U.S. Foreclosure Filings Jumps To 120 Percent In 2Q

Washington, D.C. (AHN) - The United States housing market slumped further as the number of foreclosure filings surged by 120 percent in the second quarter, nearly triple the number of filings registered a year ago, a report said.

According to a housing market report issued Friday by RealtyTrac, a total of 739,714 foreclosure filings were registered in the second quarter.

The report showed that one in every 171 U.S. households received a foreclosure filing, including notices of default, auction sale notices and bank repossessions.

The foreclosure filings recorded were up by 14 percent compared to the first quarter of the year and 121 percent compared to the same period in 2007.

Bank repossessions in the second quarter were up to 30 percent of the total filings, which were also up by 24 percent compared to a year ago percentage of bank repossessions.

That means as many as 220,000 homes of the total U.S. households were lost to bank repossessions in the second quarter.

According to the report, 48 out of 50 U.S. states and 95 of the 100 biggest metropolitan regions showed a year-over-year rise in the number of foreclosure filings during that three-month period.

Nevada reported the highest number of filings with one of every 43 households received a foreclosure notice in the quarter.

California reached to the second highest level with one in every 65 households were under foreclosure notice.

Filings tripled in the state compared to the last year's report, which was closely followed by Arizona, Florida, Colorado, Ohio, Michigan, Georgia, Massachusetts and Illinois.

Foreclosure filings surged, and even set records in some states, year-over-year in all but two states, North Dakota and Alaska.