Record Year for Foreclosures Predicted

Daily Real Estate News | January 28, 2010 |
Report: Record Year for Foreclosures Predicted
Las Vegas had the highest U.S. foreclosure rate in 2009, according to a foreclosure report released today by RealtyTrac.

Other cities with the nation’s highest rates are:

* Cape Coral-Fort Myers, Fla.
* Merced, Calif.
* Riverside-San Bernardino, Calif.
* Stockton, Calif.
* Modesto, Calif.
* Orlando-Kissimmee, Fla.
* Phoenix
* Port St. Lucie, Fla.
* Miami-Fort Lauderdale-Pompano Beach, Fla.


A record 3 million homes will be seized this year, the report forecasts.

“The dam will break and we’ll see a significant increase in foreclosures,” Michael Lea, a finance professor at San Diego State University, said in an interview. “The banks can’t continue to hope the economy starts growing.”