Almost Half a Million in Foreclosures from the First Quarter of this Year

The numbers don't lie. According to RealtyTrac which is the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, there were 430,000 foreclosures listing from last quarter. This is such a dramatic increase from 345,554 in the fourth quarter of 2006 and up from 323,101 in the first quarter of 2006!

The three states that posted the highest foreclosure rates are Nevada, Colorado and Georgia. Nevada documented the highest state foreclosure rate in the first quarter, this means that there is one foreclosure filing for every 75 households — 3.5 times the national average. The state documented a total of 11,514 foreclosure filings during the quarter, an increase of 66 percent from the previous quarter and more than double the total reported in the first quarter of 2006.

This paint a sad picture for our economy but a multitude of opportunity for the foreclosure investors community. A word of advice for the novice and whoever is planning to be in this foreclosure world that extreme caution must be exercised before getting involved with this type of investment.