated 2.87 million — approximately one in every 45 households, or 2.2 percent of all U.S. housing units, foreclosure data company RealtyTrac reported today.

The Las Vegas metro area, despite a 7 percent drop in foreclosure filings activity in 2010, still was ranked as the No. 1 foreclosure hotspot, with 1 in 9 housing units there receiving a foreclosure filing in 2010.

RealtyTrac’s report found that foreclosure activity increased in 2010 in 149 of the nation’s 206 metro areas with a population of at least 200,000, while all 10 metro areas with the highest foreclosure rates in 2010 experienced an annual decline in foreclosure-filings activity.

James J. Saccacio, RealtyTrac CEO, said in a statement, "foreclosure levels remained five to 10 times higher than historic norms in most of those hard-hit markets, where deep faultlines of risk remain and could potentially trigger more waves of foreclosure activity in 2011 and beyond."

Even so, he added, "foreclosures became more widespread in 2010 as high unemployment drove activity up in 72 percent of the nation’s metro areas — many of which were relatively insulated from the initial foreclosure tsunami.”

The top 10 metro areas with the highest rate of properties with foreclosure filings in 2010:

Top 10 Foreclosure Hot Spots: 2010

Rank Metro Area Share of housing units w/foreclosure filings % change in foreclosure filings activity, 2010
1 Las Vegas-Paradise, Nev. 1 in 9 -7.02%
2 Cape Coral-Fort Myers, Fla. 1 in 12 -28.25%
3 Modesto, Calif. 1 in 14 -13.29%
4 Phoenix-Mesa-Scottsdale, Ariz. 1 in 14 -6.79%
5 Miami-Fort Lauderdale-Pompano Beach, Fla. 1 in 14 -0.69%
6 Riverside-San Bernardino-Ontario, Calif. 1 in 14 -19.91%
7 Stockton, Calif. 1 in 14 -18.79%
8 Merced, Calif. 1 in 14 -30.85%
9 Orlando-Kissimmee, Fla. 1 in 15 -14.51%
10 Vallejo-Fairfield, Calif. 1 in 16 -12.03%

All but one of the top 20 metros with the highest foreclosure rates were in four states: California, Florida, Nevada and Arizona.

RealtyTrac reported that foreclosure activity jumped about 26 percent in 2010 in the Houston-Sugar Land-Baytown, Texas, metro area, which it said was the largest increase among the 20 largest U.S. metro areas. Second on that list was the Seattle-Tacoma-Bellevue, Wash., metro area, up about 23 percent, and Atlanta-Sandy Springs-Marietta, Ga., up about 21 percent.

The Phoenix metro area was home to the highest volume of bank repossessions (REOs) in 2010, the company also reported, up about 17 percent from 2009, with 55,372. The Chicago metro area was second on the list with 45,555 REOs (up about 20 percent), followed by Detroit (up about 19 percent).

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect Las Vegas is back and there are only a few presale tickets left! Register today before they're gone.REGISTER×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription