Foreclosure Rates Fall In Hardest Hit Cities

Foreclosure activity fell on a year-over-year basis in 14 of the 20 cities with the highest foreclosure rates in the country, according to RealtyTrac’s Metropolitan Foreclosure Market Report. Still, 159 of the 206 metro areas tracked in the report posted increases, and foreclosure activity nationwide is up 16 percent from the first quarter of 2009. James J. Saccacio, chief executive officer of RealtyTrac, said the drop in activity in some of the nation’s foreclosure hot spots is largely the result of government intervention and other non-market influences. The report, which measures foreclosure activity in metropolitan areas with populations of at least 200,000, shows cities in California, Florida, Nevada, and Arizona accounted for all of the top 20 foreclosure rates in the country. More here and here.

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