U.S. Foreclosures up 81% in 2008
Foreclosure filings were reported on more than 2.3 million properties, or one in 54 homes, in 2008. That's an 81% increase from 2007 and a 225% increase from 2006, according to foreclosure data firm RealtyTrac.
Nevada led the nation with the highest foreclosure rate of 7.29%, followed by Florida at 4.52% and Arizona at 4.49%. The U.S. foreclosure rate was 1.84% for the year.
State moratoriums and stays from Freddie Mac and Fannie Mae had helped slow the pace of foreclosures for the fourth quarter of 2008, but by December that effect had worn off. The number of foreclosure filings last month jumped 17% from November and 41% compared with December 2007, according to RealtyTrac. And with prices continuing to slide in most markets, more Americans are now making a conscious decision to walk away from their homes.
"Clearly the foreclosure programs implemented to date have not had any real success in slowing down this foreclosure tsunami," James J. Saccacio, RealtyTrac's chief executive, said in a statement.
States ranked by 2008 foreclosure rates
| Rank | State | Total Foreclosure Filings | Total Properties with Filings | % chg. from 2007 | % chg. from 2006 | % Housing Units (foreclosure rate) |
| 1 | Nevada | 123,989 | 77,693 | 125.74 | 529.5 | 7.29 |
| 2 | Florida | 501,396 | 385,309 | 133.11 | 411.68 | 4.52 |
| 3 | Arizona | 152,621 | 116,911 | 203.13 | 655.04 | 4.49 |
| 4 | California | 837,665 | 523,624 | 109.86 | 497.91 | 3.97 |
| 5 | Colorado | 66,795 | 50,396 | 27.9 | 61.41 | 2.41 |
| 6 | Michigan | 145,365 | 106,058 | 21.61 | 107.89 | 2.35 |
| 7 | Ohio | 146,099 | 113,570 | 26.22 | 155.4 | 2.25 |
| 8 | Georgia | 116,225 | 85,254 | 44.36 | 117.07 | 2.2 |
| 9 | Illinois | 115,063 | 99,488 | 54.7 | 126.01 | 1.91 |
| 10 | New Jersey | 69,612 | 62,514 | 101.2 | 186.84 | 1.8 |
| 11 | Indiana | 61,141 | 45,937 | 64.18 | 113.59 | 1.67 |
| 12 | Tennessee | 51,496 | 44,153 | 70.38 | 127.87 | 1.65 |
| 13 | Utah | 18,657 | 14,836 | 99.46 | 68.25 | 1.65 |
| 14 | Massachusetts | 53,797 | 44,342 | 150 | 577.08 | 1.64 |
| 15 | Connecticut | 25,510 | 21,925 | 84.87 | 570.49 | 1.53 |
| 16 | Virginia | 67,695 | 49,011 | 200.55 | 1746.68* | 1.52 |
| 17 | Rhode Island | 7,334 | 6,583 | 258.16* | 1525.43* | 1.46 |
| 18 | Maryland | 41,582 | 32,338 | 71.29 | 945.18 | 1.41 |
| 19 | Idaho | 11,272 | 8,512 | 133.85 | 302.08 | 1.38 |
| 20 | Missouri | 42,054 | 31,254 | 33.04 | 139.11 | 1.19 |
| 21 | Oregon | 25,049 | 18,001 | 112.75 | 168.67 | 1.13 |
| 22 | New Hampshire | 8,018 | 6,636 | 436.03* | 5430.00* | 1.13 |
| 23 | Arkansas | 16,611 | 14,277 | 122.87 | 198.06 | 1.12 |
| 24 | Texas | 129,201 | 96,157 | 13.84 | 14.96 | 1.04 |
| 25 | Washington | 32,271 | 26,058 | 71.61 | 116.64 | 0.97 |
| 26 | Minnesota | 23,716 | 20,282 | 75.5 | 336.74 | 0.89 |
| 27 | North Carolina | 41,750 | 33,819 | 16.21 | 153.14 | 0.84 |
| 28 | Wisconsin | 25,164 | 19,695 | 62.33 | 249.02 | 0.78 |
| 29 | Oklahoma | 16,059 | 12,465 | 50.98 | 32.86 | 0.78 |
| 30 | South Carolina | 16,136 | 14,995 | 253.07* | 220.41* | 0.76 |
| 31 | Alaska | 2,265 | 1,946 | 46.1 | 96.76 | 0.7 |
| 32 | Pennsylvania | 42,949 | 37,210 | 127.18 | 68.88 | 0.68 |
| 33 | Delaware | 2,998 | 2,516 | 151.85* | 701.27* | 0.66 |
| 34 | Hawaii | 3,346 | 3,185 | 229.71 | 489.81 | 0.64 |
| 35 | New York | 55,641 | 50,032 | 29.32 | 129.23 | 0.63 |
| 36 | Kansas | 7,983 | 6,218 | 155.46 | 179.96 | 0.51 |
| 37 | New Mexico | 4,543 | 3,727 | 24.48 | 38.29 | 0.44 |
| 38 | Maine | 3,171 | 2,851 | 896.85* | 5602.00* | 0.41 |
| 39 | Nebraska | 3,326 | 3,190 | -12.27 | 25.84 | 0.41 |
| 40 | Iowa | 6,405 | 5,385 | 31.25 | 135.77 | 0.41 |
| 41 | Louisiana | 7,837 | 7,129 | 79.66 | 111.42 | 0.39 |
| 42 | Kentucky | 8,820 | 7,244 | 41.9 | 45.46 | 0.38 |
| 43 | Alabama | 8,436 | 7,764 | 39.34 | 184.19 | 0.37 |
| 44 | Montana | 1,220 | 1,246 | 8.35 | 32.55 | 0.29 |
| 45 | Wyoming | 921 | 677 | 90.17 | 165.49 | 0.28 |
| 46 | Mississippi | 2,364 | 2,293 | 62.74 | 181.35 | 0.18 |
| 47 | North Dakota | 391 | 371 | 48.4 | 148.99 | 0.12 |
| 48 | South Dakota | 405 | 402 | 1575.00* | 793.33* | 0.11 |
| 49 | West Virginia | 687 | 685 | 48.91 | 170.75 | 0.08 |
| 50 | Vermont | 124 | 137 | 372.41* | 705.88* | 0.04 |
| District of Columbia | 4,631 | 4,182 | 438.22* | 3245.60* | 1.48 | |
| -- | U.S. | 3,157,806 | 2,330,483 | 81.24 | 224.8 | 1.84 |
| *Actual increase may not be as high due to data collection changes or improvements | ||||||
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