The foreclosure rate more than doubled in the first 3 months of 2008 compared to the first quarter in 2007.

Nationwide, 649, 917 homes received a foreclosure notice, up for just 306,722 in 2007. The hardest hit states were Nevada, Florida and California. The record foreclosure rates indicate that the measures provided by President Bush and Congress are not working.

The flood of foreclosures is contributing to the also record drop in home prices being recorded. In February, according to the Standard & Poor’s Case-Shiller Index, home prices nationwide dropped 12.7% from a year earlier, the biggest drop ever recorded.