When we talk about foreclosure central, everyone assumes we are talking the sand states -- Las Vegas, where, in 2010, one out of every nine households received a foreclosure notice, Phoenix, or Florida. Yep, still hot foreclosure areas, but there are others out there that may surprise. These are cities where times may have been very good just a few years ago, and no bubbles can be blamed for esalting prices. Still, these areas are saturated with foreclosures.
Rick Sharga, vice president of RealtyTrac, the Irvine, Calif., company that tracks foreclosures, says the dreaded "F-word" will likely set yet another record in 2011. The number of bank repossessions could go up by as much as 20 percent this year, he says, and overall foreclosure activity will probably go up by a similar amount in places you've never dreamed of.
Charlotte on My Mind: When the Democratic National Convention heads to Charlotte, N.C., next year, it may get more economic news than it bargained for. Charlotte, with its gleaming banking centers and mere 10 percent unemployment rate, is in store for a rash of foreclosures. In fact, Charlotte was one of the state's hardest hit areas and suffered mortgage defaults from changing economic fortunes even as it grew to become the 33rd largest metro area in the nation. With a population of 1.7 million, Charlotte is expected to see one in 50 homes foreclosed on, or a 37 percent increase in foreclosures from 2009.
No Sparing Spartanburg: Looking south, Spartanburg, S.C., may be the fastest-growing region in the state but it is also has the fastest growing foreclosure rate -- a whopping 228 percent spike in filings. One in 60 homes will be served with foreclosure papers thanks to two converging#mini_module
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