Foreclosure Home Press Releases MORE THAN 1.2 MILLION FORECLOSURE FILINGS REPORTED IN 2006

MORE THAN 1.2 MILLION FORECLOSURE FILINGS REPORTED IN 2006

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U.S. Foreclosure Filings Up 42 Percent From 2005
Colorado, Georgia, Nevada Post Highest Foreclosure Rates

IRVINE, Calif. – Jan. 25, 2007 – RealtyTrac™ (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released year-end data from its 2006 U.S. Foreclosure Market Report, which shows more than 1.2 million foreclosure filings were reported nationwide during the year, up 42 percent from 2005 and a foreclosure rate of one foreclosure filing for every 92 U.S. households.

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 800,000 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.

“While foreclosures are not at historically high levels, a 42 percent year-over-year increase is certainly noteworthy,” said James J. Saccacio, chief executive officer of RealtyTrac. “The increase in the number of properties in foreclosure was driven partly by the general slowing of overall housing sales, and partly by the impact of monthly mortgage payments increasing dramatically for homeowners who held some of the riskier types of adjustable rate and sub-prime mortgages. As more and more of these loans re-set, we saw a surge to finish the year, with the fourth quarter producing more foreclosure filings than any of the three previous quarters.”

The number of total foreclosure filings rose from about 885,000 in 2005 to 1,259,118 in 2006. While that is a substantial increase, it is still within the scope of normal historical averages, according to Saccacio.

“It’s true that foreclosures could have a negative impact on the housing market if they continue to increase at this rate. And in some of the more problematic local markets they already may be contributing to slowing home price appreciation and a glut of homes for sale,” he said. “However, most local markets have been able to re-absorb foreclosure homes without seeing any major damage to the local economy.”

Colorado, Georgia, Nevada post highest foreclosure rates
Colorado documented the nation’s highest state foreclosure rate for the year, one foreclosure filing for every 33 households — or 3 percent of the state’s households. The state reported a total of 54,747 foreclosure filings during the year, an 85 percent increase from 2005 and the eighth highest total among all the states.

Georgia and Nevada both reported one foreclosure filing for every 41 households in 2006, but Georgia edged out Nevada with a slightly higher percentage of households in foreclosure — 2.5 percent compared to 2.4 percent in Nevada. Georgia reported a total of 75,975 foreclosure filings during the year, the sixth most of any state and a 67 percent year-over-year increase. Nevada foreclosures surged in fourth quarter, pushing the state’s total for the year to 21,045 — nearly three times the number reported in 2005.

Other states with foreclosure rates among the nation’s 10 highest included Texas, Michigan, Indiana, Florida, Ohio, Utah and Tennessee.

Texas, California, Florida report biggest foreclosure totals
Texas reported 156,876 foreclosure filings for the year, the most of any state and nearly 13 percent of the national total. The state consistently reported big foreclosure numbers throughout 2006, documenting the highest monthly total eight times, and foreclosures for the year were up more than 14 percent from 2005. Texas’ foreclosure total represented nearly 2 percent of the state’s households — or one foreclosure filing for every 51 households — giving the state the nation’s fourth highest state foreclosure rate.

Rising foreclosure activity in the fourth quarter pushed California’s 2006 foreclosure total to second highest among the states. The state reported 142,429 foreclosure filings during the year, more than twice the number reported in 2005 and accounting for more than 11 percent of the national total. California’s 2006 foreclosure rate of one foreclosure filing for every 86 households — or 1.2 percent of households — ranked 14th among the states

Florida foreclosure activity remained relatively flat in 2006, up just 2 percent from 2005, but the state’s foreclosure total still placed third highest among all the states. Florida reported 124,721 foreclosure filings during the year, a foreclosure rate of one foreclosure filing for every 59 households — or 1.7 percent of households. The state’s foreclosure rate dropped to seventh highest in 2006 after claiming the top spot in 2005.

Other states with 2006 foreclosure totals among the nation’s 10 highest included Ohio, Michigan, Georgia, Illinois, Colorado, New York and Indiana.

