WASHINGTON — There were 81% more foreclosure filings, bank repossessions and similar actions in 2008 compared with 2007, according to a report released today by RealtyTrac, an online seller of foreclosed properties.
There were 3.1 million actions taken on 2.3 million properties, according to the firm.
During 2008, 1.84% of all housing units received a foreclosure notice, compared with 1.03% in 2007.
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In December, there were foreclosure filings on 303,410 properties, up 17% from November and up 41% from December 2007. Fourth quarter foreclosure activity was down 4% from the third quarter but up 40% from the fourth quarter of 2007.
The five states with the highest foreclosure rates were: Nevada (7.29%), Florida (4.52%), Arizona (4.49%), California (3.97%), and Colorado (2.4%).
The highest number of foreclosures occurred in California (837,665), Florida (501,396) and Ohio (146,099).
The top five metropolitan areas in terms of foreclosures were: Stockton, Ca. (9.46%), Las Vegas/Paradise (8.89%), and Riverside/San Bernardino counties in California (8.02%, Bakersfield, Ca. (6.17%), and Phoenix/Mesa (6.02%)
"Clearly the foreclosure prevention programs implemented to date have not had any real success in slowing down this foreclosure tsunami," Realty Trac CEO James J. Saccaccio said in a statement.
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