RealtyTrac released their year-end 2007 Metropolitan Foreclosure Report, and while not on top, Miami was leading the state, passing by Ft. Lauderdale. Back in November, the rankings were different, with Ft. Lauderdale leading the state and ranking 4th in the nation.
The foreclosure rate for the total US came in at 1.033% of households, with the foreclosure rate of the top 100 metro areas coming in at 1.382%. Detroit led the nation with a rate of 4.918%, fueled by economic chaos in that area. The remaining top 5 were (in order): Stockton, CA (4.866%), Las Vegas/Paradise, NV (4.228%), Riverside/San Bernardino, CA (3.826%), and Sacramento, CA (3.189%).
As far as Florida goes, South Florida still leads the pack and 6 Florida cities made the top 25 rankings. Here is a breakdown of the Sunshine State:
|Rank||Metro Area||Foreclosure Rate|
|10||Ft. Lauderdale, FL||2.632|
|21||Palm Beach, FL||1.924|
|23||Tampa/St. Petersburg/Clearwater, FL||1.908|
As you can see, all the major metro areas in Florida made the top 30. What does that mean to you? Great news if you are a buyer, especially an investor. Bad news for Florida homeowners as the rates will keep pressure on the declining home prices.
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