Foreclosures fall in 62% of U.S. cities

From CNN

NEW YORK (CNNMoney) — Foreclosures fell in nearly two-thirds of the nation’s largest metro areas during the third quarter, according to RealtyTrac Thursday.

With 62% of the nation’s 212 largest markets seeing foreclosure activity shrink during the latest quarter, the ongoing decline is yet another sign that the housing market is starting to stabilize.

During September, foreclosure activity in 58% of the major metro markets had even dropped below September 2007 levels.

The numbers indicate that “most of the nation’s housing markets are past the worst of the foreclosure problem,” Daren Blomquist, RealtyTrac’s vice president said in the report.

Major cities like San Francisco, Detroit, Los Angeles, Phoenix and San Diego saw foreclosures fall by double-digit percentages of 26% or more.

Related: Best Places to Live: Where homes are affordable

Stockton, Calif., which saw a 21% decline in foreclosures, still managed to claimthe nation’s highest foreclosure rate, however. “That foreclosures there are still the highest in the country speaks to how severe the problem was,” said Blomquist.

Other California cities in the top 10, Riverside, Vallejo, Modesto, Merced, Bakersfield and Sacramento, all posted year-over-year declines of between 22% and34%.

Yet, there are still some trouble spots, particularly in Florida.

In Miami, which had the 10th highest foreclosure rate, filings rose 11%. In Jacksonville, foreclosures were up 32%, Palm Bay saw a 64% increase, Tampa was up 43% and Orlando notched a 15% jump.\

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About reinhartsouth

2008 wasn’t the best time to open a new office, but the Charles Reinhart Company looked to expansion as the way to ensure the future. Reinhart South, now located on the corner of State Street and Eisenhower Boulevard in Ann Arbor, opened January 7, 2008 in a small office on Washtenaw Avenue. Facing the bleakest economic situation since the great depression, Manager Dawn Foerg began the process of recruiting top real estate talent to the company. One agent at a time, South grew. By early 2009, 15 agents called the South office home. Still fighting the economic crises, the office grew to more than 40 licensed Realtors by the end of 2010. Today, South is among the five top producing offices in Ann Arbor.
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