Nevada tops U.S. rate of foreclosure filings

Nevada continued to lead the nation for its rate of foreclosure filings per household in November — a position it has held for the past 11 months, foreclosure data company RealtyTrac reported today.

The company reported a 67.8 percent nationwide gain in the volume of foreclosure filings in November 2007 compared to the same month last year, though filings declined 10 percent compared to October 2007.

The national rate of foreclosure filings in November was 1 for every 617 households — Nevada had a rate of 1 filing for every 152 households during that month.

Next on the list was Florida, with a rate of 1 filing for every 282 households; followed by Ohio, 1-in-307; Colorado, 1-in-320; California, 1-in-325; Michigan, 1-in-391; Georgia, 1-in-421; Arizona, 1-in-441; Indiana, 1-in-484; and Illinois, 1-in-624.

“The 10 percent drop in November is the first double-digit monthly decrease we’ve seen since April 2006,” said James J. Saccacio, RealtyTrac, in a statement.

Saccacio also stated that the company anticipates “a seasonal surge in foreclosure filings and another possible wave of resetting mortgages” next year that “could place further pressure on the housing market.”

Five of the 10 metro areas with the highest foreclosure rates in the nation in November are in California, RealtyTrac reported. Stockton, Calif., led the nation with a metro area foreclosure rate of one filing for every 99 households. Modesto, Calif., ranked second, with one foreclosure filing for every 104 households.

Merced, Calif., took third, with a rate of one foreclosure filing for every 106 households, followed by Las Vegas, Detroit, Vallejo, Calif.; Greeley, Colo.; Cape Coral-Fort Myers, Fla.; Riverside-San Bernardino, Calif.; and Miami.

California led the nation for its total number of foreclosure filings in November, with 39,992; followed by Florida with 29,238; Ohio with 16,308; Texas with 11,599; Michigan with 11,464; Georgia with 8.968; Illinois with 8,238; Nevada with 6,694; Colorado with 6,425; and New York with 5,794.

U.S. Foreclosure Market Statistics by State, November 2007

*Actual increase may not be as high due to improved or expanded data coverage in this state.
Source: RealtyTrac.