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An Article
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Foreclosures spike - and will get much worse
Defaults are on the rise according to a new report, and the trend could last for years
January 29, 2008
By
Les Christie
(View author info)
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| New York, New York - A report released Monday by First American Core Logic rates foreclosure risk for 381 metropolitan areas, and found that the risk of foreclosure has jumped 22 percent from January 2007, and 9 percent from three months ago. The risk scores are calculated based on economic factors such as job growth or loss, as well as incidences of fraud and other risks.
Top 10 risky cities (Five are in California)
The markets facing the highest risk of foreclosure
Rank City State Annualized home price appreciation
1 Bakersfield CA -16.9%
2 Stockton CA -18.7%
3 Fresno CA -16.2%
4 Warren MI -7.1%
5 Grand Rapids MI -5.8%
6 Riverside CA -16.8%
7 Sacramento CA -15.1%
8 Detroit MI -0.8
9 McAllen TX 2.6%
10 Youngstown OH -9.6%
Source:First American Core Logic
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