Housing Headaches: The Cities With The Most Foreclosures
Foreclosures are still a major problem in the United States. In fact, as Business Insider reports, foreclosure data from RealtyTrac shows that one in every 905 U.S. homes received a foreclosure filing in April. While these numbers have dropped significantly—23 percent from a year ago—there are pockets of America that continue to get hit hard with foreclosures.
Business Insider listed the 14 metro areas with the highest foreclosure rate.
On the list were such cities as Chicago-Naperville-Joliet and Myrtle Beach, Florida. Ohio made a few appearances on the list as well, including Cincinnati, Cleveland, Toledo and Akron. In that last city, one in every 211 homes received a foreclosure filing in April 2013. There are currently 1,481 properties in foreclosure. This represents a 97.99 percent increase from March and an 146.83 percent boost from last year. In Columbia, SC, 1 in every 415 homes received a foreclosure filing in April 2013. Some 789 properties had foreclosure filings. This marked a whopping 210.63 percent increase from March and an 189.01 percent boost from April 2012.
Miami-Fort Lauderdale-Pompano Beach also made the list. In April 1 in every 269 homes received a foreclosure filing. The total properties in the area with foreclose filings were 9,127. Here, there was a drop—17.61 percent–from March but 1.06 percent increase from the previous year.
The crisis is pronounced across the board, with the impact hitting the level of wealth among African Americans particularly hard. The level of homeownership in this country has hit the lowest point since 1995, according to Reuters, to 65.2 percent. Among the banks with the most foreclosures, says The Huffington Post, are SunTrust, PNC, and HSBC. HSBC, for instance, has 16,317 homes in foreclosure with 60 percent of them “seriously under water.” That bank reached a $249 million settlement earlier this year after complaints that the bank wrongly foreclosed on tons of homes.