According to the 2009 Metropolitan Foreclosure Market Report from RealtyTrac, the Sand States: California, Florida, Nevada, and Arizona account for the majority of all U.S. foreclosures in 2009. CA, FL, NV, and AZ are accountable for the top 20 highest foreclosure percentages of metropolitan cities that have a population greater than 200,000 people. Even more staggering is that these four states are hosts to 29 of the 30 cities ranked highest in the nation.
The Top 3 cities in the nation with the highest percentage of foreclosures includes Las Vegas, Nevada which leads the undesirable race with a compelling 12% of all households filing at least one foreclosure in 2009. In a very close second, only behind by 1/10thof a percent is Cape Coral, Florida, where the percentage of all homes filing for foreclosure is at 11.9%, and standing at the podium wearing the bronze medal is Merced, California with a foreclosure rate of 10.1%.
Meanwhile Pittsburgh posted a foreclosure rate less than 1%, making it the 153rd ranked city out of the total 203 in the country. As we like to put it, Pittsburgh is in the bottom fourth, posting fewer foreclosures than most cities!!
With all of this information in front of us, it’s easy to see. Yes, these are tough times, but not for everyone. The Housing Market Is Local, Not National. Four states are the biggest influence on the national housing market statistics. So the next time you watch the news, and they discuss how foreclosure rates have never been higher, how we have reached all-time national highs, and other vague national statistics, question their reports. Ask who is responsible? Are the Big Bad 4 to blame? Does this actually influence my hometown?
Pittsburgh has been named one of the best bets for an economic recovery, most livable cities in the world, the host of several global events including the G20 Summit, a leader in green initiatives, and has an unemployment rate below the national average. The evidence is clear!! Real Estate is Local!!