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Housing

New Foreclosures Smash Albuquerque, Boston, Sarasota, And Cincinnati

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By Douglas A. McIntyre Published
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Foreclosures which had been delayed by the robo-signing scandal and bankrutpcy overflow in some courts have hit some housing markets with a vengeance. It is yet another examples that the crisis is primarily in a few large markets. It is the problems in these market that will have to be resolved to lift their regional economies

Foreclosures in Albuquerque, already badly damaged by a drop in home prices, rose 151% from the second to third quarter this year, according to RealtyTrac. The figure was 67% in Boston, which has traditionally been a stable market. On the east and west coasts of Florida, one of the worst markets since 2007, foreclosures rose 57% in Sarasota quarter over previous quarter, 49% in Jacksonville, 44% in Palm Bay, and 44% in Fort Myers. The sections of Florida already have so many homes in inventory that it will take years to clear them. New foreclosures will depress home values in these metro areas even more.

In terms of absolute numbers of foreclosures between the second and third quarters, in Los Angeles the number was 19,488. In San Francisco, 7,254, and in Sacramento 5,421. San Diego was also among the top 10 cities with 4,979 foreclosure starts as was Fresno with 2,174. This is further proof that the largest single pocket of troubled real estate is in central California

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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