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Daily Real Estate News  |   February 26, 2008  |   Foreclosure Rates Climb More Slowly
The number of homes facing foreclosure rose 57 percent in January compared to a year ago, with 233,001 properties in some stage of foreclosure nationwide, according to analyst RealtyTrac.

Not all the news is bad, says James J. Saccacio, RealtyTrac’s CEO, “and several key states actually experienced decreasing foreclosure activity from the previous month,” he says.

Despite a drop in foreclosure activity compared to December 2007, Nevada continued to have the highest foreclosure rate in the nation. It was followed in rank order by California, Florida, Arizona, Colorado, Massachusetts, Georgia, Connecticut, Ohio, and Michigan.

The Cape Coral-Fort Myers, Fla., metro area documented the highest January foreclosure rate among the 229 metro areas tracked in the report. The other Florida metro area in the top 10 was Port St. Lucie-Fort Pierce, which ranked No. 10.

The Stockton, Calif., metro area documented the second highest metro foreclosure rate. Other California metro areas in the top 10 were Riverside-San Bernardino at No. 3, Modesto at No. 4, Merced at No. 5, Vallejo-Fairfield at No. 7 and Bakersfield at No. 9.

Other cities in the top 10 were Las Vegas at No. 6 and Greeley, Colo., at No. 8.

Source: RealtyTrac (02/26/2008)

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