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Daily Real Estate News | July 25, 2008
Nevada Leads Foreclosure Tally in 2Q
One in every 171 households received a foreclosure notice during the second quarter, an increase of 121 percent compared with the same quarter in 2007, according to RealtyTrac, which monitors foreclosure activity nationwide.
Compared to the first quarter foreclosures rose 14 percent, increasing compared to the previous year in all but two states, North Dakota and Alaska.
One in every 43 Nevada households received a foreclosure filing during the second quarter, the highest foreclosure rate among the states and nearly four times the national average.
Other states with foreclosure rates in the top 10 were California, Arizona, Florida, Colorado, Ohio, Michigan, Georgia, Massachusetts and Illinois.
Bank repossessions accounted for 30 percent of total foreclosure activity in the second quarter, up from 24 percent of the total in the first quarter.
"This shift in the distribution of activity indicates that there is a progression toward purging the problem loans out of the system – at which point the housing market can regain some sense of normalcy,” says James Saccacio, CEO of RealtyTrac.
Source: RealtyTrac (07/25/2007)
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