Los Angeles, CA Market Statistics and Real Estate Trends

Los Angeles, CA June 1, 2012 - Los Angeles's home resale inventories decreased slightly, with a 3 percent decrease since May 2012. Distressed properties such as foreclosures and short sales decreased as a percentage of the total market in June. The median listing price in Los Angeles went up from May to June. There were a total of 167 price increases and 662 price decreases.

Los Angeles, CA Market Snapshots *

All Homes

Single Fam. Homes

Condos

	Today	1 Month Ago	6 Months Ago	1 Year Ago	2 Years Ago
Total Inventory	2822	2914 -3%	3635 -22%	4511 -37%	4615 -39%
Median List Price	$499,000	$459,900 9%	$360,000 39%	$424,500 18%	$474,900 5%
% Distressed	13%	15%	23%	22%	24%
Median Days on Market	55	57 -4%	84 -35%	66 -17%	61 -10%
Median House Size	1536	1530	1400 10%	1420 8%	1448 6%
Median Price Per Sq. Ft.	$336	$318 6%	$268 25%	$306 10%	$338 -1%

Los Angeles, CA Market Data Chart *

All Homes

Single Fam. Homes

Condos

	7/11	8/11	9/11	10/11	11/11	12/11	1/12	2/12	3/12	4/12	5/12	6/12
Price Reductions	1103	1196	1156	1133	977	1297	907	879	809	688	662	460
Number of New Listings	1576	1636	1661	1498	1243	974	1719	1509	1476	1413	1549	1006
Listings Sold/Expired	1966	2228	1949	1939	1796	1826	1997	2012	2167	1910	2013	1207

* Historical data may be incomplete in some areas.

Los Angeles, CA Market Data Graphs

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Los Angeles, California real estate market statistics are calculated by Movoto every day from various sources so that you can stay up-to-date with trends in the Los Angeles homes for sale market. Movoto displays information on foreclosures, short-sales, and REO (real estate owned) properties in both charts and graphs so that you can see the percentage of distressed listings in Los Angeles. Movoto is your comprehensive source for Los Angeles property information. We try to display data that is as accurate as possible, but we cannot guarantee the accuracy of our statistics. The data on this page is for informational purposes only.

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Delinquent Homeowners More Negative than Underwater Group: Survey

Delinquent borrowers who responded to Fannie Mae’s National Housing Survey for the first quarter of 2012 expressed more negative viewpoints toward homeownership and paying their mortgage compared to underwater borrowers and those who have seen their home values decline. The data was collected to learn more about the attitudes of the delinquent borrower population that is oftentimes difficult to reach.

A much higher percentage of delinquent borrowers have considered stopping their mortgage payments compared to underwater borrowers and those who have seen their home values decrease. According to the survey, 41 percent of delinquent borrowers said they’ve considered giving up on making payments, while only 11 percent of those who saw their home values decrease considered stopping and 10 percent of underwater borrowers said they considered giving up as well.

Out of all groups, delinquent borrowers were also more accepting of defaulters. When asked if they thought it was okay to stop making payments if one’s house is worth less than what is owed, 23 percent of delinquent borrower said it was okay and surprisingly, only 7 percent of underwater borrowers answered yes.

Since its inception in January 2010, the Fannie Mae survey has found the attitudes of underwater borrowers are generally similar to the total mortgage borrower population, which suggests delinquency, not negative equity, is actually a greater influence on a borrower’s attitude toward default.

“Results indicate that helping keep mortgage borrowers current on their mortgage is a beneficial goal since the negative attitudes resulting from delinquency for the borrower (and those they influence) may be hard to repair and could evolve into ingrained delinquency behaviors,” said Doug Duncan, senior VP and chief economist of Fannie Mae, in a release.

When it comes to borrowers dealing with financial distress, 40 percent of delinquent borrowers said it’s okay to stop making payments if one is facing financial distress, while only 20 percent of underwater borrowers said it’s okay.

