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Wednesday, May 14, 2008

Foreclosures Reach All-Time High

FOXBusiness

As if Americans needed a further sign the economy is slacking, foreclosures for April hit and all-time high, rising 65% from a year ago, and 4% from March. The survey, conducted by RealtyTrack, included defaults, auction sale notices, and bank repossessions.

There were 243,353 foreclosure filings filed last month, the highest number on record with RealtyTrack.

Areas in states including Nevada, Arizona, California and Florida, Texas and Colorado are especially troubled, according to the survey.

Nevada holds the country’s highest state foreclosure rate, at 3.6 times the national average. An estimated one in every 146 Nevada homes is in foreclosure, according to RealtyTrack.

California ranked second with one in 204 households filing for foreclosure. Vallejo, California in particular had the country’s sixth-highest rate of foreclosures.

Foreclosure activity is expected to “remain high and even increase” in 2008, according to RealtyTrack Chief Executive James Saccacio.

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