"The rise in foreclosure activity was quite dramatic and widespread in the first quarter, with 37 out of the 50 states reporting year-over-year increases," said James J. Saccacio, chief executive officer of RealtyTrac. "Certainly the surge in subprime defaults has contributed to the overall rise in foreclosures; we estimate that more than 50 percent of the foreclosure activity we charted in the first quarter was from subprime loans. However, it's not just low-end homes that are going into foreclosure; we're seeing a rising percentage of foreclosures with an estimated market value of more than $750,000."
A total of 437,498 foreclosure filings were reported in the first quarter of 2007 up from 345,554 in the fourth quarter of 2006 and up from 323,101 in the first quarter of 2006.
Nevada, Colorado, Georgia post highest rates
Nevada documented the highest state foreclosure rate in the first quarter, one foreclosure filing for every 75 households - 3.5 times the national average. The state documented a total of 11,514 foreclosure filings during the quarter, an increase of 66 percent from the previous quarter and more than double the total reported in the first quarter of 2006.
Colorado foreclosure filings totaled 16,435 for the quarter, enough for the state to register the nation's second highest state foreclosure rate - one foreclosure filing for every 111 households. Colorado's foreclosure activity was up six percent from the previous quarter and 24 percent from the first quarter of 2006.
Georgia foreclosure activity in the first quarter decreased on a year-over-year basis, but the state's first-quarter foreclosure rate of one foreclosure filing for every 138 households still ranked third highest in the nation. The state reported a total of 22,391 foreclosure filings during the quarter, the sixth most of any state and a 10 percent increase from the previous quarter.
Other states with foreclosure rates among the nation's 10 highest included Michigan, California, Florida, Arizona, Ohio, Texas and New Jersey.
California, Florida, Texas report largest totals
California reported 80,595 foreclosure filings during the first quarter, the most of any state and accounting for more than 18 percent of the national total. The state's foreclosure activity increased 68 percent from the previous quarter and more than doubled from the first quarter of 2006, resulting in a foreclosure rate of one foreclosure filing for every 152 households - fifth highest among the states and 1.7 times the national average.
With 45,156 foreclosure filings during the quarter, Florida ranked second among the states in terms of total foreclosure activity. The state documented a foreclosure rate of one foreclosure filing for every 162 households - the nation's sixth highest and 1.6 times the national average. Florida's foreclosure activity was up 55 percent from the previous quarter and 52 percent from the first quarter of 2006.
Texas documented the third most foreclosure filings of any state during the quarter, 39,869, up 6 percent from the previous quarter but down by less than 1 percent from the first quarter of 2006. The state's foreclosure rate of one foreclosure filing for every 202 households ranked ninth highest in the nation and was 1.3 times the national average.
Other states with 2006 foreclosure totals among the nation's 10 highest included Michigan, Ohio, Georgia, Illinois, Colorado, New Jersey and New York.
Detroit, Las Vegas, Riverside-San Bernardino report highest metro rates
Continuing a trend from 2006, Detroit documented the highest foreclosure rate among the nation's 100 largest metropolitan areas in the first quarter of 2007. The metro area, which comprises Wayne County, reported a total of 16,351 foreclosure filings during the quarter, a foreclosure rate of one foreclosure filing for every 51 households - more than five times the national average.
Las Vegas registered a first-quarter foreclosure rate of one foreclosure filing for every 57 households, second highest among the nation's 100 largest metro areas and 4.6 times the national average. The metro area, which comprises Clark County, reported a total of 10,493 foreclosure filings during the quarter.
The Riverside-San Bernardino metropolitan area in Southern California reported a total of 17,499 foreclosure filings during the quarter, resulting in a foreclosure rate of one foreclosure filing for every 68 households - third highest among the nation's 100 largest metropolitan areas.
Other metro areas with foreclosure rates ranking among the 10 highest were Sacramento, Calif., Stockton, Calif., Atlanta, Denver, Bakersfield, Calif., Fort Worth, Texas, and Dallas.
