Foreclosure Activity Increases 81% in 2008

The 2008 U.S. Foreclosure Market Report, according to RealtyTrac, shows a total of 3,157,806 foreclosure filings were reported on 2,330,483 U.S. properties during the year, an 81% increase from 2007 and a 225% increase from 2006. Filings were reported on 303,410 properties in December, up 17% from November and up nearly 41% from December 2007. Despite the spike in December, foreclosure activity for the fourth quarter was down nearly 4% from the third quarter, but still up nearly 40% from the fourth quarter of 2007. "The big jump in December foreclosure activity was somewhat surprising given the moratoria enacted by both Freddie Mac and Fannie Mae, along with programs from some of the major lenders and loan servicers aimed at delaying foreclosure actions against distressed homeowners," said James J. Saccacio, chief executive officer of RealtyTrac. Nevada, Florida and Arizona posted the top state foreclosure rates. More than 7% of Nevada housing units received at least one foreclosure notice in 2008, giving it the nation's highest state foreclosure rate for the year. A total of 77,693 Nevada properties received a filing, an increase of 126% from 2007. California, Florida and Arizona posted the highest foreclosure totals. California saw a total of 523,624 properties receiving a filing in 2008, the nation's highest state total. Activity in the state increased nearly 110%rom 2007 and 498% from 2006. To find out more visit http://www.realtytrac.com.