Home Foreclosures Zoom 51% As Calif., Florida Lead Way

NEW YORK - More than 405,000 households were foreclosed upon during 2007, a whopping 51% increase over the 268,532 homes foreclosed upon in 2006, according to new data. During December 2007, foreclosure filings were up 97%, according to RealtyTrac, an online seller of properties in foreclosure.

Overall, during 2007 total filings, including default notices, auction sale notices and repossessions, were up by 75%. The company reported that 1% of all U.S. households were in some stage of foreclosure during 2007, an increase over the 0.58% of homes in some form of foreclosure in 2006.

Two states the exemplify the boom and bust nature of housing are California, which led the nation with 250,000 foreclosure filings, and Florida, with 165,000 filings. Other states hit hard include Ohio, with 89,000 filings, Michigan, with 87,000, Colorado with 39,000.

Nevada had 10,000 homes repossessed in 2007, but with 3.376 filings for every 100 households, it led the nation with a rate three times the national average, and the highest of any state, RealtyTrac reported.

At the other end of the market, Maine had just 286 homes in foreclosure, Vermont 29 and South Dakota just 24. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com