St Louis Mortgage and Real Estate News –
St Louis Finance News: Foreclosures Climbing In The Metro Areas By 75 Percent [News Hot Line: 314-334-0210 | Floyd Tapia]
It is no surprise when we hear that foreclosures are still on the rise.
But recent information tells us that foreclosure filings have climbed in 75 percent of the nation’s largest cities during the first six months of 2010 according to RealtyTrac, an online marketer of foreclosed homes.
The states that have lead this downward housing trend have been California, Florida, Arizona and Nevada with Las Vegas being the worst-hit city for foreclosures.
Unemployment seems to be the main culprit for this rise in foreclosures across the country says RealtyTrac spokesman Rick Sharga.
“Las Vegas has seamlessly shifted from having a high level of foreclosures due to bad loans,” said Sharga, “to defaults caused by a high level of unemployment.”
In the month of June alone, some 14.7 percent of its work force was out of work which was up 2.1 points from June of 2009. In fact, Las Vegas had one foreclosure filing for every 15 households in that metro area.
The second prize for the highest foreclosure rate goes to the Cape Coral/Fort Myers, Florida metro areas, with one filing for every 20 households.
The next two cities were from California, Modesto and Merced, which tied for third place with one filing for every 22 households.
Moving slightly eastward, there was one filing in every 48 Salt Lake City, Utah households for foreclosure notices during the first 180 days of 2010 which was a giant 55 percent increase over the same period in 2009.
Although the national unemployment rate has dropped to 9.5 percent, Salt Lake’s unemployment woes have gone up in 2010, rising 0.3 percent to 7.2 percent in June.
In addition, the Midwest hasn’t avoided the financial blows caused by this epidemic of foreclosures. Chicago, Illinois foreclosure filings have soared primarily due to this sluggish economy which saw filings climb to 23 percent to one in every 48 households.
Charleston, South Carolina’s filing rate was up 17 percent to one in every 68 homes, while the Land of Enchantment, Albuquerque, New Mexico saw a disturbing 157 percent jump in filings to one in 80 households.
St Louis mortgage lenders has noticed one thing in common and that is every one of those cities mentioned above has an unemployment rate that is moving north so to say.
Chicago’s unemployment stood at 10.6 percent in June, which was more than a point above the national rate, while Albuquerque’s unemployment which was hovering around 5 to 6 percent has jumped to 8.9 percent from it’s latest number of 7.9 percent in the last 12 months.
Charleston’s rate looks to be standing par at the national level coming in at 9.5 percent.
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When applying for any type of St Louis mortgage, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at 877-334-0210 and ask for Steve Swan or Doug Stahlschmidt.
For business owners looking for small business loans and alternative financing that works, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 314-334-0210. He is a successful hedge fund originator assisting local and national business owners in getting private and public St Louis finance and commercial lending with no upfront fees.
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