2008 foreclosure tallies: One in 54 houses nationwide
Foreclosure totals were released today for 2008 and things could be worse for California. Irvine-based RealtyTrac, a self-described "online marketplace for foreclosure properties," issued its tally of foreclosure filings -- including default notices, auction sale notices and bank repossessions -- showing that one in 54 U.S. housing units nationwide received at a foreclosure filing last year.
California did have the highest state total at 523,624 foreclosure filings. But state honors for the highest rates of foreclosure went to Nevada, with one in 14 housing units receiving at least one foreclosure filing in 2008; Florida, one in 22; and Arizona, one in 22.
Among the 100 largest U.S. metro areas, Stockton, Calif., had the highest foreclosure rate with one in 11; the Riverside-San Bernardino area came in third at one in 12, and Bakersfield ranked fourth at one in 16.
Back at the national total, RealtyTrac data crunching says 2008 saw an 81% increase in foreclosures over 2007. Also weighing in with year-end totals is Foreclosures.com. Its U.S. Foreclosure Index by showed a 63% rise in foreclosures for the year. The figures are based on the number of formal notices filed against a property during the foreclosure process.
It's all a bit of apples and oranges, but at least California didn't top every chart.
-- Lauren Beale
Photo: Signs such as this one last year in front of a Stockton home became more common. Credit: Marcio Jose / Associated Press