Nationwide foreclosure activity increased 14 percent in the second quarter of 2008, and 121 percent over Q2 2007, according to the Q2 2008 U.S. Foreclosure Market Report by RealtyTrac, Irvine, Calif. RealtyTrac is a national database of foreclosure and bank-owned properties. Foreclosure filings were reported on 739,714 U.S. properties during the second quarter of the year, and one in every 171 U.S. households received a foreclosure filing.
“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,” said James J. Saccacio, chief executive officer of RealtyTrac, in a statement. “Forty-eight of 50 states and 95 out of the nation’s 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter.”
He also noted that bank repossessions accounted for 30 percent of total foreclosure activity in the second quarter, up from 24 percent of the total in Q1. For more information, visit www.realtytrac.com.
Foreclosure ratio of 10 hardest-hit states, Q2