Foreclosures up in 75 percent of top U.S. metro areas

[OhioChick]

Source: Reuters

NEW YORK | Thu Jul 29, 2010 12:38am EDT

NEW YORK (Reuters) - Foreclosures rose in 3 of every four large U.S. metro areas in this year's first half, likely ruling out sustained home price gains until 2013, real estate data company RealtyTrac said on Thursday.


Unemployment was the main culprit driving foreclosure actions on more than 1.6 million properties, the company said.

"We're not going to see meaningful, sustainable home price appreciation while we're seeing 75 percent of the markets have increases in foreclosures," RealtyTrac senior vice president Rick Sharga said in an interview.

Foreclosure actions -- which include notice of default, scheduled auction and repossession -- in the first half rose in 154 of the 206 metro areas with populations 200,000 or more.

"We're not going to see real price appreciation probably until 2013," said Sharga. "We don't see a double dip in housing but we think it's going to be a long painful recovery for the next three years."

Nine of the 10 areas slammed hardest by the foreclosure tidal wave improved from the first half of 2009, suggesting a peak at rates that are still up to five times the national average, RealtyTrac said in its midyear 2010 metropolitan foreclosure report.


Read more: http://www.reuters.com/article/idUSTRE66S0JP20100729?type=domesticNews

[flvegan]

1. Sadly, gone are the days where banks/lenders were run by economics and finance experts.

I wish we could rewind to a time where fucking idiots didn't run the show in the lending industry.

90% of foreclosures today are economic purgatory. Please, someone quote me on that.

[ChromeFoundry]

2. very sad... nt

[eridani]

3. Cramdown now! sez me n/t

[No Elephants]

4. 75% of metro areas? That stuns.

There must be some bargains out there. With all the sad stories I've seen on DU, I just hope with all my heart that at least some DUers are looking to buy a home right now and able to buy.