According to RealtyTrac data, which we all know can be a bit deceiving, Business 2.0 put together a list of the top ten cities with the highest foreclosure rate.
1. Greeley, Colorado Portion of households in foreclosure: 0.59%
2. Detroit, Michigan Portion of households in foreclosure: 0.51%
3. Miami, Florida Portion of households in foreclosure: 0.37%
4. Indianapolis, Indiana Portion of households in foreclosure: 0.35%
5. Fort Lauderdale, Florida Portion of households in foreclosure: 0.34%
6. Denver, Colorado Portion of households in foreclosure: 0.33%
7. Dayton, Ohio Portion of households in foreclosure: 0.33%
8. Dallas, Texas Portion of households in foreclosure: 0.31%
9. Fort Worth, Texas Portion of households in foreclosure: 0.31%
10. Atlanta, Georgia Portion of households in foreclosure: 0.30%
Many of the reasons cited for the high foreclosure rate revolved around loose lending practices, over development, high property taxes and insurance costs, and weak employment markets.
In Detroit, the struggles of automaker Ford have made the marketability of property in the Motor City tough.
It’s important to note that though these properties are listed in foreclosure proceedings, they are not necessarily foreclosed upon, nor will they ever be, as a certain percentage of homeowners will find resolve, and many may only have a notice of default for failing to pay their mortgage.