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Foreclosure News | Foreclosure Resources

Foreclosures Rise

210,280 first quarter filings

April 14, 2008

By MortgageDaily.com staff

The first-quarter foreclosure rate jumped from the prior period and is nearly double the level a year earlier.

Foreclosures were filed on nearly three out of every 1,000 households during the first quarter, ForeclosureS.com reported today. Activity worsened from 2.7 filings per 1,000 households in the prior period and 1.7 foreclosures for every 1,000 households recorded in the first quarter 2007.

Filings, which include notices of default, notices of foreclosure auction and REOs, total 210,280 so far this year.

The Sacramento, Calif.-based foreclosure tracking service said it based its findings on its more than 5.5 million property listings.

With 8.9 REO filings per 1,000 households during the latest quarter, Arizona was worse than any other state, according to the announcement. Nevada was next, with a rate of 8.3 filings per 1,000 households, followed by Colorado, at 5.8 filings per thousand.

California had the most REO filings at 51,097, ForeclosureS.com said. Florida followed, with 18,055, and Arizona was next, at 16,903 filings. Then came Texas, which had 16,285, and Michigan, at 14,472.

First-quarter pre-foreclosure filings were 515,411, climbing from 264,445 a year earlier, ForeclosureS.com reported. The latest period represented 7.2 pre-foreclosure filings for every 1,000 households.

Pre-foreclosure activity was led by big increases in the Southeast and Southwest.

Nevada fared worst in the category of pre-foreclosure filings, with 24.7 per every 1,000 households, the data indicated. After that was Arizona, at 19.8 filings for every 1,000 households, followed by Florida, which filed 18.7 pre-foreclosures for every 1,000 households. Next was California, with 10.5 filings for every 1,000 households, then Colorado, at 1.7 pre-foreclosures for each 1,000 households.

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