Foreclosure Filings Increase 3 Percent From September, 42 Percent From October 2005
IRVINE, Calif. – Nov. 17, 2006 – RealtyTrac® (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, today released its October 2006 U.S. Foreclosure Market Report, which shows that 115,568 properties nationwide entered some stage of foreclosure during the month, an increase of 3 percent from the previous month and an increase of 42 percent from October 2005. The report also shows a national foreclosure rate of one new foreclosure filing for every 1,001 U.S. households, the second highest monthly foreclosure rate reported so far this year.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 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.
“So far this year more than 1 million properties have entered some stage of foreclosure nationwide, up 27 percent from the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Monthly foreclosure filings were just below their high for the year, mirroring the trend from last year, when the most foreclosures of the year were also reported in October. Our data from the last three months shows that foreclosures are definitely trending upward, putting more pressure on an already strained housing market, and placing buyers and investors in the driver’s seat when it comes to negotiating home purchases.”
Colorado, Nevada, Georgia post highest foreclosure rates
For the eighth consecutive month Colorado documented the nation’s highest state foreclosure rate — one new foreclosure filing for every 327 households — thanks to a 25 percent month-over-month increase in foreclosure activity. The state reported 5,592 properties entering some stage of foreclosure during the month, more than twice the number reported in October 2005.
With one new foreclosure filing for every 389 households, Nevada documented the nation’s second highest state foreclosure rate for the fifth straight month as foreclosures continued to climb. The state reported 2,229 properties entering some stage of foreclosure, an increase of 16 percent from the previous month and more than six times the number reported in October 2005.
Thanks to a 33 percent month-over-month increase, Georgia’s foreclosure rate — one new foreclosure filing for every 449 households — jumped to third highest in October after being fifth highest the previous month. The state reported 6,895 properties entering some stage of foreclosure, almost twice the number reported in October 2005.
Other states reporting foreclosure rates among the nation’s 10 highest were Michigan, Illinois, Florida, Ohio, Tennessee, New Jersey and Utah.
California reports highest number of foreclosures for second straight month
More than 16,000 California properties entered some stage of foreclosure during October, the most of any state for the second straight month and an increase of more than 8 percent from the previous month. The state’s foreclosure rate of one new foreclosure filing for every 759 households rose to 1.3 times the national average and was 12th highest among the states. California foreclosure activity has more than tripled from a year ago.
With 11,413 properties entering some stage of foreclosure, Florida reported the second most foreclosure filings of any state and a foreclosure rate of one new foreclosure filing for every 640 households — 1.6 times the national average and sixth highest among the states. Florida’s foreclosure activity was down almost 12 percent from the previous month but up nearly 50 percent from October 2005.
Texas, Michigan, Illinois, Ohio, Georgia, Colorado, New Jersey and New York rounded out the 10 states with the most new foreclosure filings in October.
Highest metro foreclosure rates in Colorado, Michigan and California
For the third month in a row, Greeley, Colo., posted the highest foreclosure rate among the nation’s 200-plus largest metropolitan areas. The Greeley metro area (Weld County) documented 378 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 175 households — 5.7 times the national average.
With 4,216 properties entering some stage of foreclosure, the Detroit metropolitan area (Wayne County) registered the nation’s second highest metro foreclosure rate — one new foreclosure filing for every 196 households.
Modesto, Calif., posted a foreclosure rate of one new foreclosure filing for every 214 households, third highest among the nation’s metropolitan areas. The metropolitan area (Stanislaus County) reported 705 properties entering some stage of foreclosure during the month.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes entering some stage of foreclosure nationwide and by state over the preceding month. Data is also available at the individual county level. RealtyTrac’s report includes properties in 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).
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. Forcurrent 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 at 949.502.8300 Ext.158. Aggregate data is available at the state, metro, county and zip codelevels dating back to 2005, and address-level foreclosure records are alsoavailable historically.
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Detailed & Historical Data:
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