Foreclosures Hit High in Warm Climes

CNNMoney tells MHProNews while Las Vegas has the record for the worst foreclosure rate in the country, the following cities had the fastest-growing rate in 2010. Spartanburg, South Carolina had a foreclosure rate of one in 60 homes, a 228% increase in 2010, due to questionable mortgages and unemployment that hit 12.7 percent in 2009, dropping to 10.9 percent the following year. One of the fastest-growing metropolitan areas in the country over the last ten years due to the draw of warm weather and job growth, Albuquerque, New Mexico had a foreclosure rate of one in 46 homes, a 60.32% increase in 2010. The recession hit hard, causing a 13 percent drop in construction jobs, and leaving the city with an 8.6% unemployment rate last November. With a foreclosure rate of 44% in 2010 (down from 446% in 2009), Myrtle Beach, South Carolina was in third place, largely because the vacation dollar fell during the recession and many of the foreclosures were second homes. Unemployment was at 11.8 percent last November. Rounding out the top five are Savannah, Georgia with a 37% increase in 2010, and Charlotte, North Carolina also with a 37% rise in 2010.

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