Economic News: CA Cities Account for 9 Of Top 10 Metro Foreclosure Rates

Will 2012 be the year that the U.S. economy solidly improves its footing or do healthy government budgets still look dicey for the year ahead? The 2012 Keating Report has now been released, and it includes analysis of federal, state, and local government budgets and spending, as well as an in-depth look at public private partnerships and government construction. Forecasts indicate that government purchases of goods and services will reach $2.99 trillion, which falls a little below levels in 2011. Of those purchases, state and local government purchases will reach $1.77 trillion and in 2013, state and local government purchases will inch back up to $1.79 trillion. Read the full report here.

And then there is the struggling housing market. Foreclosure rates have fallen in the past year, but in certain pockets throughout the nation, the numbers still remain quite high. While Nevada led the nation in the number of foreclosures, California is still in the top 5. In fact, one in every 265 housing units faced a foreclosure filing in January.

Here is how California cities stack up when it comes to foreclosures, according to RealtyTrac:

“Among cities, California was hardest hit, posting nine out of the nation’s 10 highest foreclosure rates among major metropolitan areas. Top of the list: Stockton, Calif., where one in every 140 housing units had a foreclosure filing in January. It was the fourth month in a row that Stockton had the nation’s highest metro foreclosure rate. Other metros in the top five for foreclosures included Modesto, Calif., where one in every 143 housing units had a foreclosure filing in January; Riverside-San Bernardino, Calif., one in every 164 housing units; Vallejo-Fairfield, Calif., one in every 168 housing units; and Las Vegas, one in every 172 housing units.”

Brandon Moore, CEO of RealtyTrac, commented that “Although overall foreclosure activity was down from a year ago for the 16th straight month in January, we continue to see signs on a local and regional level that the frozen-up foreclosure process is beginning to thaw.”

More on foreclosure activity can be seen here.

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