Over 3 mn housing units in US faced default notices: Report

Over three million housing units in the US faced default notices, auction sale notices and bank repossessions in 2008, an increase of 81% over the year-ago period, California-based data tracking firm said today.

"A total of 31,57,806 foreclosure filings default notices, auction sale notices and bank repossessions were reported on 23,30,483 US properties during the year, an 81% increase in total properties from 2007," RealtyTrac said in its 2008 US Foreclosure Market Report.

The report shows that 1.84% of all US housing units - one in 54 - received at least one foreclosure filing during the year, up from 1.03% in 2007.

For the month of December, foreclosure filings were reported on 3,03,410 US properties, up 17% from the previous month and nearly 41% more as compared with December 2007.

"Clearly, the foreclosure prevention programmes implemented to-date have not had any real success in slowing down this foreclosure tsunami," RealtyTrac Chief Executive Officer James Saccacio said in a statement.

Nevada, Florida and Arizona were the three states posting top foreclosure rates in 2008.

More than 7% of Nevada housing units (one in 14) received at least one foreclosure notice in 2008, giving it the nation's highest state foreclosure rate for the year.

Florida saw the nation's second highest state foreclosure rate in 2008, with 4.52% of its units (one in 22) receiving at least one foreclosure filing.

About 3,85,300 Florida properties received a foreclosure filing in 2008.

Arizona psoted the third highest state foreclosure rate, with 4.49% of its units (one in 22) receiving at least one foreclosure filing in 2008.

Arizona's 2008 total of 1,16,911 properties received a foreclosure filing.

Other states with top 10 foreclosure rates for 2008 were California, Colorado, Michigan, Ohio, Georgia, Illinois and New Jersey.

A total of 5,23,624 California properties received a foreclosure filing in 2008. Foreclosure activity in the state increased nearly 110% from 2007 and nearly 498% from 2006.

The US is in the midst of a spiraling economic crisis fueled largely by the housing market. Sharp decline in home values and a credit crunch resulted in borrowers with home mortgages to default, leading to a global economic crisis.