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U.S. foreclosures highest in Detroit
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LOS ANGELES The Detroit area, hit hard by the double-whammy of unemployment and a slumping housing market, had the highest foreclosure rate in the nation last year, with several cities in California ranked close behind, an analysis of foreclosure activity in the country's 100 largest metropolitan areas shows.
About 4.9 percent of the households in the Detroit metro area were in some stage of foreclosure in 2007 — times the national average, according to the study released Wednesday by mortgage research company RealtyTrac Inc.
Stockton, Calif., ranked second with about 4.8 percent of its households in some stage of foreclosure, while the Las Vegas metro area was third with a 4.2 percent rate.
In all, 72,616 filings on 41,273 properties were reported in the Detroit metro area, which includes Livonia and Dearborn. The foreclosure rate represents a 68 percent jump from 2006, RealtyTrac said.
Plunging home prices and tighter lending standards chilled the market in California, leaving many financially strapped homeowners with few options.
In Stockton, 22,184 foreclosure filings were reported on 10,608 properties last year, up 271 percent from 2006, RealtyTrac said.
The Riverside-San Bernardino metro area east of Los Angeles was ranked fourth, with 102,506 filings on 51,739 homes, a rate of 3.8 percent.
Sacramento was ranked fifth, with 3.1 percent of its households reporting late payments.
The other California metropolitan areas in the top 20 were Bakersfield, ranked seventh; Fresno, ranked 14th; and Oakland at 16th.
The Las Vegas metro area, which includes Paradise and Henderson, Nev., reported a total of 59,983 foreclosure filings on 30,375 properties in 2007.
Ohio, which has also been wracked by high unemployment, had four metro areas among the top 20, including Akron at 12th, Dayton at 15th and Toledo at 19th.
The metro area comprising Cleveland, Lorain, Elyria and Mentor was ranked sixth, with about 2.9 percent of all households in some stage of foreclosure, RealtyTrac said.
Miami ranked eighth with a 2.7 percent rate, the highest among all metro areas in Florida. Fort Lauderdale was 10th and Orlando was 20th.
The other areas in the top 20 were Denver-Aurora, Colo., at No. 9; Atlanta-Sandy Springs-Marietta, Ga., at No. 11; Memphis, Tenn., at No. 13.; and Indianapolis at No. 18.