In comparison to underwater borrowers and those who have seen their home values decrease, delinquent borrowers are also twice as likely to be stressed about their ability to make payments.

For the first quarter of 2012, 82 percent of delinquent borrowers said they were stressed about making their payments, while only 41 percent of those who saw their home values decrease expressed stress and 35 percent of underwater borrowers said they were stressed.

The majority of delinquent borrowers (52 percent) are also more likely to rent than buy if they were to move as opposed to underwater borrowers (18 percent) and those who saw their home values decrease (19 percent).

Although there was little difference between delinquent borrowers and the general populations when it comes to confidence in the economy, delinquent borrowers were especially more pessimistic when asked if they believe home prices will go up. Only 23 percent of delinquent borrowers surveyed answered positively, while 30 percent of the general population said yes.

According to Fannie Mae, the reasons underwater borrowers and those who have seen a decline in the value of their home have a similar attitude to the general population is because they are still experiencing non-financial benefits of homeownership such as control, personal security, and the best environment in which to raise children.

For the survey, ,3,451 telephone interviews were conducted from January 9, 2012 to March 28, 2012 by Penn Schoen Berland .

article source:  http://www.dsnews.com/articles/-2012-06-15

The Emotional Part of Foreclosure

It’s important to acknowledge that the prospect of losing your house can be a psychological blow as well as a financial and practical one. You can’t avoid these emotional realities—you’re not a machine—but facing them can help you approach your foreclosure in as calm and rational manner as possible.

Dealing With Fear

If you’re like many homeowners, the thought of foreclosure triggers fears of ending up in the street. So let me reassure you: It just doesn’t happen like that.

Foreclosure is an orderly process. You’ll get notice before the process starts and before the house is eventually sold, if it comes to that. And these days you will most likely have at least several months after the foreclosure sale before you will actually have to move out. This is because homes put up for sale at public foreclosure auctions often fail to garner an acceptable bid. So the property ends up with the lender—which then must locate someone else who wants to buy and occupy it.

Even if the property ends up in the hands of a new owner at the foreclosure sale, in almost all states the new owner will have to give you a formal written notice to leave. Typically, you’ll have from three to 30 days. And if you don’t leave at the end of that period, the new owner will have to go to court and get an eviction order. In other words, you’ll almost certainly have enough time to make new housing arrangements.

Grieving for Your Loss

You may not have thought of it in these terms, but you are likely to go through a grieving process when faced with the loss of your house. It’s something like what you might experience if you were contemplating the loss of your marriage or career.

In her seminal book On Death and Dying, psychiatrist Elisabeth Kubler-Ross identified five stages that patients commonly experience when given a terminal prognosis. To a lesser extent, people facing the possibility of foreclosure often go through similar stages, which are:

• Denial (This isn’t happening to me!)
• Anger (Why is this happening to me?)
• Bargaining (I promise I’ll be a better person if…)
• Depression (I don’t care anymore.)
• Acceptance (I’m ready for whatever comes.)

Denial. People commonly ignore the first warning signs of impending foreclosure—the missed payment, the call from the lender, even the formal notice of default that is the prelude to a foreclosure sale. Envelopes are unopened, notices go unread, and phone messages are quickly erased. Homeowners know something bad is happening but cling to the hope that something—anything—will come along to bail them out or that they can ride out the current situation until the housing market rebounds.

Anger. When it finally dawns on them that they might actually lose their house, they become angry—with themselves, their spouse, the lender, or maybe the president of the United States. After all, it must be someone’s fault that they signed a variable interest note that would reset much higher in a year or two, or that they bought a house they obviously couldn’t afford in the hopes they could refinance their way to an affordable mortgage.

Bargaining. Anger gives way to negotiation. They tell themselves that if somehow they can avoid losing their home they will make all their mortgage payments on time, hew to a strict budget, and even get a second job, if necessary.

