Stockton, San Bernadino Two Highest Metro Foreclosure Rates in First Quarter
During the first quarter of 2008, the Riverside-San Bernardino area of California experienced the second highest foreclosure rate of any other metropolitan region in the country, according to reports. The area has long been a leader in the foreclosure rate category, but new statistics show that the first part of the year vaulted the local foreclosure inventory to new heights.
The current rate is over 210% higher than it was in 2007, and from the last quarter of 2007 to the end of the first quarter in 2008, the rate of foreclosure homes had risen 32%. The number one area for foreclosures during the first quarter was the city of Stockton, also located in the foreclosure plagued state of California.
During the first quarter, California experienced just shy of 170,000 foreclosure filings, including defaults and foreclosure home sales, equaling roughly 1 in every 75 households.
California has the largest inventory of foreclosures in the country currently, and its drawing a lot of investment from buyers looking to take advantage of the extremely low prices that foreclosure homes are currently going for at auction.
Related Links:
- Los Angeles Foreclosure Listings
- Oakland Foreclosure Listings
- California Foreclosure Listings
- Foreclosure
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