Where are the forclosures?

Nevada replaced Colorado as the state with the highest foreclosure rate thanks to an 8 percent increase in foreclosure filings from the previous month and a slight decrease in Colorado foreclosure filings. The state reported 2,397 new foreclosure filings during the month, a foreclosure rate of one new foreclosure filing for every 362 households — 2.4 times the national average.

A 70 percent increase in foreclosure activity propelled Michigan’s foreclosure rate to second highest among the states. The state reported 11,554 new foreclosure filings, a foreclosure rate of one new foreclosure filing for every 366 households. The state’s foreclosure total was the fourth highest reported by any state and more than twice the number reported in January 2006.
Georgia’s foreclosure rate — one new foreclosure filing for every 372 households — ranked third highest among the states for the fourth month in a row. The state reported 8,328 new foreclosure filings during the month, up 29 percent from the previous month and up 13 percent from January 2006.

Colorado’s foreclosure rate dropped to fourth highest for the month after claiming the top spot in nine out of 12 months in 2006. Other states with foreclosure rates among the nation’s 10 highest included Arizona, Texas, Ohio, Florida, Illinois and New Jersey.