Depression. As the foreclosure sale draws nearer and negotiations with their mortgage servicer drag on, the reality of the possible loss of their home sets in and they may become physically ill and unable to deal with the daily grind. Each day begins and ends in fear.

Acceptance. The state of depression turns into a state of acceptance that the foreclosure is coming and must be dealt with—which results in:

• a search for new quarters
• a plan to fight the foreclosure
• a visit to a bankruptcy attorney, or
• a resolve to remain in the home as long as possible, payment free.

Avoiding the “American Dream” Trap

Owning real estate—as opposed to leasing or renting it—is commonly equated with achieving the American dream. We take for granted that owning a home is superior to renting one, especially if you have a family. Indeed, politicians and community activists are wringing their hands over the prospect of the American dream being lost for the millions of homeowners who face foreclosure.

To a large extent, we have been sold on this idea by industries that stand to benefit from a robust housing market and governments that depend on property taxes. There are, how­ever, many more important aspects to the American dream than owning a house. Democracy, freedom, public education, and economic opportunity come to mind.

Your House Is Not Your Home

You will likely have an easier time of dealing with foreclosure if you understand (and remind yourself regularly) that your house and your home are not necessarily the same thing. A home is where you and your loved ones live. It’s about your neighbors, your memories, and shelter from the storm. Your home is where you sit down to a family meal, entertain friends, and get in touch with your creative side by arranging furniture, hanging art and family portraits, or changing the wallpaper. A home is where you can relax after work or return after a trip.

In essence, home is a concept you can take with you whether you buy another house or end up renting. Sure, you would probably rather stay where you are, but the fact that you may have to move should be seen for what it is: a temporary interruption in your life from which you are certain to recover. In fact, finding a new place to live can open up new opportunities, new friends and neighbors, new community activities, and a different perspective on life.

You Are Not Your House

In the same way as your house is not your home, you are not your house. It’s deeply ingrained in our culture that the size and location of the house we live in indicate our value as human beings. For example, given the opportunity, most of us would prefer to live in a large house with a stunning view. It’s not because we need a large house—average household size has gone down just as average house size has gone up. But for most of us, a large fancy house provides the status and self-esteem we crave.

Home Ownership Is Overrated

From my own experience, and having counseled hundreds of bankruptcy clients, I believe home ownership to be vastly overrated. As you may remember from your days as a renter, renting has definite advantages. It offers freedom from the economic burdens and stress every homeowner feels when faced with the need to pay for rodent control, a new paint job, a new roof or furnace, an expensive city assessment for road improvements, increasing property tax, broken water pipes, and a variety of other problems that homeowners are naturally heir to.


If you need to relocate, get away from neighbors, or travel over long periods of time, renting gives you flexibility that you lack with home ownership. And if you want to stay put, a long-term lease is a good hedge against having to move before you are ready.

If you’re putting an inordinate amount of money into your mortgage, you quite likely are making sacrifices in other important areas of your life, such as your family’s health, your children’s education, charitable contributions, or visits to far-flung relatives, to name but a few common expenses. Living in poverty-like conditions just to remain in your house doesn’t make a whole lot of sense to me, especially if your house is worth a lot less than what you owe on it. You should think twice about holding on by your fingertips to a house that is not likely to appreciate in value any time soon and which is unlikely to ever produce much equity.

by: Stephen Elias, Attorney

Article Source:  http://www.nolo.com/legal-encyclopedia/free-books/foreclosure-book/chapter3-2.html

Percentage of underwater homeowners still growing

Underwater home image via Shutterstock.

The percentage of homeowners with mortgages who owe more than their homes are worth continued to rise during the first quarter, but only 1 in 10 of underwater homeowners are seriously delinquent on their loans, according to estimates released today by real estate search portal Zillow.

Zillow -- which looks at outstanding loan amounts on individual properties, and compares them with estimated valuations for each home that are generated by computer models -- estimates that 15.7 million homes were underwater during the first three months of the year.