Detroit, Atlanta, Indianapolis report highest metro foreclosure rates
With an average of more than 10,000 foreclosure filings in each quarter, Detroit documented the highest annual foreclosure rate among the nation’s 100 largest metropolitan statistical areas. Foreclosure filings in the city represented 4.9 percent of all households — or one foreclosure filing for every 21 households. The city’s foreclosure rate was 4.5 times the national average.

Atlanta’s 2006 foreclosure total of 63,737 represented 4.4 percent of the city’s households —  second highest among the top 100 MSAs and more than four times the national average. Consistently high foreclosure filings throughout the year helped the Atlanta’s foreclosure rate rank in the number-two spot despite never being higher than third place in any quarter.

Indianapolis foreclosures decreased in the second, third and fourth quarters, but the city still documented the nation’s third highest metro foreclosure rate — with total foreclosure filings representing 4.3 percent of all households.

Other cities with foreclosure rates among the nation’s 10 highest were Denver, Dallas, Fort Worth, Las Vegas, Memphis, Fort Lauderdale and Miami.

The RealtyTrac U.S. Foreclosure Market Report provides the total number of homes entering some stage of foreclosure nationwide and by state in each quarter of 2006. The total for each quarter and for the year includes foreclosure filings for all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

U.S. Foreclosure Market Report – 2006

Rate Rank State Name Q1 Q2 Q3 Q4 2006 Total %HH 1 for every #HH YOY % Change

 

United States

323,101

272,108

318,355

345,554

1,259,118

1.1

92

42

37

Alabama

358

914

1,215

1,861

4,348

0.2

452

1

26

Alaska

273

219

291

284

1,067

0.5

192

-24

12

Arizona

6,232

5,818

7,505

8,331

27,886

1.3

79

4

16

Arkansas

3,706

2,383

2,696

2,533

11,318

1.0

104

-2

14

California

29,537

27,606

37,317

47,969

142,429

1.2

86

131

1

Colorado

13,267

11,599

14,374

15,507

54,747

3.0

33

85

17

Connecticut

2,503

3,159

2,634

3,436

11,732

0.8

118

6

43

Delaware

80

106

140

114

440

0.1

780

36

 

DC

27

33

23

30

113

0.0

2,432

-30

7

Florida

29,636

25,853

40,136

29,096

124,721

1.7

59

2

2

Georgia

24,419

15,309

15,841

20,406

75,975

2.5

41

67

42

Hawaii

134

199

158

182

673

0.1

684

-79

27

Idaho

760

528

675

545

2,508

0.5

210

-9

11

Illinois

13,691

18,690

19,358

20,716

72,455

1.5

67

55

6

Indiana

15,261

10,775

10,836

10,678

47,550

1.9

53

56

35

Iowa

978

526

564

1,377

3,445

0.3

358

64

31

Kansas

600

1,220

1,113

1,186

4,119

0.4

274

116

29

Kentucky

1,423

1,475

2,310

1,915

7,123

0.4

246

43

40

Louisiana

341

375

957

1,241

2,914

0.2

646

-24

48

Maine

43

24

74

56

197

0.0

3,309

42

38

Maryland

1,081

1,153

1,285

1,003

4,522

0.2

474

-12

25

Mass.

