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One in every 257
houses in Atlantic City had a foreclosure filing last month,
more than four times the national average, said RealtyTrac,
which tracks housing market trends.
Foreclosure activity in the seaside city rose 14 percent in
October from the previous month, driven by a 26 percent spike in
foreclosure starts, when properties begin a foreclosure action
for the first time.
Atlantic City's total foreclosure activity soared 134 percent
from a year ago.
The city and surrounding area are still reeling from the closure
of four of Atlantic City's 12 casinos last year. The closings
led New Jersey's Atlantic County to lose a higher percentage of
jobs than any other major U.S. county in 2014.
Columbia, South Carolina, and Trenton, New Jersey, had the
second and third highest foreclosure rates for the month,
respectively, among U.S. metropolitan areas with a population of
200,000 or more.
Overall, U.S. foreclosure activity increased 6 percent from
September, but was still 6 percent lower than in the same month
a year ago, the data showed. Foreclosure filings were reported
on 115,134 properties for the month, or one in every 1,147
housing units nationwide.
More than 48,600 properties had foreclosure starts in October,
causing a 12 percent increase in total U.S. foreclosure starts,
the biggest monthly jump since August 2011.
Among U.S. states, Maryland had the highest foreclosure rate in
October, with a filing for one in every 466 housing units. North
Dakota, where there were just eight foreclosure filings in
October, had the lowest rate at one for every 40,589 homes.
(Reporting by Hilary Russ, editing by G Crosse)
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