Many people who fall behind on their mortgages never catch up. In these markets, the problem is especially bad.
The foreclosure crisis is far from over, and new statistics show that in many cities it's bound to get worse before it gets better. In cities like Las Vegas, Nev.--where 10% of all home loans are 90 or more days delinquent--a new wave of foreclosures is likely to occur in coming months.
Las Vegas ranks at the top of our list of Riskiest Cities for Homeowners, but it's not alone in its troubles. In hard-hit housing markets like Orlando, Fla., Riverside, Calif., and Memphis, Tenn., thousands of homeowners are risking foreclosure. Overall, 7% of all loans are at least 90 days delinquent in the 10 riskiest cities in America--considerably more than the 4.4% average delinquency rate across the country's 100 biggest metros.
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