10 Cities Where Foreclosures Are Soaring

Some housing markets are still battling high numbers of foreclosures that are continuing to put downward pressure on overall housing prices. Many of the cities facing the highest spikes in foreclosure are facing high unemployment rates, underwater borrowers, and low median family income.

24/7 Wall St., using data from RealtyTrac, found that the following cities saw the biggest increases in foreclosures by 30 percent or more between the second and third quarters of 2011:

1. Albuquerque, N.M.

Quarterly increase in foreclosures: +151%
Number of foreclosures in third quarter of 2011: 1,358
Unemployment: 6.9%
Percentage that home values have dropped from peak: -14.9%

2. Boston-Cambridge-Quincy, Mass.

Quarterly increase in foreclosures: +67%
Number of foreclosures in third quarter of 2011: 2,003
Unemployment: 6.6%
Percentage that home values have dropped from peak: -15.8%

3. Sarasota-Bradenton-Venice, Fla.

Quarterly increase in foreclosures: +57%
Number of foreclosures in third quarter of 2011: 1,673
Unemployment: 11%
Percentage that home values have dropped from peak: -51.4%

4. Cincinnati-Middleton, Ohio-Ky.-Ind.

Quarterly increase in foreclosures: +55%
Number of foreclosures in third quarter of 2011: 1,956
Unemployment: 8.7%
Percentage that home values have dropped from peak: -15.9%

5. Jacksonville, Fla.

Quarterly increase in foreclosures: +49%
Number of foreclosures in third quarter of 2011: 2,559
Unemployment: 9.5%
Percentage that home values have dropped from peak: -39.3%

6. Palm Bay-Melbourne-Titusville, Fla.

Quarterly increase in foreclosures: +44%
Number of foreclosures in third quarter of 2011: 1,039
Unemployment: 11.6%
Percentage that home values have dropped from peak: -53.4%

7. Fresno, Calif.

Quarterly increase in foreclosures: +41%
Number of Foreclosures Q3 2011: 2,174
Unemployment: 14.9%
% home value down from peak: -54%

8. Vallejo-Fairfield, Calif.

Quarterly increase in foreclosures: +36%
Number of Foreclosures Q3 2011: 1,348
Unemployment: 11%
% home value down from peak: -59.1%

9. Cape Coral-Fort Myers, Fla.

Quarterly increase in foreclosures: +35%
Number of Foreclosures Q3 2011: 1,743
Unemployment: 11.2%
% home value down from peak: -59.3%

10. Columbus, Ohio

Quarterly increase in foreclosures: +32%
Number of Foreclosures Q3 2011: 2,273
Unemployment: 7.6%
% home value down from peak: -12.42%

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Comment by REO Institute of Colorado on November 24, 2011 at 5:10pm: This distressed market is going to last until the years 2014 and/or 2015 in some areas of the country!! I have been involved in the default market for 20+ years, this is the second down cycle I have experienced (remember the 80's). We will see another wave of the housing values continuing to decline in the near future in some areas of the country.

REOInstituteColorado.com for REO Training, the National "REOCertified(R)", Designation

Comment by Albert Wolf on November 24, 2011 at 1:35pm: Well this is good news for the Foreign investor from South America or Canada. They need to look at the unemployment rate. That means acquiring a second home not for rental property. Since some of these areas are experiencing 11% unemployment. For additional info. on South Florida Real Estate Opportunities go www.reoprofessionalforeclosures.com

Comment by Khalid Muneer on November 24, 2011 at 12:55pm: Not good news for us in Florida....Looks like we are in for a long haul.

Comment by Robert Brubaker on November 24, 2011 at 12:36pm:        Good Blog!    Four of the ten hit very close to Home! The numbers are not

                           in yet but such a trend toward increased forclosure activity

                          is being felt here too!

Comment by Lee Farmer on November 24, 2011 at 10:41am: This is not good no matter where it's happening!!! I hope that the housing market can turn around sooner rather than later!!! Lee Farmer/Coldwell Banker Residential Real Estate-Jupiter, Florida