Fox Business News has ranked the top 20 metro areas with the highest foreclosure rates. As I’ve been saying for awhile now, we won’t be able to declare a bottom to the housing market until the foreclosure rates are not a significant percentage of the total sales. The photos they include in this Top 20 are kinda ridiculous though. I don’t think any of these are from the area they are highlighting (the area codes on the year signs don’t match). Poor Modesto, they get a photo with law enforcement going up to the home. What is that supposed to mean??
I’ll be doing the July statistics for our area over the next few days so check back to see the current state of the market on the Central Coast.