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| Nevada, California Lead Surge in Foreclosures |
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(April 25, 2007) --
More than 430,000 U.S. foreclosure filings were reported in the first three months of 2007, an increase of 35 percent from the previous quarter, according to data released Wednesday by RealtyTrac, which runs an online database of foreclosure properties.
Foreclosure filings include default notices, auction sale notices, and bank repossessions. RealtyTrac says there was one filing for every 264 households, marking the highest quarterly rate since the company began issuing reports 27 months ago.
“The rise in foreclosure activity was quite dramatic and widespread in the first quarter,” says James J. Saccacio, chief executive officer of RealtyTrac. “Certainly the surge in subprime defaults has contributed to the overall rise.”
RealtyTrac estimates that more than half of the first-quarter foreclosure activity was from subprime loans. However, it's not just low-end homes that are affected, Saccacio says. “We're seeing a rising percentage of foreclosures with an estimated market value of more than $750,000.”
Some 37 states reported year-over-year increases. Nevada had the highest state foreclosure rate in the country, with one filing for every 75 households — 3.5 times the national average. The state documented a total of 11,514 foreclosure filings during the quarter, an increase of 66 percent from the previous quarter and more than double the total reported in the first quarter of 2006.
Other states in the top 10 for highest rates: Colorado, Georgia, Michigan, California, Florida, Arizona, Ohio, Texas and New Jersey.
Meanwhile, California had the largest state total. With 80,595 foreclosure filings during the first quarter, it accounted for more than 18 percent of the national total. Other states with the highest totals: Florida, Texas, Michigan, Ohio, Georgia, Illinois, Colorado, New Jersey, and New York.
— REALTOR® Magazine Online
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| Reprinted from REALTOR® Magazine Online (http://www.realtor.org/realtormag) April 2007 with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2007. All rights reserved. |
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