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Foreclosure News | Foreclosure Resources | Foreclosure Prevention Guide

Foreclosures More Than Double from Year Ago

739,714 second quarter foreclosure filings

July 25, 2008

By MortgageDaily.com staff

Quarterly foreclosure activity surged and was concentrated in California and Florida, though Las Vegas and Phoenix were among the worst cities. However, states where foreclosure filings are rising fastest include Pennsylvania and South Carolina.

U.S. foreclosure filings -- which reflects the total number of properties with at least one foreclosure filing including notices of default; notices of foreclosure sale and real estate owned -- were 739,714 during the second quarter, RealtyTrac reported today. Filings rose from 649,917 reported in the first quarter and were 121 percent higher than the second quarter 2007.

With 202,599 filings, California saw more foreclosures than any other state. Florida followed, with 109,433, then Ohio, at 37689. Vermont had the fewest filings: 37.

The Riverside-San Bernardino, Calif., area had 43,600 second-quarter filings, the most of any metropolitan area. Next was Los Angeles-Long Beach, at 36,955; Phoenix-Mesa, which saw 31,613; Atlanta-Sandy Springs-Marieta, which had 22,484; and Las Vegas-Paradise, at 21,742 filings.

Compared to the first quarter, filings jumped 1,133 percent in Vermont -- the biggest increase of any state. Activity was up 76 percent in Pennsylvania, while Nebraska increased 72 percent and South Carolina rose 64 percent.

In comparison with the second quarter 2007, filings in Washington, D.C., soared 3,164 percent, higher than any state. Maine foreclosures were up 2,257 percent, New Hampshire climbed 1,748 percent and South Dakota rose 1,450 percent.

U.S. REO filings were 222,391 during the latest quarter, rising from the first quarter's 156,463.

California had 62,795 second-quarter REOs, the highest of all states. Florida followed with 16,058 REOs, and Ohio, at 15,764. Michigan had 15,228 REOs and Texas saw 14,020.

Nationally, one foreclosure was filed for every 171 households during the latest period, worsening from one filing for every 194 households in the first quarter.

The highest second-quarter foreclosure rate was in Nevada, which saw one filing for every 43 households. California was next, with one filing for every 65 households then Arizona, at one filing for each 70 households. There was one foreclosure in Florida for every 78 households.

With one foreclosure for every 25 households, Stockton, Calif., had the highest foreclosure rate of any U.S. metropolitan area. Riverside-San Bernardino was next, at one filing for every 32 households, then Las Vegas-Paradise, which had one filing for every 35 households. Bakersfield followed, at one filing for each 41 households, and Sacramento, Calif., was No. 5, at one filing for each 49 households.

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