Record Foreclosures (again) - Nevada, Cali and Arizona lead!

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U.S. foreclosure filings rose to a record in August as falling home prices made it harder to sell or refinance homes to pay off the mortgage, RealtyTrac Inc. said.

Owners of 303,879 properties, or one in 416 U.S. households, got a default notice, were warned of a pending auction or foreclosed on last month. That was the most since reporting began in January 2005.

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The worst housing slump since the 1930s shows little sign of abating. Home prices in 20 U.S. metropolitan areas declined 15.9 percent in June from a year earlier, according to the S&P/Case- Shiller index.

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Nevada had the nation's highest foreclosure rate for the 20th consecutive month, with one in 91 households in some stage of default, according to RealtyTrac.

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California had the second-highest rate, one in 130 households, and the most filings at 101,724, a third of the nation's total.

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Arizona had the third-highest rate at one in 182 households, followed by Florida, Michigan, Georgia, Ohio, Colorado, Illinois and Indiana, RealtyTrac said.

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California had eight of the 10 metropolitan areas with the highest foreclosure rates, led by Stockton at one in 50 households. Merced, Modesto, Vallejo-Fairfield and Riverside-San Bernardino ranked second through fifth. Bakersfield, Salinas- Monterey and Sacramento, the state capital, ranked eighth through 10th.

Cape Coral-Fort Myers, Florida, had the sixth-highest metro foreclosure rate at one in 66 households and saw a 3 percent decrease in filings. Las Vegas was seventh at one in 75 households, and had an 83 percent increase in defaults, according to RealtyTrac.

http://bloomberg.com/apps/news?pid=2060108...&refer=home