INDIANAPOLIS, ATLANTA, DALLAS, MEMPHIS AND DENVER TOP LIST OF NATION’S TEN HIGHEST METROPOLITAN FORECLOSURE RATES

Sun and Rust Belt Cities Dominate Remainder of Nation’s Top 10
New Orleans and Boston Among Cities With Lowest Foreclosure Rates

Irvine, Calif. – May 23, 2006 – RealtyTrac™ (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its first annual 2006 U.S. Metropolitan Foreclosure Market Report, which ranks the foreclosure rates of the top 100 metropolitan areas. This year’s report, based on data captured over the first quarter of 2006, shows Indianapolis, Atlanta and Dallas having the highest foreclosure rates among the nation’s largest 100 metropolitan areas. Cities in the Sun Belt and Rust Belt generally had the highest foreclosure rates in the first quarter of 2006, while cities in the Northeast and Gulf Coast documented some of the lowest.

RealtyTrac publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties in more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

“Indianapolis narrowly edged out Atlanta as the city with the highest foreclosure rate in Q1,” said James J. Saccacio, chief executive officer of RealtyTrac. “Most of the cities with the highest foreclosure rates have above-average unemployment rates and below-average home price appreciation. Unemployment is a major reason why homeowners stop making mortgage payments, and slow home price appreciation can make it harder for homeowners in default to refinance or sell to stop foreclosure.”

Saccacio added that other economic factors such as decreasing affordability, rising interest rates and speculative buying can also fuel foreclosures. He cited Jacksonville, Fla. and Las Vegas Nevada, both of which documented foreclosure rates in the top 10 despite below-average unemployment and above-average home price appreciation.

“Because of the high home prices in many areas, more home buyers have stretched themselves financially with creative, and often risky financing that involves adjustable interest rates, interest only and negative amortization loans” he said. “Home buyers with these types of loans are more susceptible to default and foreclosure when interest rates move higher.”

Top 10 Metro Foreclosure Rates

Metro Area

% of households in foreclosure in Q1

1 foreclosure for every #households
1. Indianapolis1.4569
2. Atlanta 1.4270
3. Dallas 1.0199
4. Memphis, Tenn. 0.99101
5. Denver 0.95105
6. Detroit 0.83120
7. Jacksonville, Fla. 0.75133
8. San Antonio 0.75133
9. Canton, Ohio 0.72140
10. Las Vegas0.71140

Indianapolis documented a foreclosure rate of one foreclosure for every 69 households, while Atlanta’s foreclosure rate was one foreclosure for every 70 households. Other top-10 foreclosure rates ranged from one foreclosure for every 99 households in Dallas-Fort Worth to one foreclosure for every 140 households in Canton, Ohio and Las Vegas.

The nation’s largest metropolitan area, New York City, documented a foreclosure rate — one foreclosure for every 434 households — that ranked 59th among the top MSAs. First-quarter foreclosures were even less common in the New England states of Providence, R.I. and Boston, both of which registered foreclosure rates among the nation’s 10 lowest.

Several Gulf Coast cities — New Orleans, Mobile, Ala., Baton Rouge, La. and Jackson, Miss. — also documented foreclosure rates among the nation’s 10 lowest. Many defaulted properties in the Gulf Coast region are not entering foreclosure because of an extended foreclosure moratorium imposed by the U.S. Department of Housing and Urban Development in counties affected by Hurricane Katrina.

The RealtyTrac 2006 U.S. Metropolitan Foreclosure Market Report provides the total number of properties entering some stage of foreclosure in each of the nation’s 100 largest Metropolitan Statistical Areas. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures – Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures – Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been re-purchased by a bank).

Metropolitan foreclosure statistics for the nation’s 100 largest MSAs ordered by foreclosure rate:

