Foreclosures in the U.S. are now spreading well beyond the cities and regions where they first began their rapid growth, according to RealtyTrac, a real estate firm that specializes in foreclosure sales.
The firm's third quarter Metropolitan Foreclosure Market Report indicated that the states and cities where foreclosures have been the most prevalent still had the worst foreclosure rates. But cities and states where foreclosures have not been as severe showed the sharpest year over year increase in foreclosure rates, the firm said. Among these were Seattle-Tacoma-Bellvue area of Washington which, the firm said, saw its foreclosure rate rise 71% over the same time last year. Chicago-Naperville-Jolliet Illinois saw its rate increase rise by 35%, Houston-Sugar Land- Baytown Texas by 26%, Detroit-Warren-Livonia Michigan by 23% and Atlanta-Sandy Springs-Marietta Georgia by 20%, the firm said.
Nationally, the third quarter found one out of every 139 housing units in the foreclosure process, up 3.9% from last quarter but down 0.79% from the same quarter last year.