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Foreclosure Surge Relentless

RealtyTrac reports 150,000 March filings

April 18, 2007

By MortgageDaily.com staff

Monthly foreclosure filings in Nevada increased more than in any other state. Meanwhile, six out of the 10 cities with the worst foreclosure rates were in California.

First quarter foreclosure filings totaled 410,447, soaring from 323,102 a year earlier, RealtyTrac reported today. The number includes default notices, auction sale notices and bank repossessions.

Nearly 150,000 foreclosures were filed in just March, the statement said. Filings totaled 130,786 during February. The figure was 47 percent worse than March 2006.

The national foreclosure rate was one foreclosure filing for every 775 U.S. households during the latest month, the announcement indicated.

"U.S. foreclosure activity overall is not far above historical norms," said RealtyTrac CEO James J. Saccacio in the statement. "Last year we saw a surge in foreclosures in the first quarter followed by a leveling off through the second and third quarters."

Nevada saw the biggest monthly increase -- 29 percent -- with 4,738 foreclosure filings during the month, according to the report. The state's foreclosure rate was one filing for each 183 households.

Colorado had 6,267 March filings and one new foreclosure for every 183 households, RealtyTrac continued. California's filings were up 36 percent from February to 31,434 -- more than any of its counterparts. The Golden State's foreclosure rate was one foreclosure filing for every 389 households.

"Six out of the 10 cities with the nation's highest metro foreclosure rates were located in California," the report noted. Stockton, Calif., topped the city list with one foreclosure filing for every 128 households, followed by Las Vegas with one foreclosure filing for every 139 households.

Filings in California, Florida, Michigan, Ohio and Texas reportedly accounted for half of all U.S. filings during March.

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