Foreclosure Market Report Shows a 14 % Rise

RealtyTrac the prominent online marketplace for all kinds of foreclosure properties, recently published its Q2 2008 U.S. Foreclosure Market Report. According to this, during the 2nd quarter of the year, 739,714 U.S. properties were reported to have foreclosure filings. This is about a 121% rise from the second quarter last year, and almost 14 % increase since the previous quarter of 2008. As per as the report out of every 171 U.S. household, one received a foreclosure filing in this year’s second quarter. RealtyTrac reports the most comprehensive and biggest national database of bank-owned and foreclosure properties, with more than 1.5 million properties from about 2,200 counties throughout the nation. It is also provides foreclosure data to The Wall Street Journal’s Real Estate Journal, Yahoo! Real Estate, and MSN Real Estate.

The CEO of RealtyTrac, Mr. James J. Saccacio stated that, “Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity.” In the second quarter, 95 of the 100 biggest metro areas and 48 in 50 states in the US experienced great rise in foreclosure activity. Saccacio also said that, “Bank repossessions, or REOs, accounted for 30 percent of total foreclosure activity in the second quarter, up from 24 percent of the total in the first quarter.”

Out of every 43 households in Nevada, one received a foreclosure filing in the second quarter. This makes it the highest foreclosure rate in the states and about four times than the national average. According to reports, the quarter saw foreclosure filings on 24,657 properties of Nevada, up by 26 % from the last quarter and up by 147 % since the first quarter of last year. As many as 202,599 California properties have foreclosure filings in the second quarter, which is the maximum total throughout the states and the second highest foreclosure rate in the nation. The state with the third highest foreclosure rate in the US is Arizona, with one out of 70 homes getting a foreclosure filing. Foreclosure filings in Arizonian properties were up by about 36 % since the previous quarter and nearly 4 times since in the second quarter last year.

The other states, which showed a high rate of foreclosure properties, are Florida, Colorado, Ohio, Michigan, Georgia, Illinois, and Massachusetts. Some of the top 20 US metro areas with increased real estate foreclosure activity are Las Vegas, Miami, Phoenix, Detroit, and San Diego.

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