Cities in California, Florida and Ohio dominated the 25 U.S. metro areas with the highest home foreclosure rates, though rates jumped in most of the top regions during the third quarter, RealtyTrac said on Wednesday.
Foreclosure filings rose in 77 of the largest 100 metropolitan areas from the prior quarter, according to the Irvine, California-based marketer of foreclosure properties.
A broad credit and liquidity crisis during the third quarter exacerbated U.S. housing industry troubles, pushing sales sharply lower and unsold inventory to record highs.
Overall, U.S. residential foreclosure filings nearly doubled in the third quarter from a year earlier, RealtyTrac reported earlier this month.
Stockton, Calif., Detroit, Michigan and Riverside-San Bernardino, Calif., had the three highest foreclosure rates among the 100 biggest U.S. metro areas in the quarter.
Stockton's rate of one foreclosure filing for every 31 households, the highest of the metro areas, was a surge of more than 30 percent from the prior quarter. A total of 7,116 filings on 4,409 properties were reported in the metro area during the quarter.
In Detroit, the foreclosure rate of one filing for every 33 households ranked second and was more than double the number of filings reported in the previous quarter, RealtyTrac said. A total of 25,708 filings on 16,079 properties were reported.
Other cities in the top 10 were Fort Lauderdale, Fla.; Las Vegas, Nevada; Sacramento, Calif.; Cleveland, Ohio; Miami, Florida; Bakersfield, Calif. and Oakland, Calif.