Foreclosures up 121% in second quarter

Foreclosures climbed to 739,714 properties in the second quarter, up almost 14% from the first quarter and 121% from a year ago, according to figures from RealtyTrac Inc. of Irvine, Calif. In other words, one in every 171 households received a foreclosure notice in the quarter. “Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity,” James Saccacio, chief executive of RealtyTrac, said in a statement. He noted that 48 of 50 states and 95 of the nation’s 100 largest metropolitan areas experienced year-over-year increases in foreclosure activity. Bank repossessions accounted for 30% of foreclosure activity, up from 24% in the first quarter. The state reporting the highest foreclosure rate was Nevada, where one in every 43 households received a foreclosure notice in the second quarter — almost four times the national average This was followed by California, where one in every 65 households went into foreclosure, and Arizona, where one in every 70 households got a foreclosure notice. Florida ranked fourth, with one in every 78 households going into foreclosure. Rounding out the top 10 states were Colorado, Ohio, Michigan, Georgia, Massachusetts and Illinois.