Milwaukee area avoids worst of the foreclosure crisis

In 2010 2.11 percent of the housing units in the metro Milwaukee area received a foreclosure filing, which ranks 73rd of the nation’s 206 largest metro areas, according to Irvine, Calif.-based RealtyTrac.
The 13,827 foreclose filings in the Milwaukee area during 2010 were up 9.93 percent compared to 2009, and were up 35.81 percent compared to 2008.
However some markets are in far worse shape. Las Vegas led the nation’s metro areas with 10.88 percent of its housing units receiving a foreclosure filing in 2010. Second worse was the Fort Myers area in Florida, where 8.4 percent of the housing units received a foreclosure filing last year.
The rest of the top 10 worst foreclosure markets is dominated by California, Florida and Arizona markets. They include: Modesto, Calif.; Phoenix; Miami; Riverside, Calif.; Stockton, Calif.; Merced, Calif.; Orlando and Vallejo, Calif. All of those markets had more than 6 percent of their housing units receive a foreclosure filing in 2010.
Milwaukee’s 2.11 percent rate is below the national average of 2.23 percent, according to RealtyTrac.

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