Industry NewsMortgage

Foreclosure activity doubles

Nevada leads nation with high rate of foreclosure filings

Foreclosure activity more than doubled in the first quarter compared to the same quarter last year, and foreclosure activity has increased for seven consecutive quarters, foreclosure data company RealtyTrac reported today. Nevada led the nation with a rate of one foreclosure filing for every 54 households -- the rate is more than three times higher than the national rate of one foreclosure filing for every 194 households in the first quarter, RealtyTrac reported. A total of 649,917 properties had foreclosure filings in the first quarter, and 156,463 of these properties, or 24.1 percent, were real estate-owned properties, which have been foreclosed on and repurchased by a bank. RealtyTrac also counts notices related to mortgage default and public auction. The volume of U.S. foreclosure filings rose 111.9 percent in the first quarter compared to the same quarter last year, and was up 23.2 percent compared to fourth-quarter 2007. Foreclosure activity rose in all but four state...