A record quarter-million new REOs in Q1 2010

A record quarter-million new REOs in Q1 2010

More than 250,000 properties were foreclosed on in the first quarter of 2010, the most bank repossessions (REOs) in any quarter since the beginning of the recession, according to the latest Realty Trac U.S. Foreclosure Market Report®.

Despite a 33 percent year-over-year decrease in REOs, Nevada continued to post the nation’s highest state foreclosure rate, with one in every 33 properties receiving a foreclosure notice during the quarter.

Top 10 State Foreclosure Rates:

State Foreclosure Notices per Housing Unit
Nevada 33
Arizona 49
Florida 57
California 62
Utah 88
Michigan 99
Georgia 101
Idaho 101
Illinois 115
Colorado 134

More bank-owned inventory for bargain hunters
The surge in REOs in the first quarter means more bank-owned inventory is now available to purchase — often at a steep discount.


“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that frightens us. Actually, who are you not to be? You are a child of God. Your playing small doesn’t serve the world. There’s nothing enlightened about shrinking so that other people won’t feel insecure around you. We were born to make manifest the glory of God that is within us.”

- Nelson Mandela

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