Foreclosure Activity Up 75 Percent From April 2007
IRVINE, Calif. – May 14, 2008 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its April 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 258,627 properties during the month, an 11 percent increase from the previous month and a 75 percent increase from April 2007. The report also shows one in every 488 U.S. households received a foreclosure filing during the month.
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.
“The total number of U.S. properties with foreclosure activity in April was the highest monthly total we’ve seen since we began issuing the report in January 2005,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although only about 2 percent of households nationwide are in foreclosure, these properties contribute to already bloated inventories of homes for sale, and put downward pressure on home values. Areas of California, Florida, Nevada and Arizona continue to be particularly hard-hit. Property tax bases are eroding, putting municipal budgets in peril. For example, the city council in Vallejo, California — part of a metropolitan area with a foreclosure rate that ranked sixth highest in the nation in April — last week voted to have the city file for bankruptcy.”
Nevada, California, Arizona post top state foreclosure rates
Despite a small month-over-month decrease in foreclosure activity in April, Nevada continued to document the nation’s highest state foreclosure rate. One in every 138 Nevada households received a foreclosure filing in April, 3.5 times the national average, and the state’s foreclosure activity was up 106 percent from April 2007.
California posted the second highest state foreclosure rate in April, with one in every 194 households receiving a foreclosure filing during the month. Foreclosure filings were reported on 67,937 California properties in April, up 5 percent from the previous month and the most of any state.
Arizona foreclosure activity in April increased 26 percent from the previous month and nearly 182 percent from April 2007, helping to bump the state’s foreclosure rate up to third highest among the states. Foreclosure filings were reported on 11,623 Arizona properties in April, one in every 224 total households.
With one in every 232 households receiving a foreclosure filing in April, Florida documented the nation’s fourth highest state foreclosure rate. Foreclosure filings were reported on 36,821 Florida properties during the month, the nation’s second highest total. Florida foreclosure activity increased nearly 22 percent on a month-to-month basis and 157 percent on a year-over-year basis.
Colorado foreclosure activity in April was down nearly 2 percent from the previous month and up just 4 percent from April 2007, but the state’s foreclosure rate still registered fifth highest among the states. One in every 346 Colorado households received a foreclosure filing in April, 1.4 times the national average.
Other states with foreclosure rates ranking among the top 10 were Michigan, Maryland, Ohio, Massachusetts and Georgia.
California, Florida, Ohio report highest foreclosure totals
Foreclosure filings were reported on 12,930 Ohio properties in April, the third highest state total behind California and Florida. Ohio foreclosure activity increased nearly 15 percent from the previous month and more than 13 percent from April 2007. The state’s foreclosure rate continued to rank among the top 10, with one in every 390 households receiving a foreclosure filing during the month.
With foreclosure filings reported on 12,436 properties in April, Texas reported the fourth highest total. Foreclosure activity in Texas increased 16 percent from the previous month and was up nearly 9 percent from April 2007. With one in every 742 Texas households receiving a foreclosure filing during the month, the state’s foreclosure rate registered below the national average and ranked No. 17 among the states.
Other states in the top 10 for total properties with filings were Michigan, Arizona, Georgia, Illinois, Nevada and Massachusetts.
California and Florida cities account for 9 of top 10 metro rates
Seven California cities documented foreclosure rates that ranked in the top 10 among the 230 metropolitan areas tracked in the report. Merced took the top spot, with one in every 64 households receiving a foreclosure filing during the month, followed by Stockton at No. 2, Modesto at No. 3 and Riverside-San Bernardino at No. 4. Other California cities on the list were Vallejo-Fairfield at No. 6, Bakersfield at No. 9 and Salinas-Monterey at No. 10.
Two Florida cities registered foreclosure rates among the top 10: Cape Coral-Fort Myers at No. 5 and Port Lucie-Fort Pierce at No. 8.
With one in every 109 households receiving a foreclosure filing in April, the Las Vegas metro area documented the nation’s seventh highest metro rate
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.
Order Customized Reports
Detailed and historical foreclosure data used to create the above report may bepurchased through the RealtyTrac Data Licensing Department at949.502.8300 Ext. 158. Aggregate data is available at the state, metro, countyand zip code levels dating back to 2005, and address-level foreclosure recordsare also available historically.
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Detailed & Historical Data:
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