Housing

Cities With The Most Homes In Foreclosure

10. Orlando-Kissimmee, FL
> Foreclosure rate: 1 in 347 homes
> Number of homes: 942,312 (24th most)


> Foreclosures (April, 2012): 2,717 (16th most)
> Home price decline from peak: 54.2% (6th largest decline)

Median home prices in the Orlando area fell by 54.2% from their peak in the second quarter of 2006 through the end of 2011. Of the 50 most populous metro regions in the U.S., the Orlando-Kissimmee area has the tenth-highest foreclosure rate in April of one in every 347 homes. Orlando had 2,717 new homes in foreclosure this past April, up 12.9% from the 2,406 in April, 2011. The forecast for the future is similarly bleak. Fiserv projects Orlando homes to continue to lose value between the fourth quarter of this year and the fourth quarter of 2013, predicting a 1% decline in prices over that time period.

9. Chicago-Naperville-Joliet,IL-IN-WI
> Foreclosure rate: 1 in 321 homes
> Number of homes: 3,797,247 (3rd most)
> Foreclosures: (April, 2012): 11,840 (The most)
> Home price decline from peak: 36.8% (12th largest decline)

From their peak in early 2007, home prices in Chicago fell 36.8% through the end of 2011. In April, the Chicago-Naperville-Joliet metro area had the largest number of new homes in foreclosure among the 50 largest MSAs, at 11,840. This represented an increase of 25.5% from April 2011 when 9,433 homes entered foreclosure. However, the number of foreclosures represents a 7.63% decline from March, when the Chicago area also led all metropolitan areas with 12,818 foreclosures. Another positive sign for Chicagoans: home prices are projected to rise 6.3% annually through 2016, according to Fiserv.

8. Tampa-St. Petersburg-Clearwater,FL
> Foreclosure rate: 1 in 315 homes
> Number of homes: 1,353,158 (17th most)
> Foreclosures: (April, 2012): 4,295 (8th most)
> Home price decline from peak: 48% (8th largest decline)

Residents of the Tampa, FL metro area watched the median home price in the region fall to $137,000 in the fourth quarter of 2011 — a 48% drop from its peak. The region recorded 4,295 foreclosures in April 2012. To make matters worse, that number is up from the April 2011 figure. Last April, only 2,701 new area homes were in foreclosure, meaning that foreclosures increased by 59% the past year. One in every 315 homes in this MSA had a foreclosure start this past April.

7. Phoenix-Mesa-Scottsdale,AZ
> Foreclosure rate: 1 in 313 homes
> Number of homes: 1,798,501 (12th most)
> Foreclosures: (April, 2012): 5,755 (6th most)
> Home price decline from peak: 56% (3rd largest decline)

Home prices in the Phoenix region — the country’s twelfth-largest metropolitan area by housing units — declined by 56% from their 2006 peaks through the end of 2011. Although this accounted for the third-largest decline in home prices amongst all metropolitan areas, the Phoenix region posted a 22.64% decline in foreclosures from March, as the number of new foreclosed homes fell from 7,439 to 5,755. Likewise, in the last year, the number of foreclosure starts in the area fell by 44.44%, from 10,358 in April 2011 to 5,755 this past April.

6. Salt Lake City, UT
> Foreclosure rate: 1 in 309 homes
> Number of homes:410,031 (1st least)
> Foreclosures (April, 2012): 1,326 (23rd least)
> Home price decline from peak: 19.3% (25th largest decline)

Home prices in the Salt Lake City area declined by roughly 20% from their peak in 2007 to the fourth quarter in 2011, which is a modest decline compared to other regions on this list. Nevertheless, foreclosure rates were higher than all but five of the largest metros in the country. Compared to the 1,406 foreclosures in April of 2011, April 2012’s foreclosures declined by 5.7%. This metro area is one of the few on the list that analysts are bullish about; home prices are projected to increase by 9.5% from this year’s fourth quarter to the fourth quarter in 2013.