Press Release Revised Oct. 25, 2007
Foreclosure Filings Up 112 Percent From August 2006
IRVINE, Calif. – Sept. 18, 2007 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its August 2007 U.S. Foreclosure Market Report, which shows a total of 239,851 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, up 37 percent from the previous month and up 112 percent from August 2006. This is the highest number of foreclosure filings in a single month that RealtyTrac has reported since it began issuing the monthly report in January 2005. The national foreclosure rate of one foreclosure filing for every 519 households for the month is also the highest figure ever issued in the report.
RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.
“The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable rate loans are beginning to reset now,” commented James J. Saccacio, chief executive officer of RealtyTrac. “Another significant factor in the increased level of foreclosure activity is that the number of REO filings (bank repossessions) is increasing dramatically, which means that a greater percentage of homes entering foreclosure are going back to the banks.”
Nevada, California, Florida post top state foreclosure rates
Nevada continued to register the nation’s highest state foreclosure rate, one foreclosure filing for every 165 households — more than three times the national average. The state reported 6,197 foreclosure filings during the month, a 21 percent increase from the previous month and more than triple the number reported in August 2006.
California’s foreclosure rate jumped to second highest among the states thanks to a 48 percent month-over-month spike in foreclosure activity. The state reported 57,875 foreclosure filings during the month, a foreclosure rate of one foreclosure filing for every 224 households — more than twice the national average.
Florida foreclosure activity jumped 77 percent from the previous month, boosting the state’s foreclosure rate from seventh highest to third highest among the states. The state reported 33,932 foreclosure filings, a foreclosure rate of one foreclosure filing for every 243 households.
Other states with foreclosure rates ranking among the nation’s 10 highest were Ohio, Michigan, Arizona, Colorado, Georgia, Texas and Indiana.
Sun Belt, Rust Belt states dominate top foreclosure totals
Seven of the top 10 states in terms of total foreclosure filings in August were located in the Sun Belt, and three of the top 10 states were in the Rust Belt. After California and Florida, Ohio registered the third highest state total, with 17,793 foreclosure filings during the month. The state documented a foreclosure rate of one foreclosure filing for every 281 households, fifth highest in the nation.
Texas and Michigan both reported more than 10,000 foreclosure filings for the month, documenting the fourth and fifth highest state foreclosure totals respectively, followed by Georgia, Arizona, Colorado, Illinois and Nevada.
Top Metro foreclosure rates in California, Michigan, Florida, Nevada and Ohio
California cities once again accounted for six of the top 10 metro foreclosure rates in August, with the top three spots all taken by California cities. Modesto documented the nation’s highest metro foreclosure rate, one foreclosure filing for every 79 households, followed by Stockton and Merced. Other California cities in the top 10 included Vallejo-Fairfield at No. 5, Riverside-San Bernardino at No. 6 and Sacramento at No. 7.
Detroit posted a foreclosure rate of one foreclosure filing for every 87 households, the nation’s fourth highest metro foreclosure rate and more than five times the national average. Fort Lauderdale, Fla., Las Vegas and Cleveland, Ohio, ranked Nos. 8, 9 and 10.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. Data is also available at the individual county level. RealtyTrac’s report includes documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).
About RealtyTrac Inc.
Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value. Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For current news and information regarding foreclosure-related issues and trends, visit our blog at www.ForeclosurePulse.com.
Order Customized Reports
Detailed and historical foreclosure data used to create the above report may be
purchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext.
158. Aggregate data is available at the state, metro, county and zip code
levels dating back to 2005, and address-level foreclosure records are also
949.502.8300 Ext. 139
949.502.8300 Ext. 268
Detailed & Historical Data:
949.502.8300 Ext. 158