Foreclosure Filings Up 47 Percent

RealtyTrac has released its U.S. Foreclosure Market Report, which shows 149,150 foreclosure filings were reported during March 2007, up 7 percent from an adjusted February total and up 47 percent from a year ago.
The report shows a national foreclosure rate of one foreclosure filing for every 775 U.S. households during the month.
“Foreclosure activity shifted into a higher gear in the first two months of 2007, and March’s numbers continued that trend,” said James J. Saccacio, CEO of RealtyTrac. “While foreclosures are causing a major disruption in the subprime sector of the lending industry and saturating pockets of some local markets, it’s important to note that U.S. foreclosure activity overall is not far above historical norms.”
Among the states most active in reporting new foreclosures were Nevada, Colorado and California.
Nevada’s foreclosure activity increased 29 percent from the previous month, helping the state register the nation’s highest state foreclosure rate for the third month in a row. The state reported 4,738 foreclosure filings during the month, more than triple the number reported in March 2006, and a foreclosure rate of one foreclosure filing for every 183 households.
Colorado’s foreclosure rate of one new foreclosure for every 292 households was 2.7 times the national average and second highest among the states. The state reported 6,267 foreclosure filings during the month.
California reported 31,434 foreclosure filings in March, the most of any state and an increase of 36 percent from the previous month. The state’s total was nearly triple the number reported a year ago and accounted for 21 percent of the nation’s total.
Other states with foreclosure rates ranking among the nation’s 10 highest in March were Georgia, Arizona, Michigan, Florida, Ohio, Indiana and Illinois.
Oklahoma ranked 19th nationally with 1,138 foreclosure filings for the month, down 18 percent from February and 16 percent from March 2006.

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