DC Metro Area Has Nation's 23rd Highest Rate of Foreclosure

• January 22nd 2009

by Will Smith

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Foreclosure website RealtyTrac has published its 2008 report of foreclosure activity around the US, including a ranking of the country’s top 100 metropolitan areas by rate of foreclosure. The metropolitan area of Washington/Arlington/Alexandria ranked 23rd on the list, with a foreclosure rate of 2.97%, meaning that about 1 in every 34 housing units received a foreclosure filing last year.

While this is above the national average of 1.84%, it is well below areas like southern California, Las Vegas, Phoenix, and Florida that top the national list. 9.46% of the housing stock in first-place Stockton, California — 1 in 11 properties — received foreclosure filings last year. Las Vegas came in second with a 8.89% foreclosure rate, and Riverside/San Bernadino, California was third with a rate of 8.02%. (See the announcement for the full list.)

The area defined as Bethesda/Frederick/Gaithersburg was number 60 on the list with a 1.37% rate of foreclosure, well below the national average.

One wonders where on the list Prince William and Loudoun counties would have fallen. Some neighborhoods in those areas have been ravaged by foreclosures (though thankfully there is recent speculation that those markets have finally bottomed).

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc_metro_area_has_nations_23rd_highest_rate_of_foreclosure/467.