Foreclosures Dip But Remain High

Daily Real Estate News  |  March 13, 2008

Foreclosures in February were down 4 percent from January, but the rate of foreclosures remain high year-over-year. The February rate was up 57 percent from February 2007.

“The year-over-year increase this February was significantly higher than the 19 percent year-over-year increase in February 2007, indicating we have still not reached the peak of foreclosure activity in this cycle,” says James J. Saccacio, CEO of RealtyTrac, which markets foreclosed properties.

The 10 states with the highest foreclosure rates were, in order, Nevada, California, Florida, Arizona, Colorado, Michigan, Ohio, Georgia, Indiana, and Tennessee.

The 10 states with the most foreclosures were, in order, California, Florida, Texas, Michigan, Ohio, Arizona, Illinois, Georgia, Colorado, and Nevada.

Source: RealtyTrac (03/13/2008)