California leads nation in commercial bankruptcies in 2009

09:30, April 02, 2010      

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Commercial bankruptcies in the United States have registered a 52 percent increase in 2009 over the previous year, with California leading the way in the number of filings, a report released by Equifax Thursday said.

Nationwide, total commercial bankruptcies rose from 77,638 in 2008 to 117,659 in 2009, which is evident that the number has kept increasing when the United States posted an all-time low of 32,293 filings in 2006, according to the report.

California remains the most negatively affected state with seven metropolitan statistical areas among the 15 areas with the most commercial bankruptcy filings during fourth quarter, down from eight at the end of third quarter. Los Angeles, Riverside/San Bernardino and Sacramento Metropolitan areas, all in California, continued to lead the nation in filings as they did at the end of both the second and third quarters last year.

"Commercial bankruptcy filings continue at record levels," said Dr. Reza Barazesh head of North American research for Equifax's Commercial Information Solutions division. "The slowing of the rate of increase does not diminish the effects of filings continuing at such high levels. And, the shifts in those areas with the most filings show that no part of the country is immune to the lingering effects of the recession."

However, viewing the data on a quarterly or month-over-month basis shows that while the total numbers continue very high, the rate of increase is slowing. For example, fourth quarter 2009 filings of 28,352 were not that much ahead of fourth quarter 2008' s 25,140 filings.

Aside from California, other areas have also been hit hard by bankruptcies in the fourth quarter. These areas include: Denver, Colorado; Portland, Oregon; Seattle, Washington; New York and Houston, Texas.

Source:Xinhua

(Editor:intern1)

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