Approximately 124,720 properties in the Phoenix metro area were hit with foreclosure last year, which means that one out of every 14 homes in the state fell victim to the foreclosure proceedings. The Phoenix Business Journal reported that these numbers are based on the Year-End Metropolitan Foreclosure Market Report by RealtyTrac. The report ranks 206 markets by the percentage of total housing units hit with foreclosure filings.
Phoenix was ranked as the metro area with the fourth highest foreclosure rate in 2010. It might not be too surprising that Las Vegas had the nation’s highest foreclosure rate last year, followed by the Cape Coral/Fort Myers, Florida area and then the Modesto, California area.