Home Foreclosures Increase Significantly for February
According to Irvine, California-based RealtyTrac, nearly 60 percent more U.S. homes faced foreclosure in February than in the same month last year, with Nevada, California and Florida showing the highest foreclosure rates.
The research firm said that a total of 223,651 homes across the nation received at least one notice from lenders last month related to overdue payments, up 59.8 percent from 139,922 a year earlier.
Nearly half of the homes on the most recent list had slipped into default for the first time.
Nevada had the nation's highest foreclosure rate, with one in every 165 households receiving at least one foreclosure-related notice. It had 6,167 properties facing foreclosure, a 68 percent increase from a year earlier and up 1 percent from January, RealtyTrac said.
Most of the troubled properties were located in California, Florida, Texas, Michigan and Ohio -- states where home prices have plunged as the housing boom went bust.
The overall U.S. foreclosure rate last month was one filing for every 557 homes.
Published on March 13, 2008
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