That's 31.4 percent of all homes with mortgages, up from 31.1 percent during the last three months of 2011 (not all homeowners have mortgages).

Although just 10.1 percent of underwater homeowners were more than 90 days behind on their mortgage payments, that represents nearly 1.6 million homes that could eventually hit the market as distressed properties.

Numbers like that can put fear into the hearts of would-be homebuyers, since distressed properties sell at discounts that can drag down home prices. Those effects are highly dependent on individual market conditions.

Zillow estimates that nationwide, about 2.4 million underwater homeowners owe more than double what their home is worth.  In the Las Vegas metro area, 26.8 percent of homeowners with mortgages are that deeply underwater -- nearly 90,000 homes.

Percentage of mortgaged homes underwater, by market, first quarter 2012

Metro	Percentage of borrowers who were underwater Q1 2012	Percentage of borrowers who were underwater Q4 2011	Percentage of borrowers seriously delinquent (90 days or more) Q1 2012
United States	31.4%	31.1%	10.1%
New York	21.3%	20.1%	20.6%
Los Angeles	30%	28.6%	12.1%
Chicago	41.1%	39.2%	12.7%
Dallas-Ft. Worth, Texas	30.7%	29.8%	6.7%
Philadelphia	25%	23.9%	11.2%
Washington, D.C.	32.4%	32%	10.6%
Miami-Fort Lauderdale, Fla.	46.4%	47%	26.8%
Atlanta	55.2%	54.2%	8.3%
Boston	22%	20.7%	8.1%
San Francisco	30.7%	29%	9.7%
Detroit	49.8%	50.2%	6.3%
Riverside, Calif.	53.4%	52.5%	12.3%
Phoenix	55.5%	57.8%	9.1%
Seattle	39.6%	38.4%	10.2%
Minneapolis-St. Paul, Minn.	39.9%	38.9%	5.2%
San Diego	35.6%	35.2%	9.7%
Tampa, Fla.	48.3%	48.2%	18.6%
St. Louis	30.7%	31.1%	6.4%
Baltimore	31.4%	29.9%	11.4%
Denver	29%	30.2%	6.1%
Pittsburgh	16.7%	16.1%	5.7%
Portland, Ore.	34.3%	34.3%	8.2%
Sacramento, Calif.	51.2%	50.3%	9%
Orlando, Fla.	53.9%	53.8%	19.5%
Cleveland	33.9%	33.2%	9.1%
Las Vegas	71%	70.2%	14.3%
San Jose	22.7%	22.3%	10%
Columbus, Ohio	34.2%	34.4%	7.7%
Charlotte	36.6%	36.8%	10.2%

Source: Zillow

At the state level, Nevada had the highest percentage of negative equity -- 66.9 percent of homeowners with mortgages were underwater -- followed by Arizona (52.3 percent), Georgia (46.8 percent), Florida (46.3 percent) and Michigan (41.7 percent).

Negative equity "remains an issue for the housing market as a whole, and poses a risk to any recovery,"  Zillow Chief Economist Stan Humphries said in astatement. "Not only does negative equity tie many to their homes, by making homeowners unable to move when they may want to, but if economic growth slows and unemployment rises, more homeowners will be unable to make timely mortgage payments, increasing delinquency rates and eventually foreclosures."

On the other hand, nearly 40 percent of underwater homeowners were not deeply underwater, owing between 1 percent and 20 percent more than their home is worth.

Humphries said it's important to note that negative equity "remains only a paper loss for the vast majority of underwater homeowners. As home values slowly increase and these homeowners continue to pay down their principal, they will surface again."

The latest numbers from the Mortgage Bankers Association show foreclosure starts and new loan delinquencies fell during the first quarter to their lowest levels since 2007.

