Nevada Foreclosures Remain the Highest
Nationwide, foreclosures were down in February to a total of 130,786, according to RealtyTrac. That’s down 4% from January. Unfortunately, on a state level, things aren’t as good. For the second month in a row, Nevada had the highest foreclosure rate of any U.S. state, with one filing for every 278 households. That is more than three times the national average.
After Nevada, in foreclosure rankings were:
- Colorado
- Florida
- Georgia
- Michigan
- Tennessee
- Ohio
- Texas
- Arizona
- Indiana.
Based upon the current trends seen in the first two months of this year, RealtyTrac expects 2007 foreclosure activity to be 33% higher than in 2006. They point to subprime and FHA loans default at higher-than-anticipated rates, and lenders tightening their underwriting standards as the primary reasons for the anticipated rise in foreclosures.
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