Foreclosures Spike by 121% from Previous Year, Says Report from RealtyTrac

U.S. home foreclosures soared by 121% in second-quarter year-over-year results, according to a report issued by RealtyTrac.

There were 739,714 foreclosure filings in the second quarter of 2008, a 14% quarterly increase. According to RealtyTrac, 48 of 50 states and 95 of 100 of the largest metropolitan areas experienced year-over-year increases in foreclosure activity in the second quarter.

"Bank repossessions accounted for 30% of total foreclosure activity in the second quarter, up from 24% of the total in the first quarter," said James J. Saccacio, chief executive officer of RealtyTrac.

Nevada led the pack with the highest monthly foreclosure rate. There were 24,657 foreclosures filings in the second quarter, a 26% increase from the previous quarter and a 147% year-over-year increase. One in every 43 households in Nevada filed for foreclosure, the report said.

California posted the highest amount of foreclosures in the second quarter with 202,599 filings. According to the report, foreclosures in California increased by 19% from the second quarter as one in every 65 households filed for foreclosure.

Arizona foreclosure rates ranked third overall as one in every 70 households filed for foreclosure in the second quarter. There were 37,230 foreclosures reported, a 36% increase from the previous quarter.

Florida had the fourth highest state foreclosure rate in the second quarter as one in 78 filed for foreclosure. Foreclosures increased by 25% from the previous quarter as 109,433 Florida households filed for foreclosure.

The RealtyTrac Monthly U.S. Foreclosure Market Report compiles the total amount of properties with at least one foreclosure filing reported during the month. The RealtyTrac report includes properties filed in all three stages of foreclosure; default, auction and bank repossessions.

By Steve Stecyk and edited by Cristina Markham