10 Worst Cities For Foreclosures in 2010

It isn't the sort of list you'd want to be on - but having more foreclosures than anywhere else in the country, is a badge of something.

RealtyTrac published its latest list of foreclosure horrors, and these 10 cities (or metro areas) topped the list for most foreclosures in 2010:

1. Las Vegas/Paradise, NV
2. Cape Coral/Fort Meyers, FL
3. Modesto, CA
4. Phoenix/Mesa/Scottsdale, AZ
5. Miami/Fort Lauderdale/Pompano Beach, FL
6. Riverside/San Bernardino/Ontario, CA
7. Stockton, CA
8. Merced, CA
9. Orlando/Kissimmee, FL
10. Vallejo/Fairfield, CA

What does that say about what's going on in Las Vegas? Well, while you might think it's an amazing time to buy a home (what with all the inventory available), the lack of jobs, flat casino growth (Las Vegas gambling revenue was $10.2 billion in 2009 and isn't expected to reach $12.5 billion until 2014), and dramatic slowing of population growth is simply a reflection of a very sick housing market.

I hear regularly from folks in Las Vegas, Atlanta, and Phoenix who tell me that they feel as though they're watching their home prices drop every time they step out the front door. And, they might be. The latest Case/Schiller housing index numbers showed home prices falling in most of the U.S. market at the end of last year. And whether you believe the index is a good housing indicator or not, a double dip in housing prices isn't good for homeowners, the neighborhoods in which they live or the economy at large.

The 10 cities with the fewest foreclosures were:

1. Lubbock, TX
2. Buffalo/Niagara Falls, NY
3. Albany/Schenectady/Troy, NY
4. Lincoln, NE
5. Tuscaloosa, AL
6. Syracuse, NY
7. College Station/Bryan, TX
8. Charleston, WV
9. Burlington/South Burlington, VT
10. Utica/Roma, NY

Metro Areas With the Most Bank Repossesions (REOS):

• Phoenix/Mesa/Scottsdale: 55,372 REOs, up 17 percent from 2009
• Chicago/Naperville/Joliet: 45,555 REOs, up nearly 20 percent from 2009
• Detroit/Warren/Livonia: 43,541 REOs, up 19 percent from 2009
• Miami/Fort Lauderdale/Pompano Beach: 42,630 REOs
• Atlanta/Sandy Springs/Marietta: 38,535 REOs

"Foreclosure floodwaters receded somewhat in 2010 in the nation's hardest-hit housing markets," said James J. Saccacio, chief executive officer of RealtyTrac, in a press release announcing the study results. "Even so, foreclosure levels remained five to 10 times higher than historic norms in most of those hard-hit markets, where deep faultlines of risk remain and could potentially trigger more waves of foreclosure activity in 2011 and beyond. Meanwhile foreclosures became more widespread in 2010 as high unemployment drove activity up in 72 percent of the nation's metro areas -- many of which were relatively insulated from the initial foreclosure tsunami."

More on MoneyWatch:

• Tea Party on Foreclosure: They Bought Houses They Couldn't Afford
• Tea Party: Renters Shouldn't Vote
• Report Shows 2010 Was Record Year for Foreclosures
• Foreclosure Lawsuit Upset: Court Rules Against Wells Fargo and US Bancorp
• FHA's Reverse Mortgage Standards Get Tougher in Response to Increased Delinquency
• Pending Home Sales Up in November, Realtors Provide Economic Forecast for 2011
• Top Remodeling Trends for 2011
• Housing Prices Rebounding Here
• Tea Party: Don't Let Renters Vote
• Are You Getting Screwed by Your Lender?
• Help For Homeowners: 4 Million Homeowners Ask For Help
• Foreclosure Process Shows Mortgage Lending Isn't The Only Problem
• What Does Main Street Know That Wall Street Doesn't?
• Real Estate Crisis Continues - Non-Residential Construction to Fall 20% by End of 2010
• Jobs, Small Businesses, Payrolls, and the Economy
• Loan Modification Hell: New Solutions To Avoid Losing Your Home

Ilyce Glink

Ilyce R. Glink is an award-winning, nationally-syndicated columnist, best-selling book author and founder of Best Money Moves, an employee benefit program that helps reduce financial stress. She also owns ThinkGlink.com, where readers can find real estate and personal finance resources.

Twitter