Top 10 fastest-growing foreclosure cities in the U.S.

CNN.com has the foreclosure “hot spot” list, which goes a little something like this:

  1. Spartanburg, S.C.
  2. Albuquerque, N.M.
  3. Myrtle Beach, S.C.
  4. Savannah, Ga.
  5. Charlotte, N.C.
  6. Tulsa, Okla.
  7. New Orleans, La.
  8. Virginia Beach, Va.
  9. York, Penn.
  10. Mobile, Ala.

Two converging trends – unemployment and adjustable rate mortgages — are primarily to blame for the spikes in the cities mentioned above … and likely elsewhere throughout nation.

The 10 cities mentioned above, according to the report, however, have the fastest-growing rates out of the 100 worst-hit places.

To search foreclosed homes for sale in Spartanburg or anywhere else, including in your area, click here.

Comments

  1. Josh Murray says:

    we now know that the economy meltdown was NOT a real estate failure but a financial failure brought on my illegal, unethical and unregulated actions on the part of Wall Street and the Lending Community.
    Already, these lawyers have filed a mass joinder case in 2009 that remains pending against Bank of America (and Countrywide) and includes thousands of Americans. This case is now going national. These lawyers have invoked laws and procedures the banks were previously unaware of, and Bank of America is getting beat at their own game because of it. Two weeks ago, the Bank was forced to admit that it had been defrauding the government in foreclosing on mortgages nationwide. Furthermore, on October 4, 2010, the Honorable Manuel Real of the United States District Court called the Bank’s primary argument “absurd” and kicked the Bank out of Federal Court.
    These Lawsuits are Unprecedented in US History and Are Creating New Case Law!

  2. This article seems to be right on target, 2011 will be an interesting year!

  3. Mark Smith says:

    This was a wonderful article, foreclosures are projected to rise after the robo siging has back logged a tremendous amount of pending foreclosure sales.

  4. Laura Morton says:

    I expect the foreclosure mess to get worse. You have mentioned the lack of jobs and the resetting of adjustable rate mortgages as the main causes for the foreclosures. You are dead on. I would also like to add the refusal of banks to do the loan modifications in a timely fashion.

  5. Forecloures says:

    You are correct ! The bank are actually waiting many of the foreclosures out because the government is bailing them out, so why not just wait as long as possible for the market to rebound. It really is scary to see some of the things going on. Instead of the bank trying to help the people they are really only trying to help themselves.

  6. Foreclosures in Florida do not seem to be slowing down. I am surprised that none are from Florida. Perhaps the ones listed did not have a problem and not have a few foreclosures which creates growth but does not really represent the problem.

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