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On Thursday, January 12, 2012, the business section of the Los Angeles Times had a little chart listing the "top 10 areas with the most foreclosure activity in 2011", expressed as "percentage of homes with filings". California had seven of the top ten spots. Here they are, in order:
1. Las Vegas, NV (7.4%)
2. Stockton, CA (5.4%)
3. Modesto, CA
4. Vallejo/Fairfield, CA
5. Riverside/San Bernardino, CA
6. Phoenix, AZ
7. Merced, CA
8. Reno, NV
9. Bakersfield, CA
10. Sacramento, CA (4.2%)
The overall U.S. percentage was listed as 1.5%. This shows a wide discrepancy among different metro areas; many metro areas had to have foreclosure activity rates lower than 1.5% of homes with filings to counter-balance places such as the 10 on the list above. California's overall rate was 3.2%. Once again, I think this proves that real estate is largely local.
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