Foreclosures Soar; Nev. Leads Trend

State's total nearly doubled in 2007 as national woes mounted
By Sam Gale Rosen,  Newser Staff
Posted Jan 29, 2008 12:28 PM CST
A foreclosure sign tops a sale sign outside an existing home on the market in northwest Denver in this Aug. 29, 2007 file photo. (AP Photo/David Zalubowski, file)   (Associated Press)
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(Newser) – The number of US properties in foreclosure in 2007 was 79% higher than in 2006, with about 1.3 million homes in some phase of the process, the AP reports. Nevada had the highest foreclosure rate, with 3.4% of households in foreclosure. That's 66,316 filings on 34,417 households, or a 200% jump from 2006. And late payments were more frequent late in the year, boding ill for 2008.

Michigan and Florida had the next-highest foreclosure rates. California took the booby prize for highest total number of foreclosures with 481,392 filings on 249,513 properties. "We went from a sort of buying frenzy to a foreclosure frenzy in the last two years," said a VP of the real estate tracking company that released the data.