The peak foreclosure rate in the US for the third quarter strikes Las Vegas, and was followed by cities in California and Florida. Seeing that, the high unemployment rate caused more borrowers incapable of paying their mortgages. Based from reports of real estate experts, the increase in the unemployment and the mortgage resets continue to gradually change the nation’s foreclosure epicenters. Those that were regarded where there has the highest increase in the foreclosure activity rates were in Idaho and Utah. Foreclosure rate almost doubled, reaching as high as 60 percent from a year earlier in Chico, California and in Reno, Nevada. Based on the report, the filings in Vegas rose 54 percent from a year earlier. There are also 77 percent rate increases in Prescott, Arizona, 64 percent rate increase in Jacksonville, Florida and Rockford, Illinois; and lastly 41 percent increase in Lansing Michigan. Las Vegas led the nation having a 5.13 percent of households receiving a filing in foreclosures, almost seven times the US average.
New York was ranked 138th where they have less than 1 percent of households in default or foreclosures. In Merced, California, the number dropped 11 percent from the third quarter of 2009, making it the nation’s second highest rate, with 3.72 percent of household receiving a filing. Three other cities in California were ranked sixth through eighth, these are: Riverside-San Bernardino, California; Bakersfield; and Vallejo- Fairfield. Down in Los Angeles, a 1.58 percent of households received a filing making it go up rank to the 23rd spot.
