The ‘sun belt’ cities account for most of the metropolitan areas with the highest levels of foreclosures in the USA during the first quarter of 2009, new data has indicated.

A study by homes research firm RealtyTrac has shown that the 26 cities containing populations exceeding 200,000 with the highest rates of repossession were in the states of Florida, California, Arizona and Nevada.

Those seeking property in the USA through the foreclosed bargain route may consider Las Vegas, which saw filings posted on 4.48 per cent of homes during the first three months of the year, the highest figure for any city.

Merced in California and Cape Coral-Fort Myers in Florida were second and third respectively.

Such trends and the accompanying impact on prices has already started enticing investors in property in the USA, noted RealtyTrac’s chief executive James Saccacio.

He stated: "Sales activity appears to be increasing in some of these markets as home prices have fallen to levels that are attractive to first-time homebuyers and investors."

Earlier this month, president Barack Obama stated that there will be more foreclosures to come in the months ahead as the effects of the recession continue to be felt.

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