The MBA estimates that the delinquency rate for loans on one- to four-unit residential properties decreased to a seasonally adjusted rate of 7.4 percent of all loans outstanding at the end of the first quarter of 2012, down from 7.58 percent at the end of 2011 and 8.32 percent a year ago.

Loans originated at the peak of the housing boom continue to comprise the majority of problem loans, the group said -- 60 percent of all loans that were three payments or more past due or in foreclosure were originated between 2005 and 2007.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.Copyright 2012 Inman News

Cities with the most homes in foreclosure

Isaac Brekken / AP file

Home prices in Las Vegas, the poster child of the housing crisis, plunged by 61.8 percent from their peak in early 2006 through 2011.

By Michael B. Sauter, 24/7 Wall St.

 According to data released last week, the worst effects of the housing crisis are beginning to wind down. RealtyTrac’s latest report shows the number of foreclosures in the U.S. in April is down 13 percent to 188,780 from 219,258 a year ago. However, some of the largest cities in the U.S. continue to lag behind the rest of the country and still have long to go before the housing crash has fully run its course.

RealtyTrac published the number of new home foreclosures in April in the 50 largest metropolitan statistical areas in the U.S. Of those 50 areas, 10 had more than double the national foreclosure rate, which is one out of every 698 new homes. In California’s Inland Empire metropolitan area, the rate was more than triple that. Using RealtyTrac’s foreclosure rates and home price data from Fiserv Case-Shiller, 24/7 Wall St. reviewed the 10 metropolitan areas with the highest foreclosure rates.

The continuing high rates of foreclosures in some areas is a disturbing trend, said RealtyTrac’s vice president, Daren Blomquist. Although the national foreclosure rate appears to have peaked, the massive number of remaining properties yet to be foreclosed may continue to hurt the U.S. market in the long term, he added. The large number of new foreclosures “means that distressed property sales will continue to represent a large portion of overall sales for at least the remainder of this year, which in turn will keep a lid on any robust home price recovery,” Blomquist said.

After reviewing the markets with the highest foreclosure rates, it is clear that regions with the most foreclosures to date are the ones worst affected by the housing crisis. Seven of the 10 metro areas on this list had among the top 10 largest declines in home value from their pre-recession peaks. In six of the 10 regions, houses lost more than half their value in less than six years. In Las Vegas, home pricesplummeted 61.8 percent between the beginning of 2006 and the end of last year.

While all 10 metropolitan areas on this list have a high foreclosure rate compared to the national average, in some cities foreclosures have begun to decline, while in others they continue to increase. For example, of these regions with the highest foreclosure rates, the number of new foreclosures fell by 44 percent in Phoenix and by 66 percent in Las Vegas in one year. Meanwhile, foreclosures rose 38 percent in Miami and 59 percent in Tampa.

24/7 Wall St. spoke with Trulia’s chief economist Jed Kolko. According to Kolko, while the overall decline in home prices is the major underlying force behind these areas’ high foreclosure rates, it is the legal systems of the regions’ respective states that are affecting whether foreclosures are still rising or declining. Florida has a long foreclosure process, which involves the courts on many occasions, while Nevada’s process is much shorter and non-judicial. Florida is therefore far behind in liquidating its foreclosure inventory, while Nevada is far along the process.

24/7 Wall St. examined RealtyTrac’s latest foreclosure figures of new homes for April 2012, as well as the changes in the number of new foreclosures from a month prior and a year prior. In addition, we reviewed historical, current and projected home price changes, provided by Fiserv-Case Shiller.

These are the 10 cities with the most homes in foreclosure:

10. Orlando-Kissimmee, Fla.

•  Foreclosure rate: One in 347 homes
•  Number of homes: 942,312 (24th most)
•  Foreclosures (April 2012): 2,717 (16th most)
•  Home price decline from peak: 54.2 percent (sixth largest decline)

Median home prices in the Orlando area fell by 54.2 percent from their peak in the second quarter of 2006 through the end of 2011. Of the 50 most populous metro regions in the U.S., the Orlando-Kissimmee area has the 10th-highest foreclosure rate in April of one in every 347 homes. Orlando had 2,717 new homes in foreclosure this past April, up 12.9 percent from the 2,406 in April 2011. The forecast for the future is similarly bleak. Fiserv projects Orlando homes will continue to lose valuebetween the fourth quarter of this year and the fourth quarter of 2013, predicting a 1 percent decline in prices over that time period.

