Foreclosures continue to rise
Foreclosure filings more than doubled in the first quarter compared with a year earlier, as property values fell and tighter lending standards left many homeowners unable to prevent their homes from being auctioned, the Associated Press reported.
RealtyTrac Inc. found that nationwide, 649,917 homes received at least one foreclosure-related filing in the first three months of the year, up 23 percent from fourth quarter 2007 and 112 percent from last year. One in every 194 U.S. households received a foreclosure filing and foreclosure activity increased in all but four states.
Iowa ranked 34th in the nation with 1,566 foreclosure filings, up 25 percent from fourth quarter 2007 and 28.5 percent from the year-ago period. The state had one foreclosure filing for every 843 households.
Nevada, Florida and California were the hardest hit. One in every 54 households in Nevada received some kind of foreclosure-related notice, while California had the most properties facing foreclosure at 169,831, an increase of 213 percent from a year ago. Six of the top 10 metropolitan areas with the highest foreclosure rates were in California. Meanwhile, Florida had 87,893 homes reporting at least one foreclosure filing, up 178 percent from first quarter 2007.