RealtyTrac released its March 2008 U.S. Foreclosure Market Report, which shows foreclosure filings — pre-foreclosures, foreclosure auctions and bank-owned REO properties — were reported on 234,685 properties nationwide during the month, a 5 percent increase from the previous month and a 57 percent increase from March 2007. The report also shows one in every 538 U.S. households received a foreclosure filing during the month.

Filings were reported on 64,711 California foreclosures in March, the most of any state for the 15th consecutive month. California foreclosure activity increased nearly 21 percent from the previous month and almost 106 percent from March 2007. What this means is that there are huge discounts out there to be picked up by home buyers and investors whether they’re looking for Santa Barbara foreclosures, San Diego foreclosures or California foreclosure properties in general.

Florida foreclosures posted the nation’s second highest total, with foreclosure filings reported on 30,254 properties in March. The state’s foreclosure activity decreased nearly 7 percent from the previous month but was still up almost 112 percent from March 2007.