Richard Florida
by Richard Florida
Sat Jan 29th 2011 at 11:00am UTC

Foreclosures Still Concentrated in Sunbelt Cities

The economic fallout from the nation’s housing crisis continues to be geographically concentrated. New figures on foreclosure rates for 2010 from RealtyTrac show that Sunbelt metros continue to see the highest levels of foreclosure in the nation.

Miami tops the list with more than 171,704 foreclosures followed by Phoenix with 124,720 and Riverside with 101,210. The map above prepared by Zara Matheson of the Martin Prosperity Institute shows the 20 metros with the highest total number of foreclosures based on the RealtyTrac data.

And, 19 of the 20 metros with the highest foreclosure rates are located in just three Sunbelt states –  Nevada, California, and Florida. In Las Vegas, a staggering one in 10 housing units (10.88 percent) went through foreclosure in 2010.

Unfortunately, foreclosure rates were up in nearly three-quarters (72 percent) of the 206 metros  tracked by RealtyTrac.  But, foreclosure activity was down in the 10 metros with the highest foreclosure rates, which could be a signal that the worst of the housing crisis is finally past.

4 Responses to “Foreclosures Still Concentrated in Sunbelt Cities”

  1. Michael Wells Says:

    While California & Florida are the hardest hit, the impacted areas are different. In California, the hardest hit are small to medium sized cities of the Central Valley that are a mixture of agricultural and long distance commuting – Bakersfield, Merced, Modesto, Stockton (and if it were the top 25, Fresno & Visalia). Rich in farmland but not much else, the Valley has always been more depressed that the big coastal metros of LA & San Francisco/San Jose. The bulldozing for farms for subdivisions has completely changed the Valley’s culture, but the State’s action has always been SF & LA.

    In Florida, the big cities – Miami, Tampa, Orlando – are hard hit. While I’ve been there, I’m not as familiar with them, but it seems to me that this has much more impact on the state’s overall economy and especially the creative class centers.

  2. Wil Says:

    The Midwest is the new frontier in the USA. The area between the Rocky mountains, and the Mississippi River will experience good growth, and offer lots of opportunity for the next ten to twenty years. The cool coastal cities are finished for the time being. The ruined real estate environment of the the hard hit cool cities will take along time to recover.

  3. Skip Niemiec Says:

    Isn’t it time we design and build/remodel new urban rental communities with smaller, more efficient flex-space floor plans that can rent for less, and allow a variety of lifestyles?

  4. runescape Says:

    Skip Niemiec, exactly. The only kind of real estate that is built in my town is either blocks of cookie-cutter houses or luxury apartments both of them being extremely overpriced given the location/quality of a building. No wonder most foreclosures happen in newly built communities as the consumer is always looking for a bigger and bigger house while you could have had the same lifestyle in a house that’s two times smaller.That’s just blind consumerism