(RTTNews) - The housing crisis took a severe toll on 25 of the largest U.S. cities from January - October 2008, as foreclosure sales nearly tripled in that period. A recession, rising unemployment, and plunging home values forced many homeowners to default on their mortgages.
The data released Tuesday came from Radar Logic Inc., a real estate data company based out of New York.
By the end of October 2008, only one of the 25 cities, Milwaukee, saw home prices increase from October 2007. The remaining 24 saw home prices decrease, boosting foreclosures.
In addition over half of the cities saw their largest year over year declines since RadarLogic began tracking data in January 2000. 5 cities, Detroit, Las Vegas, Phoenix, San Diego and Seattle, saw their largest month-over month declines. For the month of October alone, the cities lost an average of 2.7 percent, the largest decline for the month of October since 2000.
From January - October 2008, the volume of motivated sales, or sales in the form of foreclosure auctions and banks selling homes taken over for non-payment, soared 193 percent. In contrast, conventional sales were up only 6 percent in that period.
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