From Les Christie at CNNMoney: Las Vegas: Most foreclosures of any city in 2009
Cities in the so-called Sand States dominated the foreclosure rankings in 2009, with the 20 worst-hit metro areas residing in Nevada, Florida, California and Arizona.
Las Vegas had the largest number of foreclosure filings...with 12% of its households receiving at least one during the year.
Cape Coral, Fla., was close second with 11.9% of its households; Merced, Calif., was third with 10.1%.
"Areas like Provo, Utah, Fayetteville, Ark., Portland, Ore., and Rockford, Ill., all posted foreclosure rates above the U.S. average in 2009."
"And Markeys like Honolulu, Minneapolis and Seattle saw foreclosure activity increase at more than twice the national pace over the past 12 months."
It is looking like foreclosures are being caused by the economic crisis and it's role in the increased unemployment now rather than the toxic exotic loans that were being given out just a couple of years ago. Having my hometown of Las Vegas plagued by foreclosures is down right disgusting. What was once a boomtown is going to turn into a ghost town of things don't turn around, but with the next wave of foreclosures including the remaining adjustable rate loans, I think the problem will continue for some time to come.
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