Industry News

Nevada tops states with highest foreclosure rate

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Foreclosures took a breather in February from the previous month, but activity is still well above what it was a year ago, an information service reported. Foreclosure activity was down 4 percent in February from January, according to one source of foreclosure information, which also said that the foreclosure filings were up 12 percent from the same month a year ago. A total of 130,786 foreclosure filings, including default notices, auction sale notices and bank repossessions, were reported during February, according to a report from RealtyTrac, which tracks activity across major metropolitan areas throughout the nation. The report also shows a national foreclosure rate of one foreclosure filing for every 884 U.S. households during the month. "Based on our numbers for the first two months of 2007, foreclosure activity is running at a rate that would project to a 33 percent increase over 2006," said James J. Saccacio, chief executive officer of RealtyTrac. "It appears that as subprime a...