Irvine, California-based RealtyTrac, an online foreclosure marketplace, has released its Quarter One 2008 U.S. Foreclosure Market Report, which says foreclosure filings were issued against 649,917 properties during the first quarter—a 23-percent increase from the last quarter of 2007 and a 112-percent increase from the first quarter of last year.
The report, which includes all default notices, auction sale notes and bank repossessions, also found that the states of Nevada, California and Arizona recorded the highest foreclosure rates during the first quarter, with Nevada taking the lead.
RealtyTrac says Nevada reached a foreclosure rate of one foreclosure per every 54 Nevada homes, while California and Arizona had foreclosure rates of one in every 78 households and one in every 95 households, respectively. California had the most foreclosure filings nationwide after foreclosure notices were issued against 169,831 properties in the first quarter alone.

“Foreclosure activity in the first quarter increased on a year-over-year basis in 46 out of 50 states and in 90 of the nation’s 100 largest metro areas, demonstrating that most regions of the country are seeing more foreclosures,” said James Saccacio, chief executive officer for RealtyTrac. “In some areas there are also some unusual, non-market factors impacting the foreclosure numbers. For example, the city of Philadelphia in late March issued a temporary moratorium on all foreclosure auctions for April, and the city has since adopted a program that will delay foreclosure proceedings on owner-occupied properties until the owners have met face-to-face with lenders to attempt a loan workout plan that would prevent foreclosure.”
Many of the metro areas facing an influx of foreclosures are located in states like California and Nevada. RealtyTrac’s latest first quarter report says the cities of Stockton, California and Riverside-San Bernardino, California ranked first and second, respectively, for their high foreclosure rates.
Click here to read more and to view RealtyTrac’s comprehensive listing of state-by-state foreclosure statistics.