1. MIAMI, FLORIDA   This market leads off as the worst in the country with a delinquency rate of almost 29%.  Encompassing Miami, Fort Lauderdale as well as West Palm Beach, a whopping twenty five percent of all mortgages are either ninety days past due or worse.  Miami itself has one fifth of its mortgages in foreclosure or have been converted to REO.  

2. LAS VEGAS, NEVADA   What happens in Vegas doesn’t always stay in Vegas.  If you placed your bet here on one of the many high-rise condo buildings off the strip you may be one of the unlucky ones who lost their shirt with that wager.  Sin City mortgages in foreclosure or converted to REO are just over 10% and a delinquency rate of 21% 

3. RIVERSIDE, CALIFORNIA   The explosive growth is now just a distant memory.  Riverside has a delinquency rate of 19%, with a rate of just under 8% of all mortgages either in foreclosure or real estate owned. 

4. BAKERSFIELD, CALIFORNIA  Values are down and the delinquency rate is up at 16% in this city just north of Los Angeles.  Here there are 6.4 % of mortgages in foreclosure or have been converted to real estate owned.  

5. DETROIT, MICHIGAN  It comes as no surprise to anyone that Motown finds its way on the top ten list with a delinquency rate of just about 16%.  Here foreclosures and real estate owned have 6.6% of all mortgages in the metropolitan area. 

6. PHOENIX, ARIZONA  The heat is on in this desert city with a delinquency rate of 13%.  At least it doesn’t get shut down by snowstorms. 

7. FRESNO, CALIFORNIA  Fresno has 5% of mortgages in foreclosure or converted to real estate owned and a delinquency rate of 13%. 

8. ATLANTIC CITY, NEW JERSEY  Do you see a trend here with gambling?  Atlantic City has a delinquency rate is 12.4%.  

9. SACREMENTO, CALIFORNIA  The capital of “The Golden State” has a delinquency rate 12.3% just behind Atlantic City. 

10. LOS ANGELES, CALIFORNIA  This isn’t the first downturn in housing for Tinseltown.  This sprawling city is struggling with a delinquency rate of 12%.

Wherever you live one thing is certain, large numbers of foreclosures will not be a thing of the past anytime soon.  There are many who argue there awaits yet another significant number of foreclosures looming just ahead.   It’s hard to dispute that fact when confronted with the information above and more bleak news awaits.  If you are currently experiencing a difficult time and are looking for a solution visit http://www.knoxvillestopforeclosure.com/

The inventory of single family homes including condominiums and townhomes which are listed on multiple listing services rose to almost 5% in the top 30 metropolitan areas in the month of February.   Although this was small increase from January, the figure dropped significantly by about 20% from 2009 levels.  Readers should be mindful the exact figure is likely to be considerably more since the numbers of foreclosed homes may only be about half of the true number on the MLS.  Some industry analysts warn housing inventory could in fact be much higher than what is being reported and this big number of unsold homes could be a serious problem for any recovery in the housing market.  Insiders warn there are many more properties teetering on the edge of default or are already in the process of foreclosure but not yet listed for sale as lenders may be holding back placing all their real estate owned on the market to keep prices from tumbling even further.

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REO (Real Estate Owned) property is bank owned property which has not been sold at a foreclosure auction for one reason or another.  As a result, ownership reverts back to the lender.  The Federal Reserve reports that each REO property costs lenders an average of $80,000.  Since this money is now required by regulations to be held in reserve, the company that made the loan now has it frozen in their bad asset column and cannot lend on it.   

For real estate investors, Real Estate Owned by lending institutions have a real potential for profit if the amount of rehabbing isn’t too significant.  The problem with some of these properties is they may have been vacant for a long period of time which usually means some vandalism or if there was very little or none, the previous owner may have lacked the resources necessary to make regular repairs and maintenance on the property.  For the savvy investor who can quickly evaluate a property to determine rehab costs, this is an excellent time to make some very nice profits from the REO market.