Released: April 30, 2008

Foreclosures double, home prices tumble

Source: Stephanie Armour, USA Today

The most severe real estate recession in decades appears far from over, with the pace of foreclosures rising, the fall in home prices accelerating and the pain spreading to nearly every major U.S. city, according to two reports issued Tuesday.

The number of homes entering foreclosure jumped more than 100% in the first three months of the year compared with the same quarter in 2007, with one in every 194 homes receiving a foreclosure filing, RealtyTrac reported. Foreclosure activity rose in 46 of the 50 states and in 90 of the 100 largest metro areas.

Home prices tumbled 12.7% in February compared with last year, according to the S&P/Case-Shiller composite index of 20 cities. All but one of the 20 cities — Charlotte — saw year-over-year price drops.

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