The report also shows that 1.84% of all U.S. housing units (one in 54) received at least one foreclosure filing during the year, up from 1.03% in 2007.

Foreclosure filings were reported on 303,410 U.S. properties in December, up 17% from the previous month and up nearly 41% from December 2007. Despite the spike in December, foreclosure activity for the fourth quarter was down nearly 4% from the previous quarter but still up nearly 40% from the fourth quarter of 2007.

The foreclosure prevention programs implemented to-date have not had any real success in slowing down this foreclosure tsunami. And the recent California law, much like its predecessors in Massachusetts and Maryland, appears to have done little more than delay the inevitable foreclosure proceedings for thousands of homeowners.

The California law (SB1137), which required lenders to provide written notice of their intent to initiate foreclosure proceedings 30 days prior to issuing a notice of default (NOD), resulted in a reduction of NODs from 44,278 in August to 21,665 in September. Notice of Default filings then surged by 122%, to over 42,000, in December. Similar patterns have occurred in other states, such as Massachusetts and Maryland, where similar types of foreclosure prevention legislation has been enacted.

Nevada, Florida, Arizona post top state foreclosure rates in 2008

More than 7% of Nevada housing units received at least one foreclosure notice in 2008, giving it the nation’s highest state foreclosure rate for the year. A total of 77,693 Nevada properties received a foreclosure filing during the year, an increase of nearly 126% from 2007 and an increase of nearly 530% from 2006.

Florida registered the nation’s 2nd highest state foreclosure rate in 2008, with 4.52% of its housing units receiving at least one foreclosure filing during the year, and Arizona registered the nation’s third highest state foreclosure rate, with 4.49% of its housing units receiving at least one foreclosure filing during the year.

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

California, Florida, Arizona post highest 2008 foreclosure totals

A total of 523,624 California properties received a foreclosure filing in 2008, the nation’s highest state total.

With 385,309 properties receiving a foreclosure filing in 2008, Florida documented the second highest state total.

Arizona’s 2008 total of 116,911 properties receiving a foreclosure filing was third highest among the states.

Other states with Top 10 totals for 2008 were Ohio, Michigan, Illinois, Texas, Georgia, Nevada and New Jersey.

Sunbelt cities plus Detroit land on top 10 metro foreclosure rates list

With 9.46% of its housing units receiving a foreclosure filing during the year, Stockton, Calif., registered the highest foreclosure rate among the nation’s 100 largest metropolitan areas in 2008. Other California cities in the top 10 were Riverside-San Bernardino at No. 3 (8.02%); Bakersfield and No. 4 (6.17%); and Sacramento at No. 9 (5.20%).

Las Vegas documented the second highest metro foreclosure rate in 2008, with 8.89% of its housing units receiving a foreclosure filing during the year.

More than 6% of Phoenix housing units received a foreclosure filing during the year, giving the city the fifth highest metro foreclosure rate in 2008.

The foreclosure rate in Fort Lauderdale, Fla., ranked No. 6, with 5.95% of the metro area’s housing units receiving a foreclosure filing in 2008. Other Florida cities in the top 10 were Orlando at No. 7 (5.48%) and Miami at No. 8 (5.21%).

With 4.52% of its housing units receiving a foreclosure filing during the year, Detroit registered the tenth highest metro foreclosure rate in 2008.