Foreclosure Activity Up 55 Percent From May 2007
IRVINE, Calif. – June 13, 2008 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its May 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 273,001 properties during the month, a nearly 6 percent increase from the previous month and a 55 percent increase from May 2007. The report also shows one in every 463 U.S. households received a foreclosure filing during the month, the highest monthly foreclosure rate since RealtyTrac began issuing the report in January 2005.
RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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.
"May was the third straight month where we’ve seen a month-to-month increase in foreclosure activity and the 29th straight month we’ve seen a year-over-year increase,” said James J. Saccacio, chief executive officer of RealtyTrac. “The nationwide rate of increase for default notices and foreclosure auction notices slowed in May, with default notices up just 1 percent from the previous month and auction notices down 3 percent from the previous month. However, bank repossessions continued to surge in May — posting a double-digit percentage increase from the previous month and nearly three times the number reported in May 2007 — which pushed the total inventory of bank-owned REOs in our database to more than 700,000.”
Nevada, California, Arizona post top state foreclosure rates
With one in every 113 households receiving a foreclosure filing in May, Nevada posted the highest state foreclosure rate for the 17th consecutive month. Foreclosure filings were reported on a total of 9,391 Nevada properties, an increase of nearly 22 percent from the previous month and a 79 percent increase from May 2007.
California foreclosure activity in May increased nearly 11 percent from the previous month and 89 percent from May 2007, helping the state continue to register the nation’s second highest state foreclosure rate. One in every 175 California households received a foreclosure filing during the month, a rate that was 2.6 times the national average.
Arizona’s May foreclosure rate — one in every 202 households received a foreclosure filing during the month — ranked third highest among the states for the second month in a row. Arizona foreclosure activity increased nearly 11 percent from the previous month and 117 percent from May 2007.
One in every 218 Florida households received a foreclosure filing in May, giving it the fourth highest foreclosure rate among the states. Michigan foreclosure activity in May increased nearly 19 percent from the previous month, helping the state’s foreclosure rate move to fifth highest among the states after ranking No. 6 the previous month. One in every 310 Michigan households received a foreclosure filing in May.
Other states with foreclosure rates ranking among the top 10 were Georgia, Colorado, Ohio, Massachusetts and New Jersey.
California, Florida, Michigan report highest foreclosure totals
Foreclosure filings were reported on 75,113 California properties, 39,183 Florida properties and 14,579 Michigan properties, the three highest state totals in May.
Foreclosure filings were reported on 12,993 Ohio properties in May, the fourth highest state total despite a nearly 2 percent decrease from May 2007. With one in every 388 households receiving a foreclosure filing, Ohio’s foreclosure rate ranked No. 8 among the states and was above the national average.
Georgia foreclosure activity increased 12 percent from the previous month and 28 percent from May 2007, giving the state 10,651 properties with foreclosure filing in May — the nation’s sixth highest total behind Arizona. And with one in every 364 Georgia households receiving a foreclosure filing during the month, the state’s foreclosure rate also ranked No. 6 among the states.
Other states in the top 10 for total properties with filings were Texas, Illinois, Nevada and New Jersey.
California and Florida cities account for 9 of top 10 metro rates
For the second month in a row, California and Florida cities accounted for nine out of the top 10 metropolitan foreclosure rates among the 230 metropolitan areas tracked in the report. Eight California cities were in the top 10, led by Stockton in the No. 2 spot. One in every 75 Stockton area households received a foreclosure filing in May — more than six times the national average. Other California cities in the top 10 were Merced at No. 3, Riverside-San Bernardino at No. 4, Modesto at No. 5, Vallejo-Fairfield at No. 7, Bakersfield at No. 8, and Sacramento at No. 9.
The Cape Coral-Fort Myers metro area in Florida registered the highest metro foreclosure rate in May, with one in every 73 households receiving a foreclosure filing during the month.
One in every 92 Las Vegas households received a foreclosure filing in May, more than five times the national average and No. 6 among the metro areas.
Metro areas with foreclosure rates among the top 20 included Phoenix at No. 13, Detroit at No. 14, San Diego at No. 17 and Miami at No. 19.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the state and national level. Data is also available at the individual county level. RealtyTrac’s report incorporates 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). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.
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.
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Detailed and historical foreclosure data used to create the above report may be
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and zip code levels dating back to 2005, and address-level foreclosure records
are also available historically.
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Detailed & Historical Data:
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