California still dominates foreclosure scene

AP News
Posted: Jul 26, 2012 12:02 AM
California still dominates foreclosure scene

California cities still make up seven of the nation's top 10 metro areas with the highest rates of new foreclosures, according to data to be released Thursday by RealtyTrac.

Stockton, Calif., at No. 1, had a 2.7 percent rate of new filings in the first half of the year. That's more than three times the national average and represents one of every 38 homes in the city. Stockton itself filed for Chapter 9 protection last month.

Atlanta took the No. 6 spot, with foreclosure activity up 5 percent year-over-year. Phoenix and Las Vegas rounded out the list.

Foreclosure activity rose in 59 percent of the nation's 212 biggest metro areas. A $25 billion settlement in February over mortgage practices has cleared the way for banks to address their backlog of unpaid mortgages.