9. Chicago-Naperville-Joliet, Ill.-Ind.-Wis.

•  Foreclosure rate: One in 321 homes
•  Number of homes: 3,797,247 (third most)
•  Foreclosures: (April 2012): 11,840 (the most)
•  Home price decline from peak: 36.8 percent (12th largest decline)

From their peak in early 2007, home prices in Chicago fell 36.8 percent through the end of 2011. In April, the Chicago-Naperville-Joliet metro area had the largest number of new homes in foreclosure among the 50 largest MSAs, at 11,840. This represented an increase of 25.5 percent from April 2011 when 9,433 homes entered foreclosure. However, the number of foreclosures represents a 7.63 percent decline from March, when the Chicago area also led all metropolitan areas with 12,818 foreclosures. Another positive sign for Chicagoans: Home prices are projected to rise 6.3 percent annually through 2016, according to Fiserv.

8. Tampa-St. Petersburg-Clearwater, Fla.

•  Foreclosure rate: One in 315 homes
•  Number of homes: 1,353,158 (17th most)
•  Foreclosures: (April 2012): 4,295 (eighth most)
•  Home price decline from peak: 48 percent (eighth largest decline)

Residents of the Tampa, Fla., metro area watched the median home price in the region fall to $137,000 in the fourth quarter of 2011 — a 48 percent drop from its peak. The region recorded 4,295 foreclosures in April 2012. To make matters worse, that number is up from the April 2011 figure. Last April, only 2,701 new area homes were in foreclosure, meaning that foreclosures increased by 59 percent the past year. One in every 315 homes in this MSA had a foreclosure start this past April.

7. Phoenix-Mesa-Scottsdale, Ariz.

•  Foreclosure rate: One in 313 homes
•  Number of homes: 1,798,501 (12th most)
•  Foreclosures: (April 2012): 5,755 (sixth most)
•  Home price decline from peak: 56 percent (third largest decline)

Home prices in the Phoenix region — the country’s twelfth-largest metropolitan area by housing units — declined by 56 percent from their 2006 peaks through the end of 2011. Although this accounted for the third-largest decline in home prices among all metropolitan areas, the Phoenix region posted a 22.64 percent decline in foreclosures from March, as the number of new foreclosed homes fell from 7,439 to 5,755. Likewise, in the last year, the number of foreclosure starts in the area fell by 44.44 percent, from 10,358 in April 2011 to 5,755 this past April.

6. Salt Lake City, Utah

•  Foreclosure rate: One in 309 homes
•  Number of homes: 410,031 (first least)
•  Foreclosures (April, 2012): 1,326 (23rd least)
•  Home price decline from peak: 19.3 percent (25th largest decline)

Home prices in the Salt Lake City area declined by roughly 20 percent from their peak in 2007 to the fourth quarter in 2011, which is a modest decline compared to other regions on this list. Nevertheless, foreclosure rates were higher than all but five of the largest metros in the country. Compared to the 1,406 foreclosures in April 2011, April 2012’s foreclosures declined by 5.7 percent. This metro area is one of the few on the list that analysts are bullish about; home prices are projected to increase by 9.5 percent from this year’s fourth quarter to the fourth quarter in 2013.

