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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