Here’s your daily dose of dismal US housing numbers, brought to you this time by the folks at RealtyTrac.
Foreclosure activity jumped nearly 14 per cent in the second quarter – and rose 121 per cent compared with the same period a year ago.
One in every 171 US households received a foreclosure filing during the quarter, RealtyTrac’s chief executive James Saccacio said.
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. 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
One in every 43 Nevada households received a foreclosure filing during the second quarter, the highest foreclosure rate among the states and nearly four times the national average. Foreclosure filings were reported on 24,657 Nevada properties during the quarter, up 26 percent from the previous quarter and up 147 percent from the first quarter of 2007.
Foreclosure filings were reported on 202,599 California properties during the second quarter, the highest total among the states and a rate of one in every 65 households – the nation’s second highest state foreclosure rate. Foreclosure activity in California increased 19 percent from the previous quarter and was nearly three times the level reported in the second quarter of 2007.
With one in every 70 households receiving a foreclosure filing, Arizona posted the nation’s third highest state foreclosure rate in the second quarter. Foreclosure filings were reported on 37,230 Arizona properties during the quarter, up nearly 36 percent from the previous quarter and close to four times the number reported in the second quarter of 2007.