RankAreaJan. 2006Feb. 2006March 2006

Q1 2006 Total

1/every #households
U.S.
104,354117,151101,597323,102358
1
Indianapolis, IN MSA
2,8203,7713,52910,12069
2
Atlanta, GA MSA
6,0667,9406,34920,35570
3
Dallas-Fort Worth, TX CMSA
8,7496,6355,36520,74999
4
Memphis, TN-AR-MS MSA
1,7212,2071,6455,573101
5
Denver-Boulder-Greeley, CO CMSA
2,7472,4634,2599,469105
6
Detroit-Ann Arbor-Flint, MI CMSA
3,6698,5516,18218,402120
7
Jacksonville, FL MSA
1,4369121,2313,579133
8
San Antonio, TX MSA
1,7897941,5364,119133
9
Canton-Massillon, OH MSA
4755042391,218140
10
Las Vegas, NV-AZ MSA
1,8651,7111,3964,972140
11
Columbus, OH MSA
1,5672,1119244,602148
12
Austin-San Marcos, TX MSA
1,5049298353,268152
13
Colorado Springs, CO MSA
1569084541,518155
14
Cleveland-Akron, OH CMSA
2,5443,7631,6607,967156
15
Stockton-Lodi, CA MSA
3853145031,202157
16
Dayton-Springfield, OH MSA
1,1909585102,658160
17
Salt Lake City-Ogden, UT MSA
7071,1381,1432,988163
18
Fort Wayne, IN MSA
3985393071,244166
19
Little Rock-North Little Rock, AR MSA
5394754761,490173
20
Albuquerque, NM MSA
6258321971,654181
21
Orlando, FL MSA
1,0881,5469683,602192
23
Youngstown-Warren, OH MSA
4196851891,293196
23
Lakeland-Winter Haven, FL MSA
3704123751,157196
24
Miami-Fort Lauderdale, FL CMSA
2,8062,6202,7008,126196
25
Houston-Galveston-Brazoria, TX CMSA
1,4473,8673,0428,356202
26
Tulsa, OK MSA
7203895801,689202
27
Oklahoma City, OK MSA
8408857102,435205
28
West Palm Beach-Boca Raton, FL MSA
1,1737657382,676208
29
Augusta-Aiken, GA-SC MSA
226387284897208
30
Toledo, OH MSA
6984512311,380210
31
Charlotte-Gastonia-Rock Hill, NC-SC MSA –
8941,2637682,925214
32
Lansing-East Lansing, MI MSA
160354260774235
33
Tampa-St. Petersburg-Clearwater, FL MSA
1,2761,8011,6514,728242
34
Philadelphia-Wilmington-Atlantic City, PA-NJ-DE-MD CMSA
2,8932,7912,4028,086258
35
Pittsburgh, PA MSA
1,1931,2931,4963,982271
36
Nashville, TN MSA
6408785802,098273
37
Grand Rapids-Muskegon-Holland, MI MSA –
3347045801,618276
38
Sacramento-Yolo, CA CMSA
6009091,0052,514284
39
El Paso, TX MSA
284255236775290
40
Raleigh-Durham-Chapel Hill, NC MSA
5266924741,692293
41
Chattanooga, TN-GA MSA
192310190692297
43
St. Louis, MO-IL MSA
9621,6291,2493,840298
43
Saginaw-Bay City-Midland, MI MSA
137302117556298
44
Kalamazoo-Battle Creek, MI MSA
165214256635302
45
Tucson, AZ MSA
5213253531,199306
46
Phoenix-Mesa, AZ MSA
1,2501,5591,4974,306309
47
Daytona Beach, FL MSA
267244168679312
48
Chicago-Gary-Kenosha, IL-IN-WI CMSA
3,4243,5903,89910,913317
49
Modesto, CA MSA
148160148456331
50
Pensacola, FL MSA
162175161498349
51
Los Angeles-Riverside-Orange County, CA CMSA
5,0014,6955,67815,374353
52
San Diego, CA MSA
9538819712,805371
53
Cincinnati-Hamilton, OH-KY-IN CMSA
8078535642,224375
54
Knoxville, TN MSA
263318247828394
55
Sarasota-Bradenton, FL MSA
302287213802400
56
Kansas City, MO-KS MSA
5267486681,942405
57
Melbourne-Titusville-Palm Bay, FL MSA
205134194533417
58
Seattle-Tacoma-Bremerton, WA CMSA
7541,2581,0643,076419
59
New York-No. New Jersey-Long Island, NY-NJ-CT-PA CMSA/NECMA
6,3015,2765,71817,295434
60
Bakersfield, CA MSA
187185158530437
61
Charleston-North Charleston, SC MSA
23424253529440
62
Greenville-Spartanburg-Anderson, SC MSA
203333450986448
63
Louisville, KY-IN MSA
367357202926457
64
Spokane, WA MSA
138115107360486
65
Rochester, NY MSA
38940769865522
66
Greensboro–Winston-Salem–High Point, NC MSA
3144703091,093527
67
Des Moines, IA MSA
89163112364548
68
Milwaukee-Racine, WI CMSA
1078423011,250554
69
Omaha, NE-IA MSA
298127105530583
70
Fresno, CA MSA
194151188533584
71
Columbia, SC MSA
1108781278638
72
Portland-Salem, OR-WA CMSA
4944394321,365659
73
San Francisco-Oakland-San Jose, CA CMSA
9799341,4203,333686
74
Johnson City-Kingsport-Bristol, TN-VA MSA
917792260718
75
Hartford, CT NECMA
41391278710727
76
Harrisburg-Lebanon-Carlisle, PA MSA
8216827277783
77
Lancaster, PA MSA
609772229786
78
Scranton–Wilkes-Barre–Hazleton, PA MSA
15518156329853
79
Santa Barbara-Santa Maria-Lompoc, CA MSA
4847451401,021
80
Buffalo-Niagara Falls, NY MSA
179187874531,129
81
Allentown-Bethlehem-Easton, PA MSA –
9973522241,188
82
McAllen-Edinburg-Mission, TX MSA –
6067321591,212
83
Minneapolis-St. Paul, MN-WI MSA
1493385241,0111,232
84
Wichita, KS MSA
8944451781,340
85
Syracuse, NY MSA
7593472151,459
86
Springfield, MA NECMA
1776661591,739
87
Washington-Baltimore, DC-MD-VA-WV CMSA
7244053001,4292,087
88
Birmingham, AL MSA
42271171862,268
89
Norfolk-Virginia Beach-Newport News, VA-NC MSA
10156742312,695
90
Richmond-Petersburg, VA MSA –
7929361443,022
91
Boston-Worcester-Lawrence-Lowell-Brockton, MA-NH NECMA
402703376473,503
92
Honolulu, HI MSA
192930784,051
93
Albany-Schenectady-Troy, NY MSA
541425934,153
94
Baton Rouge, LA MSA
262416664,154
95
Lexington, KY MSA
141311384,613
96
Jackson, MS MSA
171013404,914
97
New Orleans, LA MSA
4916371025,932
98
Mobile, AL MSA
12819396,138
99
Madison, WI MSA
1514209,020
100
Providence-Warwick-Pawtucket, RI NECMA
342948,871

About RealtyTrac Inc.
Ranked as the fourth-largest real estate site by Nielsen Net Ratings, 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 and For Sale By Owner properties, with more than 600,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts more than 2 million unique visitors monthly and has been chosen to supply foreclosure data to AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit http://www.realtytrac.com/.

###

Media Contact:
Michelle Sabolich
Atomic Public Relations
415-402-0230
michelle.sabolich@atomicpr.com

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