California’s third-quarter foreclosure rate nearly quadruples – What, still say no housing bubble?

RealtyTrac®, the leading online marketplace for foreclosure properties, today released its Q3 2007 U.S. Foreclosure Market Report. California’s third-quarter foreclosure rate was up 36 percent from the previous quarter and nearly quadruple the number reported in the third quarter of 2006!

California’s third-quarter foreclosure rate of one foreclosure filing for every 88 households ranked second highest among the states. A total of 148,147 foreclosure filings on 94,772 properties were reported in the state during the third quarter.

Nevada posted the nation’s highest foreclosure rate for the quarter, one foreclosure filing for every 61 households. A total of 16,817 foreclosure filings on 12,982 properties were reported in the state during the third quarter, up 23 percent from the previous quarter and more than triple the number reported in the third quarter of 2006.

Florida documented a third-quarter foreclosure rate of one foreclosure filing for every 95 households, the nation’s third highest state foreclosure rate. A total of 86,465 foreclosure filings on 60,992 properties were reported in the state during the third quarter, up more than 50 percent from the previous quarter and more than double the number reported in the third quarter of 2006.

Some prior posts on home foreclosures: Home Mortgage Rates Actually HIGHER After Fed Rate Cut!, San Diego County Foreclosures Jump 247%, Economists Says . . . We’re not out of the woods yet!, Worst Conditions Ever Seen by the Modern Mortgage Industry, Employment Report Negative Surprise . . . for Some, San Diego Housing Bust … How Bad Can It Get?, San Diego Home Foreclosures … The Worst is Yet to Come!  [tags] California foreclosures, home foreclosures, housing bubble, real estate bubble[/tags]  San Diego Realtor