MERCED, Calif. (AP) - A new report shows that Merced County has the dubious distinction of leading the state in the percentage of homes in foreclosure.
According to RealtyTrac Inc., one out of 10 houses in the county - or 8,291 homes - is in foreclosure, which was the highest rate in California in 2008.
Two other San Joaquin Valley counties rounded out the top three. San Joaquin County ranked second with 9.46 percent - or 21,127 - of its homes in foreclosure, and Stanislaus County was third with 8.9 percent of properties - 14,883 - owned by the bank.
In Merced County, the number of filings in 2008 jumped by 122 percent over 2007.
According to the report, 523,624 properties are in foreclosure statewide.
Information from: Merced Sun-Star, http://www.mercedsun-star.com
(Copyright 2009 by The Associated Press. All Rights Reserved.)