972

2,335

4,270

8,310

15,887

0.6

165

226*

5

Michigan

22,742

15,188

20,777

22,212

80,919

1.9

52

127

34

Minnesota

1,131

1,355

1,591

1,918

5,995

0.3

345

167

46

Mississippi

237

154

246

405

1,042

0.1

1,218

-45

20

Missouri

5,014

3,372

4,029

5,284

17,699

0.7

138

53

36

Montana

317

198

229

322

1,066

0.3

387

18

28

Nebraska

740

368

951

975

3,034

0.4

237

47

3

Nevada

5,037

3,499

5,561

6,948

21,045

2.4

41

172

49

New Hampshire

26

34

47

40

147

0.0

3,721

-2

13

New Jersey

10,460

6,745

8,938

13,877

40,020

1.2

83

14

22

New Mexico

1,836

1,776

756

896

5,264

0.7

148

-28

21

New York

13,794

12,733

11,643

13,876

52,046

0.7

148

40

24

North Carolina

7,664

4,862

5,420

4,530

22,476

0.6

157

41

47

North Dakota

65

34

35

43

177

0.1

1,637

7

8

Ohio

22,860

16,041

19,748

22,868

81,517

1.7

59

64

15

Oklahoma

4,727

3,669

4,178

3,012

15,586

1.0

96

15

23

Oregon

2,025

3,952

1,764

1,832

9,573

0.7

152

40

19

Pennsylvania

12,255

7,532

8,943

9,603

38,333

0.7

137

34

33

Rhode Island

9

327

551

390

1,277

0.3

344

3,015*

30

South Carolina

2,552

1,830

1,252

1,321

6,955

0.4

252

-9

45

South Dakota

76

71

80

63

290

0.1

1,115

47

10

Tennessee

11,718

7,459

7,502

10,117

36,796

1.5

67

33

4

Texas

40,236

39,690

39,363

37,587

156,876

1.9

51

14

9

Utah

3,559

3,487

3,289

2,707

13,042

1.7

59

13

50

Vermont

21

15

6

3

45

0.0

6,542

-25

41

Virginia

1,038

870

1,311

1,131

4,350

0.2

664

49

18

Washington

5,399

4,589

4,243

4,296

18,527

0.8

129

25

44

West Virginia

229

197

208

237

871

0.1

970

-15

32

Wisconsin

1,951

1,676

1,796

2,149

7,572

0.3

304

48

39

Wyoming

61

86

126

136

409

0.2

547

64

*Actual year-over-year increase may not be as high due to expanded data coverage in this state.

 

