Foreclosure Crisis Continues To Spread

Irvine, CA, Oct. 28, 2010 -- The foreclosure crisis became more severe across a majority of large U.S. metropolitan areas this summer, according to tracking firm RealtyTrac.

California, Nevada, Florida and Arizona were at the top of the list, accounting for 19 of the top 20 metropolitan areas between July and September, RealtyTrac Inc. said Thursday.

However, many of the metro areas in those states saw a decline in the number of households receiving foreclosure-related filings, while many cities in other states saw a spike in foreclosure activity.

"The epidemic is spreading from the states at the ground zero of the foreclosure problems out into areas that hadn't been previously affected," said Rick Sharga, a senior vice president at RealtyTrac.

In all, 133 out of 206 metropolitan areas with at least 200,000 residents posted an annual increase in foreclosure activity in the three months ended September 30, RealtyTrac said.

Economic problems like unemployment continue to be the main drivers of foreclosures this year.