Las Vegas had the highest overall rate of foreclosure filings, with 4.5 percent of households receiving a default or auction notice or being seized by a lender. California had 13 cities among the top 25 with the highest rates. Florida had eight while Nevada and Arizona each had two, according to Irvine, California-based RealtyTrac, a seller of default data.
Florida’s jobless rate jumped to a record 9.7 percent in March. The state’s Cape Coral-Fort Myers area was third on RealtyTrac’s foreclosure list with 3.9 percent of households receiving a notice. Port St. Lucie ranked 10th.
ResMAE Mortgage Corp. had the highest default rate among lenders that originated California loans from August to November 2006, with almost 70 percent resulting in a default notice. The default rate was 65 percent at Master Financial and 64 percent at Ownit Mortgage Solutions.
IndyMac Bancorp Inc., seized by federal regulators last July, had a default rate of 19 percent on California loans made in that period, according to MDA DataQuick. World Savings, bought by Wachovia Corp. which was in turn acquired by Wells Fargo & Co., had a default rate of 8 percent.
The default rate was 7.7 percent for Countrywide, bought by Bank of America Corp.; 6.3 percent for Washington Mutual, acquired by JPMorgan Chase & Co.; and 3.4 percent for Wells Fargo. The rate was less than 1 percent for Citibank and Bank of America, MDA DataQuick said.
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Filed under: Green Building, Green Pensacola Tagged: | Foreclosures