Foreclosure Statistics for the Nation’s 100 Largest MSAs – 2006

Rate Rank MSA Q1 Q2 Q3 Q4 2006 Total %HH 1 for every #HH

1

DETROIT/LIVONIA/DEARBORN

11,782

7,270

10,316

10,851

40,219

4.9

21

2

ATLANTA/SANDY SPRINGS/MARIETTA

20,491

12,977

13,562

16,707

63,737

4.4

23

3

INDIANAPOLIS

9,628

6,547

6,383

5,040

27,598

4.3

23

4

DENVER/AURORA

9,241

7,534

9,825

10,812

37,412

4.2

24

5

DALLAS

14,180

12,209

13,422

11,919

51,730

3.9

26

6

FORT WORTH/ARLINGTON

6,557

6,023

6,854

6,191

25,625

3.7

27

7

LAS VEGAS/PARADISE

4,785

3,283

5,215

6,295

19,578

3.3

31

8

MEMPHIS

5,573

3,849

3,929

4,804

18,155

3.2

31

9

FORT LAUDERDALE

3,641

4,520

8,431

4,521

21,113

2.8

35

10

MIAMI

4,485

4,757

9,380

5,424

24,046

2.8

35

11

STOCKTON

1,202

1,228

1,050

1,673

5,153

2.7

37

12

SAN ANTONIO

4,119

3,298

3,788

3,549

14,754

2.7

37

13

RIVERSIDE/SAN BERNARDINO

6,082

5,119

8,183

10,871

30,255

2.6

39

14

CLEVELAND/LORAIN/ELYRIA/MENTOR

5,261

4,684

5,781

7,250

22,976

2.5

40

15

DAYTON

2,329

1,409

2,205

2,550

8,493

2.3

43

16

AUSTIN/ROUND ROCK

3,268

3,504

2,378

2,363

11,513

2.3

43

16

AKRON

2,486

1,341

1,584

1,343

6,754

2.3

43

18

HOUSTON/BAYTOWN/SUGARLAND

8,780

12,043

10,184

10,756

41,763

2.3

43

19

COLUMBUS

4,602

3,087

4,128

3,358

15,175

2.2

45

20

JACKSONVILLE

3,579

2,434

2,516

1,454

9,983

2.1

48

21

LAKE/KENOSHA

880

1,245

1,264

1,337

4,726

2.1

48

22

CHICAGO

9,035

15,567

16,155

16,949

57,706

2.0

50

23

PALM BEACH

2,675

2,642

3,643

1,954

10,914

2.0

51

24

SALT LAKE CITY

1,942

1,701

1,672

1,299

6,614

1.9

52

25

CAMDEN

947

586

1,359

1,899

4,791

1.8

54

26

ORLANDO

3,602

2,923

2,882

2,864

12,271

1.8

54

27

LITTLE ROCK/NORTH LITTLE ROCK

1,497

1,050

1,177

1,015

4,739

1.8

55

28

WARREN/FARMINGTON HILLS/TROY

4,793

3,085

4,211

4,787

16,876

1.7

58

29

OKLAHOMA CITY

2,381

1,877

2,120

1,726

8,104

1.7

58

30

TOLEDO

1,380

951

854

1,593

4,778

1.7

60

31

TAMPA/ST PETERSBURGH/CLEARWATER

4,728

3,654

5,542

4,741

18,665

1.6

61

32

SACRAMENTO

2,434

3,022

2,509

2,672

10,637

1.6

61

33

TULSA

1,698

1,550

1,516

1,103

5,867

1.6

62

34

PHOENIX/MESA

4,306

4,054

5,492

6,288

20,140

1.5

66

35

CHARLOTTE/GASTONIA

2,754

1,746

2,190

1,508

8,198

1.5

67

36

ALBUQUERQUE

1,661

1,584

602

738

4,585

1.5

67

37

SUFFOLK/NASSAU

4,502

3,792

2,973

3,017

14,284

1.5

69

38

OAKLAND

1,956

2,598

3,532

4,194

12,280

1.4

73

39

FRESNO

503

736

973

1,461

3,673

1.4

74

40

TACOMA

1,054

786

843

1,004

3,687

1.3

75

41

NEWARK

2,989

1,671

2,456

3,441

10,557

1.3

77

42

BAKERSFIELD

530

386

768

1,280

2,964

1.3

78

43

SAN DIEGO

2,806

2,596

4,069

3,779

13,250

1.3

79

44

GARY

974

649

890

741

3,254

1.2

81

45

EL PASO

775

670

608

709

2,762

1.2

81

46

TUCSON

1,199

986

1,143

1,156

4,484

1.2

82

47

PHILADALPHIA

5,598

3,916

4,089

5,057

18,660

1.2

84

48

EDISON

2,582

1,585

2,058

3,850

10,075

1.2

87

49

CINCINNATI

2,224

1,919

2,494

2,896

9,533

1.1

87

50

PITTSBURGH

3,982

2,476

2,944

2,802

12,204

1.1

88

51

NASHVILLE/DAVIDSON

2,086

1,141

1,115

1,848

6,190

1.1

89

52

ST LOUIS

3,840

2,434

2,838

3,434

12,546

1.1

91

52

LOUISVILLE

981

1,066

1,837

1,512

5,396

1.1

91

54

RALEIGH/CARY

1,175

815

862

646

3,498

1.1

94

55

KANSAS CITY

1,942

1,459

1,802

2,657

7,860

1.0

100

56

SARASOTA/BRADENTON/VENICE

802

649

814

937

3,202

1.0

100

57

LOS ANGELES/LONG BEACH

7,788

5,379

7,860

10,331

31,358

1.0

104

58

NEWHAVEN/MILFORD

724

853

720

942

3,239

1.0

105

59

WORCHESTER

172

433

823

1,351

2,779

0.9

107

60

PORTLAND/VANCOUVER/BEAVERTON

1,116

3,766

1,037

1,039

6,958

0.9

114

61

SPRINGFIELD

178

383

654

1,158

2,373

0.9

