Foreclosure Activity Up From Last Month

April 15, 2008 No Comments »

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Foreclosure filings increased five percent from February and were up 57 percent from March 2007, according to a report released today by RealtyTrac.

The Irvine, CA-based company said foreclosure filings were reported on 234,685 properties nationwide during the month, with bank repossessions up almost 129 percent from a year ago.

As usual, Nevada led the nation with the highest foreclosure rate, with one in every 139 households receiving a foreclosure filing last month, up 24 percent from February and nearly 62 percent from March 2007.

California came in a distant second with one in every 204 households receiving a foreclosure filing in March, followed by Florida with one in every 282 households.

Foreclosure filings were reported on 64,711 California properties in March, making it the leader in total filings for the 15th consecutive month.

California foreclosure activity increased roughly 21 percent from February and almost 106 percent from March 2007.

Florida posted the second highest total with 30,254 properties reporting filings, down seven percent from February, but up 112 percent from a year ago.

For the nation as a whole, one in every 538 U.S. households received a foreclosure filing during the month.

Keep in mind that foreclosure filings include simple Notices of Default (NODs), which are simply missed mortgage payments that may not wind up in foreclosure.

(photo: foxypar4)

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