The Top 10 Foreclosure Hotspots In The U.S.

We already know which states were hit hardest by last year’s foreclosure boom, but today CNN.com has a look at the 10 cities with the fastest-growing foreclosure rates in the country.

Topping the list is Spartanburg, SC, whose 1.67% foreclosure rate isn’t remarkably high, but still represents a mammoth 228% increase from the previous year. The city’s manager blames the spike on two factors: Questionable mortgages used to buy homes — especially investment homes — and job losses.

Most of the cities on the list are located in the south, more precisely in the southeast and Gulf Coast regions. York, PA, is the only town on the list located above the Mason-Dixon Line.

Also of interest: None of these cities are located in any of the five states with highest total number of foreclosures (California, Florida, Michigan, Illinois, Arizona).

1. Spartanburg, SC:
Foreclosure rate: One in 60 homes (1.67%)
Percent increase in 2010: 228%

2. Albuquerque, NM:
Foreclosure rate: One in 46 homes (2.17%)
Percent increase in 2010: 60.32%

3. Myrtle Beach, SC:
Foreclosure rate: Around one in 44 homes (2.25%)
Percent increase in 2010: 44%

4. Savannah, GA:
Foreclosure rate: One in 40 homes (2.5%)
Percent increase in 2010: 37%

5. Charlotte, NC:
Foreclosure rate: One in 50 homes (2%)
Percent increase in 2010: 37%

6. Tulsa, OK:
Foreclosure rate: One in 50 (2%)
Percent increase in 2010: 37%

7. New Orleans, LA:
Foreclosure rate: One in 57 homes (1.75%)
Percent increase in 2010: 36%

8. Virginia Beach, VA:
Foreclosure rate: One in 54 homes (1.85%)
Percent increase in 2010: 31%

9. York, PA:
Foreclosure rate: One in 56 homes (1.78%)
Percent increase in 2010: 28%

10. Mobile, AL:
Foreclosure rate: One in 56 homes (1.78%)
Percent increase in 2010: 28%

10 foreclosure hotspots [CNN]