Foreclosures Remain High
Foreclosure activity remained high across the country in the first quarter of 2007, according to Realty Trac Inc. More than 430,000 foreclosure filings — default notices, auction sale notices and bank repossessions — reported, up 27% from the previous quarter and up 35% from the first quarter of 2006. While a surge in subprime defaults is being pointed to as the largest contributing factor to the rise in foreclosures among low-end homes, Realty Trac is quick to point out that there is also an increase in forelosures among homes with an estimated market value of more than $750,000.
Nevada had the highest state foreclosure rate in the first quarter, one foreclosure filing for every 75 households — 3.5 times the national average. The state listed a total of 11,514 foreclosure filings during the quarter, an increase of 66% from the previous quarter and more than double the total reported in the first quarter of 2006.
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