The States with the Highest Foreclosure Rates: April 2007
With the spring buying season in full bloom, foreclosure activity fell slightly in April—but defaults on risky loans still kept numbers well above last year's
By Maya Roney
Could falling foreclosure figures mean the market is springing to life? After climbing to a two-year high in March, U.S. foreclosure filings decreased about 1% in April to a total of 147,708, or a rate of one filing for every 783 households, according to RealtyTrac. That's hardly a significant decrease, especially considering the total is still 62% higher than it was at this time last year. But in some states, the month-over-month drop was more considerable: Nevada's foreclosure rate dropped 21% and Colorado's dipped 7%. Unfortunately, these declines were not enough to push the two states out of their respective No. 1 and No. 2 slots. In fact, the list of states with the highest foreclosure rates remained relatively unchanged from last month, with one exception—Connecticut leapfrogged to No. 3 from 15th, due in part to RealtyTrac's “more rigorous” data collection in the state in April.
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