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Calif. ranked in top 4 for foreclosures

April 22, 2009 8:15:39 AM PDT
Riverside is one of six California cities that have some of the nation's highest foreclosure rates. According to a new report, California, Nevada, Arizona and Florida are the states with the worst foreclosure rates.A RealtyTrac report says nearly 804,000 American households received at least one notice of foreclosure in the first three months of this year.

Home prices continue to decline in part because willing buyers are having a hard time getting loans.

At the top of the list of metropolitan areas with the worst foreclosure rates include Las Vegas, Nevada, followed by Merced, California and Cape Coral-Fort Myers, Florida. Stockton and Riverside are also in the top five.

Modesto, Bakersfield and Vallejo-Fairfield are ranked 6, 7 and 8 respectively, and the list ends with Phoenix, Arizona and Port St. Lucie, Florida.

Unemployment rates are high in all the troubled areas, and that is expected to fuel the housing crisis through the rest of this year.


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