5. Atlanta-Sandy Springs-Marietta, Ga.

•  Foreclosure rate: One in 298 homes
•  Number of homes: 2,165,495 (ninth most)
•  Foreclosures: (April 2012): 7,271 (fourth most)
•  Home price decline from peak: 35 percent (14th largest decline)

As of the fourth quarter of 2011, home values in Atlanta fell by 35 percent from their peak. The Atlanta area has the ninth highest number of housing units of any region on the list, at 2,165,495, and the median price of these homes was just $110,000 in the fourth quarter of 2011. To make matters worse, the area’s April 2012 foreclosure figure was a staggering 7,271 homes — the fourth most among the nation’s largest cities. Things may be on the upswing though as the number of homes in foreclosure fell by 11 percent from the prior month.

4. Sacramento-Arden-Arcade-Roseville, Calif.

•  Foreclosure rate: One in 277 homes
•  Number of homes: 871,793 (23rd fewest)
•  Foreclosures: (April 2012): 3,147 (12th most)
•  Home price decline from peak: 54.7 percent (fifth largest decline)

The first California metro area on this list, the Sacramento-Arden-Arcade Roseville area, had one in 277 homes in foreclosure in April. With home prices down 54.7 percent from their high at the end of 2005, the Sacramento area registered the fifth-largest decline in home prices. The area had the 12th-most foreclosures in the U.S. However, foreclosures are down by 39.01 percent from last year, when April 2011 had 5,160 homes in foreclosure. Additionally, the number of foreclosures also decreased by 26.7 percent from the previous month, from 4,294 to 3,147. Fiserv expects home prices in the area to rise 6.3 percent annually through the fourth quarter of  2016.

3. Miami-Ft. Lauderdale-Pompano Beach, Fla.

•  Foreclosure rate: One in 273 homes
•  Number of homes: 2,464,417 (fifth most)
•  Foreclosures: (April 2012): 9,031 (3rd most)
•  Home price decline from peak: 54.2 percent (seventh largest decline)

The Miami metro region topped all  Florida regions in the number of new foreclosures. It also ranks third in new foreclosure rates among the 50 largest metros with 9,031 foreclosures in April, 2012 — a rate of one in 273. While foreclosures in the area decreased between March 2012, and April 2012, to the tune of 9.2 percent, the future appears gloomy. Prices in this region are forecast to fall another 3.8 percent between the fourth quarters of 2012 and 2013.

2. Las Vegas-Paradise, Nev.

•  Foreclosure rate: One in 249 homes
•  Number of homes: 840,343 (22nd fewest)
•  Foreclosures: (April, 2012): 3,378 (10th most)
•  Home price decline from peak: 61.8 percent (the largest decline)

Home prices in Las Vegas, the poster child of the housing crisis, plunged by 61.8 percent from their peak in early 2006 through 2011 — the greatest decline of any of the nation’s 50 largest metros. Although new foreclosures in the Las Vegas-Paradise region declined by 66.1 percent to 3,378 over the past year, the number of foreclosures in April represents a slight increase over March, when 3,301 new homes were in foreclosure. Making matters worse, prices are expected to fall by another 3.3 percent between the fourth quarter of 2012 and the fourth quarter 2013, according to Fiserv.

1. Riverside-San Bernardino-Ontario, Calif.

•  Foreclosure rate: One in 213 homes
•  Number of homes: 1,500,344 (14th most)
•  Foreclosures: (April, 2012): 7,049 (fifth most)
•  Home price decline from peak: 56.6 percent (second largest decline)

As of the fourth quarter of 2011, prices in the Riverside metro area fell by 56.6 percent from their peak, the second largest drop among top-50 metros. In addition, this region is first in terms of the current foreclosure rate, at one in 213. While the number of homes (1.5 million) ranks 14th of the 50 largest regions, the area’s new foreclosure count for April 2012, reached 7,049 — fifth highest overall. It appears, however, that the situation is improving; between March 2012 and April 2012, foreclosures dropped 10.8 percent.

article source:  http://bottomline.msnbc.msn.com/_news/2012/05/25/11864093-cities-with-the-most-homes-in-foreclosure