More than 1.2 million foreclosure filings were reported nationwide during 2006, up 42 percent from 2005 and a foreclosure rate of one foreclosure filing for every 92 households, according to the RealtyTrac 2006 U.S. Foreclosure Market Report released yesterday.

The number of total foreclosure filings rose from about 885,000 in 2005 to 1,259,118 in 2006. The 2006 total represents more than 1 percent of U.S. households.

Colorado documented the nation’s highest state foreclosure rate, with total foreclosure filings representing 3 percent of the state’s households. Georgia and Nevada posted the second and third highest state foreclosure rates.

Texas reported 156,876 foreclosure filings during the year, the most of any state and nearly 13 percent of the national total. California and Florida ranked second and third in total foreclosure filings for the year.

Detroit’s 40,219 foreclosure filings in 2006 represented nearly 5 percent of the city’s households — the highest rate among the nation’s 100 largest metropolitan areas. Foreclosure rates in Atlanta and Indianapolis ranked second and third for the year.

View full report.