Foreclosure Home Press Releases MORE THAN 430,000 FORECLOSURE FILINGS REPORTED IN Q1 2007

MORE THAN 430,000 FORECLOSURE FILINGS REPORTED IN Q1

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U.S. Foreclosure Activity Up 27 Percent From Previous Quarter
Nevada, Colorado, Georgia Post Highest Foreclosure Rates

IRVINE, Calif. – April 25, 2007 – RealtyTrac™ (http://www.realtytrac.com/gateway_co.asp?accnt=137300), the leading online marketplace for foreclosure properties, today released first-quarter data from its 2007 U.S. Foreclosure Market Report, showing more than 430,000 foreclosure filings — default notices, auction sale notices and bank repossessions — reported nationwide during the first three months of the year, up 27 percent from the previous quarter and up 35 percent from the first quarter of 2006. The nation’s quarterly foreclosure rate of one foreclosure filing for every 264 households was the highest quarterly foreclosure rate since RealtyTrac began issuing its report 27 months ago.

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RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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.

“The rise in foreclosure activity was quite dramatic and widespread in the first quarter, with 37 out of the 50 states reporting year-over-year increases,” said James J. Saccacio, chief executive officer of RealtyTrac. “Certainly the surge in subprime defaults has contributed to the overall rise in foreclosures; we estimate that more than 50 percent of the foreclosure activity we charted in the first quarter was from subprime loans. However, it’s not just low-end homes that are going into foreclosure; we’re seeing a rising percentage of foreclosures with an estimated market value of more than $750,000.”

A total of 437,498 foreclosure filings were reported in the first quarter of 2007 up from 345,554 in the fourth quarter of 2006 and up from 323,101 in the first quarter of 2006.

Nevada, Colorado, Georgia post highest rates
Nevada documented the highest state foreclosure rate in the first quarter, one foreclosure filing for every 75 households — 3.5 times the national average. The state documented a total of 11,514 foreclosure filings during the quarter, an increase of 66 percent from the previous quarter and more than double the total reported in the first quarter of 2006.

Colorado foreclosure filings totaled 16,435 for the quarter, enough for the state to register the nation’s second highest state foreclosure rate — one foreclosure filing for every 111 households. Colorado’s foreclosure activity was up six percent from the previous quarter and 24 percent from the first quarter of 2006.

Georgia foreclosure activity in the first quarter decreased on a year-over-year basis, but the state’s first-quarter foreclosure rate of one foreclosure filing for every 138 households still ranked third highest in the nation. The state reported a total of 22,391 foreclosure filings during the quarter, the sixth most of any state and a 10 percent increase from the previous quarter. 

Other states with foreclosure rates among the nation’s 10 highest included Michigan, California, Florida, Arizona, Ohio, Texas and New Jersey.

California, Florida, Texas report largest totals
California reported 80,595 foreclosure filings during the first quarter, the most of any state and accounting for more than 18 percent of the national total. The state’s foreclosure activity increased 68 percent from the previous quarter and more than doubled from the first quarter of 2006, resulting in a foreclosure rate of one foreclosure filing for every 152 households — fifth highest among the states and 1.7 times the national average.

With 45,156 foreclosure filings during the quarter, Florida ranked second among the states in terms of total foreclosure activity. The state documented a foreclosure rate of one foreclosure filing for every 162 households — the nation’s sixth highest and 1.6 times the national average. Florida’s foreclosure activity was up 55 percent from the previous quarter and 52 percent from the first quarter of 2006.

Texas documented the third most foreclosure filings of any state during the quarter, 39,869, up 6 percent from the previous quarter but down by less than 1 percent from the first quarter of 2006. The state’s foreclosure rate of one foreclosure filing for every 202 households ranked ninth highest in the nation and was 1.3 times the national average.

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

Detroit, Las Vegas, Riverside-San Bernardino report highest metro rates
Continuing a trend from 2006, Detroit documented the highest foreclosure rate among the nation’s 100 largest metropolitan areas in the first quarter of 2007. The metro area, which comprises Wayne County, reported a total of 16,351 foreclosure filings during the quarter, a foreclosure rate of one foreclosure filing for every 51 households — more than five times the national average.

Las Vegas registered a first-quarter foreclosure rate of one foreclosure filing for every 57 households, second highest among the nation’s 100 largest metro areas and 4.6 times the national average. The metro area, which comprises Clark County, reported a total of 10,493 foreclosure filings during the quarter.

The Riverside-San Bernardino metropolitan area in Southern California reported a total of 17,499 foreclosure filings during the quarter, resulting in a foreclosure rate of one foreclosure filing for every 68 households — third highest among the nation’s 100 largest metropolitan areas.

Other metro areas with foreclosure rates ranking among the 10 highest were Sacramento, Calif., Stockton, Calif., Atlanta, Denver, Bakersfield, Calif., Fort Worth, Texas, and Dallas.

The RealtyTrac Quarterly U.S. Foreclosure Market Report provides the total number of foreclosure filings during the quarter — nationwide, by state and for the 100 largest metropolitan areas. 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 (NTS) and Notice of Foreclosure Sale (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. (http://www.realtytrac.com/gateway_co.asp?accnt=137300), 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 current news and information regarding foreclosure-related issues and trends, visit our blog at www.ForeclosurePulse.com.

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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 available historically.

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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