News: Foreclosure filings continue to soar

August 15, 2008

Foreclosure filings were up 53 percent in June compared with a year ago, with the highest rates in Arizona, California and Nevada.

There's fresh new bad news on the housing market: The rate of foreclosure filings - as measured by default notices, auction sale notices, and bank repossessions - is up 53 percent from a year ago, according to data from http://www.RealtyTrac.com, an online marketplace for foreclosed properties. Nationally, 1 in 501 homeowners faced foreclosure in June, with the highest rates in Arizona, California, and Nevada. The prize for worst rates in America goes to Nevada, where 1 in 122 properties end up in foreclosure - a rate four times the national average and 85 percent higher than in June 2007. In Las Vegas, the rate is 1 in every 99 homes, which would seem to suggest that not everyone who buys in Vegas stays in Vegas.