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Foreclosure News | Foreclosure Resources

Foreclosure Problem Grows

234,685 foreclosure filings during March

April 15, 2008

By MortgageDaily.com staff


Foreclosure activity continues to be concentrated in California and Florida, though Nevada still has a serious problem. Meanwhile, filings continued to climb nationally.

Foreclosures were filed on 234,685 properties nationwide during March, RealtyTrac reported in its U.S. Foreclosure Market Report today. Filings climbed 5 percent from 223,651 in February and were 57 percent higher than 150,000 filings a year earlier.

Filings included default notices, auction sale notices and bank repossessions, according to the report, which is based on a database of more than one million properties from nearly 2,500 U.S. counties.

RealtyTrac said there was one foreclosure filing for every 538 U.S. households last month.

A report yesterday from ForeclosureS.com indicated that the first quarter foreclosure rate was nearly three out of every 1,000 U.S. households -- which approximately works out to one filing for every 330 households.

Nevada had the highest foreclosure rate, with one filing for every 139 households, RealtyTrac reported. California was next, with a foreclosure for each 204 households, then Florida, at one filing for every 282 households. Arizona followed, at one filing for every 283 households, and Colorado was No. 5, with one foreclosure filing for every 339 households.

Vermont, with one foreclosure for every 154,779 households, had the lowest rate of any state.

By sheer number of foreclosure filings, California was No. 1, with 64,711 total filings during March, the data indicated. Florida followed, with 30,254 foreclosures last month, then Ohio, at 11,273. Georgia was No. 4, with 11,047 filings, and Texas was No. 5, at 10,700.

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