During the first quarter, foreclosures have jumped sharply across the nation’s top urban markets, according to a PropertyShark.com report released to CNBC.
In Miami, foreclosures are up nearly 31%, in Los Angeles 24%, and in New York City, up 56%, the website said. Properties in the borough of Queens accounted for the bulk of the New York foreclosures, jumping 91% alone.
Miami experienced the highest quarterly foreclosure rate per household. In Miami-Dade County, there were 987 residential auctions in the first quarter, which translates into 127 foreclosures per 1,000 households. Miami typically has foreclosure rates higher than the national average because it attracts investors that buy into properties before they’re developed with hopes of flipping them later at a profit.
And here's more:
The percentage of mortgages in default rose to 2.87%, surpassing the worst levels following the 2001 recession.
“The news is unremittingly bad,” CNBC's Steve Liesman said Tuesday. “Delinquency rates were up in 44 of the 50 states.”
The only states where delinquencies didn’t increase were Kansas, Kentucky, Montana, North Dakota, South Carolina and Utah.
The states with the highest delinquency rates are:
West Virginia, 3.83%
It's important to remember we're on the front end of a recession. That means these numbers are that much worse.