Foreclosures Increase In Many Cities


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Foreclosures have been on the rise for several years across the United States. California, Florida, and Nevada in particular have had the highest count in foreclosures. However, in recent months the numbers have switched up a bit making various cities reach their highest levels ever. In the United States, foreclosures have reached an all time high with more than 765, 500 in the third quarter.

New York City rose 50 percent in foreclosures. Their home prices fell 6 percent in August compared to the year before. This was the biggest drop since 1991. Most of New York’s foreclosures came from Queens; New York housed 12 of the top 15 cities with the highest rates of foreclosure.

Los Angeles, California increased 11 percent in foreclosures while Miami, Florida increased 35 percent. Seattle, Washington doubled from the year before in foreclosures. These particular cities have been suffering through the housing crisis and wonder when it will end. Can it get much worse?

Los Angeles has had more than 2,000 auctions in October. Miami has had more than 860 auctions while New York City had 336 and Seattle had 150. Many of these houses didn’t necessarily sell to a bidder and are sitting on the market waiting for a buyer. This makes the housing prices go down even more and those homes surrounded by these foreclosures are losing value. They will owe more than they can sell for if they choose to move. This leaves the country in a recession and many homeowners continue to struggle to get by without losing everything.
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