Foreclosures Climb in 133 In the Third Quarter US Housing Market

Foreclosure filings climbed up from last year 133 of about 206 metropolitan statistical areas traced in the third quarter the accounts about 65% according to RealtyTrac.

Seattle area had the highest boost. An increase of 71% from the third quarter of 2009 that includes foreclosure filings, notice of default, notices of foreclosure and repossessions and other pending cases. Chicago was on second place with 35% increase followed by 26% by Houston, Texas.

California, Florida, Nevada and Arizona accounted for 19 of the top-20 foreclosure rates in US. The only exclusion was Boise City, Idaho which was on 14^th spot.

Las Vegas on the other hand marked the highest rate in the third quarter where one in every 25 housing units obtained a filing that is more than five times the national average.

Miami, Florida marked the highest total number of foreclosed property in the third quarter that is more than 58,600 filing. In fact it is an increase of 9% from last year and about 25% from the preceding quarter.

The reasons that cause homeowners to their mortgage payments are high unemployment, underemployment, toxic loans and negative equity that soon continue to plague most local housing markets according to James Saccacio, CEO of RealtyTrac. This significant high foreclosure will continue on until the said problems will resolved, he added.

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