Foreclosures Begin 2007 at Two-Year High
New foreclosure activity in January hit its highest level since RealtyTrac began issuing a national foreclosure report two years ago, with 130,511 new foreclosure filings reported
during the month. That was up 19 percent from the previous month and up 25 percent from January 2006.
After dominating the headlines with the highest state foreclosure rate for much of 2006, Colorado’s foreclosure rate dropped to fourth highest among the states thanks to a slight decrease in foreclosure activity in January. Nevada took the top spot with one new foreclosure filing for every 362 households. Michigan and Georgia ranked second and third among the states in terms of foreclosure rate.
Substantial increases in foreclosure activity in Detroit and Atlanta helped drive up the foreclosure rates in Michigan and Georgia. Detroit’s foreclosure total more than doubled from the previous month, giving it the nation’s highest metropolitan foreclosure rate — one new foreclosure filing for every 124 households. Atlanta foreclosures increased 25 percent from the previous month and the city’s foreclosure rate of one new foreclosure filing for every 214 households ranked third highest among the nation’s metro foreclosure rates.
Texas, California and Florida continued to report the top three monthly foreclosure totals among all the states.
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