The Real Deal Miami

Impact of foreclosure crisis varies by region

July 31, 2009 12:37PM

The number of properties to receive foreclosure notices in the U.S. reached 1.5 million in the first half of the year, a 15 percent increase from figures a year ago, Bloomberg reported, and that number is expected to rise in unexpected places. “We still see very high levels of activity in the states that were hardest hit in the first place,” said Rick Sharga of RealtyTrac, adding that new regions have started feeling the foreclosure burn. “We’re starting to see areas, particularly in the midwest, that have not been foreclosure hotspots popping into the top of the rankings.” Las Vegas saw the highest rate of foreclosure in the first half of the year, with 7.5 percent of households receiving notices, said Bloomberg’s Vera Gibbons. Cape Coral-Fort Meyers and Phoenix followed, with 7.2 percent and 4.4 percent, respectively.