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REOs Double from 2007

0.7% April foreclosure rate

June 2, 2008

By MortgageDaily.com staff

The monthly rate of real estate owned doubled from 2007, and the rate of serious delinquency and foreclosure filings was up by nearly the same level, a new report indicated. While Florida and California continued to rank among the five states with the highest rates of delinquency and foreclosure, five other states had worse REO rankings.

The national rate of serious delinquency, which includes mortgages past due at least 90 days, was 4.0 percent in April, according to data provided by First American CoreLogic to MortgageDaily.com. A year earlier, serious delinquency was 2.1 percent.

Florida had the highest April delinquency rate at 7.0 percent, followed by Nevada, with a 6.8 percent rate, the report said. Michigan was next, at 5.8 percent, then California, which had a 5.6 percent rate. No. 5 was Mississippi, at 5.2 percent.

The lowest rate of serious delinquency -- 1.0 percent -- was in North Dakota.

The U.S. foreclosure rate was 0.7 percent, climbing from 0.4 percent in April 2007, according to the data.

Florida was also No. 1 in this category, with a rate of 3.7 percent. Nevada was next, with a foreclosure rate of 2.3 percent, followed by Michigan, also at 2.3 percent. No. 4 was Ohio, which had a rate of 2.2 percent, then California, at 1.9 percent.

At an 0.1 percent foreclosure rate, Delaware was lowest.

The rate of real estate owned across the country was 1.0 percent in April 2008, double the level 12 months earlier, First American CoreLogic reported.

In this category, Michigan had the highest rate, at 3.0 percent. No. 2 was Illinois, with a rate of 2.4 percent, then Oklahoma, which was 2.2 percent. Georgia had the fourth-highest REO rate, at 2.1 percent, followed by Arkansas, at 2.1 percent.

Vermont had the lowest REO rate of any state during April, at 0.0 percent.

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