By Les Christie @CNNMoney |
“Foreclosures fell in nearly two-thirds of the nation’s largest metro areas during the third quarter, according to RealtyTrac Thursday.
With 62% of the nation’s 212 largest markets seeing foreclosure activity shrink during the latest quarter, the ongoing decline is yet another sign that the housing market is starting to stabilize.
During September, foreclosure activity in 58% of the major metro markets had even dropped below September 2007 levels.
The numbers indicate that “most of the nation’s housing markets are past the worst of the foreclosure problem,” Daren Blomquist, RealtyTrac’s vice president said in the report.
Major cities like San Francisco, Detroit, Los Angeles, Phoenix and San Diego saw foreclosures fall by double-digit percentages of 26% or more.
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Stockton, Calif., which saw a 21% decline in foreclosures, still managed to claim the nation’s highest foreclosure rate, however. “That foreclosures there are still the highest in the country speaks to how severe the problem was,” said Blomquist.
Other California cities in the top 10, Riverside, Vallejo, Modesto,Merced, Bakersfield and Sacramento, all posted year-over-year declines of between 22% and 34%.
Yet, there are still some trouble spots, particularly in Florida.
In Miami, which had the 10th highest foreclosure rate, filings rose 11%. InJacksonville, foreclosures were up 32%, Palm Bay saw a 64% increase,Tampa was up 43% and Orlando notched a 15% jump.”