Nevada, once one of the hottest real estate markets and a favorite among investors, led the nation in May with one foreclosure filing for every 166 households, which was the nation's highest for the fifth month in a row and nearly four times the national average.
Nevada's foreclosure activity, at 5,235 foreclosure filings during the month, rose 40 percent from April and was nearly five times the number reported in May of 2006.
Colorado came in second with one foreclosure filing for every 290 households, which was 2.3 times the national average. Colorado's foreclosure activity, at 6,231 foreclosure filings in May, rose 9 percent from the previous month and was an increase of more than 50 percent from May 2006
The state's foreclosure total was the eighth highest among the states.
Other States Hit
California, the largest state, reported foreclosure activity increasing by 30% from the previous month and more than 350% from May 2006, which boosted the state's foreclosure rate to the third highest in the country.
California documented one foreclosure filing for every 308 households, which as more than twice the the national average.
Florida, Ohio, Arizona, Georgia, Michigan, Indiana and Connecticut were some of the other states with foreclosures rates ranking among the nation's 10 highest in May.
The cities with the nation's top three metropolitan foreclosure rates were all located in California, and three other California cities also documented foreclosure rates among
the top 10.
A 49% increase in foreclosure activity ensured that Stockton, Cali., would register the nation's highest metropolitan foreclosure rate at one filing for every 88 households, which was nearly 7.5 times the national a average.
Merced, Cali., documented the second highest metro foreclosure rate, one foreclosure filing for every 100 households, followed by Modesto, Cali., with one foreclosure filing for every 118 households. Other California metros in the top 10 were Riverside-San Bernardino at No. 5,
Vallejo-Fairfield at No. 6, and Sacramento at No. 7.
Las Vegas at No. 4, Denver at No. 7, Detroit and No. 8, and Miami at No. 10 were other top 10 cities.