117

62

HARTFORD

849

1,072

845

1,182

3,948

0.8

120

63

KNOXVILLE

756

428

415

626

2,225

0.8

124

64

BRIDGEPORT/STAMFORD/NORWALK

581

753

677

722

2,733

0.8

124

65

ORANGE

1,474

1,475

2,058

2,622

7,629

0.8

127

66

SEATTLE/BELLEVUE/EVERETT

1,949

1,948

1,805

1,511

7,213

0.7

136

67

OMAHA/COUNCIL BLUFFS

530

146

824

769

2,269

0.7

136

68

NEW YORK/WAYNE/WHITE PLAINS

7,695

7,406

6,467

8,808

30,376

0.7

140

69

MILWAUKEE/WAUKESHA/WST ALLIS

1,175

758

943

1,138

4,014

0.6

154

70

ROCHESTER

859

360

622

914

2,755

0.6

155

71

ESSEX

114

217

471

1,039

1,841

0.6

156

72

SAN JOSE/SUNNYVALE/SANTA CLARA

855

845

1,014

1,091

3,805

0.6

157

73

VENTURA

366

325

415

428

1,534

0.6

164

74

BUFFALO/CHEEKTOWAGA/TONAWANDA

453

504

1,154

868

2,979

0.6

172

75

GREENSBORO/HIGHPOINT

582

384

298

326

1,590

0.6

173

76

WICHITA

178

400

352

430

1,360

0.6

175

77

BOSTON/QUINCY

255

601

1,048

2,221

4,125

0.6

177

78

BIRMINGHAM/HOOVER

186

512

878

744

2,320

0.5

182

79

GREENVILLE

425

291

370

185

1,271

0.5

188

80

COLUMBIA

544

410

197

232

1,383

0.5

195

81

POUGHKEEPSIE/NEWBURGH/MIDDLETOWN

198

283

257

429

1,167

0.5

196

82

CHARLESTON

529

210

160

222

1,121

0.5

208

83

MINNEAPOLIS/ST PAUL/BLOOMINGTON

988

1,277

1,511

1,813

5,589

0.5

209

84

SCRANTON/WILKES/BARRE/HAZLETON

321

31

525

289

1,166

0.5

217

85

CAMBRIDGE/NEWTON/FRAMINGHAM

106

370

664

1,223

2,363

0.4

244

86

SAN FRANCISCO

484

619

743

703

2,549

0.4

279

87

SYRACUSE

178

279

206

265

928

0.3

300

88

PROVIDENCE/NEW BEDFORD

9

327

551

390

1,277

0.3

344

89

WASHINGTON/ARLINGTON/ALEXANDRIA

878

915

1,435

1,025

4,253

0.3

354

90

BATON ROUGE

66

79

298

315

758

0.3

362

91

WILMINGTON

180

94

186

195

655

0.3

397

92

ALLENTOWN/BETHLEHEM/EASTON

231

144

174

128

677

0.2

427

93

MCALLEN/EDINBURG/PHARR

159

75

106

78

418

0.2

461

94

NEW ORLEANS

102

117

340

572

1,131

0.2

528

95

BALTIMORE/TOWSON

413

516

511

435

1,875

0.2

559

96

ALBANY/SCHENECTADY/TROY

84

224

163

111

582

0.2

625

97

NORFOLK/VIRGINIA BEACH/NEWPORT NEWS

192

191

227

243

853

0.2

645

98

HONOLULU

78

145

103

108

434

0.1

728

99

RICHMOND

147

110

114

105

476

0.1

928

100

BETHESDA/FREDERICK/GAITHERSBURG

124

71

74

48

317

0.1

1,285

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. (http://www.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 construction properties, 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 more information, visit http://www.realtytrac.com/.

###

Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139
michelle.schneider@realtytrac.com

Christine Stricker
949.502.8300 Ext. 268
christine.stricker@realtytrac.com

Detailed & Historical Data:
Tyler White
949.502.8300 Ext. 158
tyler.white@realtytrac.com


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Thanks for your comments. I do agree that there is a positive side to this in that many who were previously priced out of the housing market can now buy. Posted: April 7, 2011 by: darenb
Thank you for posting this. I think that the news is both distressing and exciting, because while many Americans are losing their homes, there are other first time home buyers that can now actually afford the homes for sale in their neighborhoods, like ones you can find here: http://www.TheBellaCasaRealty.com. Thanks! Posted: April 7, 2011 by: castlepenn
Thanks for all this great information. I have noticed several <a href="http://bethesdahomesforsale.com">homes for sale</a> in my neighborhood that have been foreclosed on. It is scary how bad the economy is right now and how badly it is affecting the housing market. Hopefully some improvements start to happen soon. Posted: March 9, 2011 by: MaisM

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