With our free press under threat and federal funding for public media gone, your support matters more than ever. Help keep the LAist newsroom strong, become a monthly member or increase your support today.
Home Foreclosure Rate Surged in 2007
Home foreclosures rose dramatically in the nation's largest metropolitan areas last year. Cities in California, Ohio, Florida and Michigan posted among the highest rates in the U.S., according to real estate data firm RealtyTrac.
Detroit had the highest foreclosure rate among the nation's 100 largest metropolitan areas. The region was hit hard last year by a slumping housing market and a high unemployment rate. Nearly 5 percent of Detroit homes were in some stage of foreclosure last year — 4.8 times the national average.
Stockton, Calif., had the second-highest foreclosure rate, with 4.87 percent of its households entering some stage of foreclosure during the year. Las Vegas came in third, with a foreclosure rate of 4.2 percent.
Home values in California more than tripled since 1995, but home prices began falling last year and lenders demanded higher down payments from buyers. The Riverside-San Bernardino metro area, east of Los Angeles, was fourth on the list with a 3.8 percent foreclosure rate.
Sponsor
Ohio had four areas among the top 20.
California-based RealtyTrac arrived at the figures by comparing the number of households in a metro area with the number of foreclosure filings.
Copyright 2022 NPR. To see more, visit https://www.npr.org. 9(MDA1OTI3MjQ5MDEyODUwMTE2MzM1YzNmZA004))
At LAist, we believe in journalism without censorship and the right of a free press to speak truth to those in power. Our hard-hitting watchdog reporting on local government, climate, and the ongoing housing and homelessness crisis is trustworthy, independent and freely accessible to everyone thanks to the support of readers like you.
But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
Thank you for your generous support and belief in the value of independent news.
But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
Thank you for your generous support and belief in the value of independent news.
Senior Vice President News, Editor in Chief
