Foreclosure activity more than doubled in the first quarter compared to the same quarter last year, and foreclosure activity has increased for seven consecutive quarters, foreclosure data company RealtyTrac reported today.
Nevada led the nation with a rate of one foreclosure filing for every 54 households — the rate is more than three times higher than the national rate of one foreclosure filing for every 194 households in the first quarter, RealtyTrac reported.
A total of 649,917 properties had foreclosure filings in the first quarter, and 156,463 of these properties, or 24.1 percent, were real estate-owned properties, which have been foreclosed on and repurchased by a bank. RealtyTrac also counts notices related to mortgage default and public auction.
The volume of U.S. foreclosure filings rose 111.9 percent in the first quarter compared to the same quarter last year, and was up 23.2 percent compared to fourth-quarter 2007.
Foreclosure activity rose in all but four states and in all but 10 of the nation’s largest metro areas in the first quarter compared to the same quarter last year.
California had the highest volume of properties with foreclosure filings in the first quarter, at 169,831, and its foreclosure rate of one filing for every 78 households was second in the nation. California is also home to six of the 10 metro areas with the highest rate of foreclosure filings in the nation.
Florida had the second-highest number of properties with foreclosure filings in the first quarter, at 87,893, and ranked fourth for its rate of one foreclosure filing for every 97 households.
Arizona ranked third in the nation for its rate of one foreclosure filing for every 95 households.
Stockton, Calif., led the nation with a rate of one foreclosure filing for every 30 households in the first quarter. The Riverside-San Bernardino, Calif., metro area was second with a rate of one filing for every 38 households; Las Vegas-Paradise, was third with a rate of one filing for every 44 households.
Bakersfield, Calif., was fourth on the list, followed by Sacramento, Calif.; Detroit-Livonia-Dearborn, Mich.; Phoenix-Mesa, Ariz.; Fort Lauderdale, Fla.; San Diego, Calif.; and Oakland, Calif.
Vermont had the lowest rate of foreclosure filings per household in the nation in the first quarter, with three filings during the first quarter, RealtyTrac reported.
North Dakota had the second-lowest rate of foreclosure filings per household, followed by West Virginia, South Dakota and Mississippi.
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