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[Best Syndication] Foreclosures are continuing to climb. RealtyTrac released their Metropolitan Foreclosure Market Report and ranked Stockton California, Detroit/Livonia/Dearborn, Michigan, and Riverside/San Bernardino, California the top three metropolitan areas that have the most foreclosures.

In Stockton, California there is one foreclosure filing for every 31 households. The Detroit and surrounding areas in Michigan there is one filing for every 33 homes. In Riverside and San Bernardino areas in California there is one foreclosure filing for every 43 households.

The report further says that California, Ohio and Florida are the hardest hit with more than two-thirds of the top 25 metro foreclosure rates.

This report is based on the third quarter of 2007, and foreclosures are rising considerably since the previous quarter. In Stockton, California there were a total of 7,116 foreclosure filings on 4,409 properties and is up 30 percent from the previous quarter.

The second metropolitan area that was hit hard with foreclosures was the Detroit Michigan area with a total of 25,708 foreclosure filings on 16,079 properties. The foreclosure rate has doubled since last quarters report.

The San Bernardino – Riverside, California area reported 31,661 foreclosure filings of 20,664 properties which are up over 30 percent from the previous month. Compared to Q3 of 2006 there was a 267.9 percent increase in foreclosures in comparison to this years foreclosures.

Other areas that experienced high numbers of foreclosure rates in metropolitan areas include, Fort Lauderdale, Fla.; Las Vegas; Sacramento, California; Cleveland; Miami; Bakersfield, Calif.; and Oakland, California. The worse state hit was California with those ranking 7 out of the top 25 spots. Florida and Ohio had five out of the top 25 spots.

California by far is suffering the most foreclosures in the nation according to this report. Other California cities that made it on the top 25 list are Bakersfield, Oakland, Fresno, and San Diego. The Los Angeles – Long Beach area was ranked number 26. The highest volume of foreclosure filings were Phoenix, Fort Lauderdale, Fla., Cleveland, Chicago; Miami and Sacramento, Calif.

By Lisa Schalinski
Best Syndication News Business Writer

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