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Mar. 13, 2008
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Firm puts Nevada at top of list of U.S. home foreclosures

THE ASSOCIATED PRESS
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LOS ANGELES -- Nearly 60 percent more U.S. homes faced foreclosure in February than in the same month last year, with Nevada, California and Florida showing the highest foreclosure rates, a research firm said Wednesday.

A total of 223,651 homes across the nation received at least one notice from lenders last month related to overdue payments, up 59.8 percent from 139,922 a year earlier, according to Irvine, Calif.-based RealtyTrac.

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    • Nearly half of the homes on the most recent list had slipped into default for the first time.

    Nevada had the nation's highest foreclosure rate, with one in every 165 households receiving at least one foreclosure-related notice. It had 6,167 properties facing foreclosure, a 68 percent increase from a year earlier and up 1 percent from January, RealtyTrac said.

    Most of the troubled properties were located in California, Florida, Texas, Michigan and Ohio -- states where home prices have plunged as the housing boom went bust.

    The overall U.S. foreclosure rate last month was one filing for every 557 homes.

    February marked the 26th consecutive month with a national year-over-year increase in foreclosure-related filings.

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    Dominic Nardini III wrote on March 13, 2008 09:09 PM: Please alert the state to the mental anguish and pain those patients of Dr Young are going through at this very moment. He has betrayed his patients and his profession. Please support those who have been victimized by his actions.
    Identify that behavior which is criminal and should be held accountable.


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    CAS127 wrote on March 13, 2008 04:32 PM: Dear Stats Lie,

    You make a decent point about getting too worked up about percentage changes - they can mislead.

    But if you graph the idiotic soaring of home sales/prices from 2002 thru 2006 and overlay the growth in private sector jobs during the same period (the weakest "jobs recovery" in 50 years) you'll understand that perhaps as many as 2 million economically unjustified homes were built over the last 5 or 6 years.

    That is a *lot* of wasted effort, expenditure, and savings that only now is being reflected in the financial marketplaces.

    And it is occuring on the cusp of the worst entitlement crisis this nation has ever seen (guess when the first of the baby boomers turn 62 and qualify for early Social Security benefits...let's see...1946 + 62 = 2008).

    The welfare state tax skimmers had their war on poverty - poverty won.

    Welcome to the first days of Weimar America.


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    Stats lie wrote on March 13, 2008 11:33 AM: Really? if you come off a period with LOW historic foreclosure #'s even a small increase is a huge percentage. If you figure how low foreclosures were for the last 5 years and avereage it out we still have less foreclosures than if the market was at an average pace of foreclosures over that same period. It's the same B.S. "losses" shown by the lenders. Did they reall lose money when they refied the same house 3 time in a 2 year period with all the fees, and prepay penalties etc. The answer is NO. They show gains in a fiscal year, but really profits or "losses" are measured over the entire time of the investment. I bet, their profits are still ahead of where they were 5 years ago. Genious