US repossession rate doubles as credit crunch bites

The number of US homes heading towards repossession more than doubled in the first quarter from a year earlier, as weakening property values and tighter lending left many owners powerless to prevent them from being auctioned to the highest bidder, a research firm said today.

Among the hardest hit states were Nevada, Florida and, in particular, California, where Stockton led the nation with a foreclosure rate that was 6.6 times the national average, RealtyTrac said.