NATIONAL FORECLOSURE RATE JUMPS 7 PERCENT ACCORDING TO REALTYTRAC™ JUNE U.S. FORECLOSURE MARKET REPORT
Texas, Florida, California, Georgia, Ohio And Illinois Account for 56 Percent of New Foreclosures
Real Estate Connect™ San Francisco, Calif. – July 27, 2005 – RealtyTrac™ (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its June 2005 Monthly U.S. Foreclosure Market Report™. RealtyTrac publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
The number of properties entering foreclosure nationwide increased to 67,024 in June compared to 62,432 in May. That was the highest number of new foreclosures reported in any one month in 2005, and caused a 7.4 percent increase in the nation’s foreclosure rate, with one new foreclosure for every 1,726 households.
“June’s increase is not cause for alarm, but it’s certainly an indication that foreclosures bear watching,” said James J. Saccacio, RealtyTrac chief executive officer. “Tens of thousands of properties continue to fall into foreclosure each month even in a generally strong national real estate market.”
The six states with the most new foreclosures — Texas, Florida, California, Georgia, Ohio and Illinois — accounted for more than half of the nation’s total with 37,249. All of these states except California registered foreclosure rates higher than the national average. The number of new foreclosures in California increased by 19 percent, but its foreclosure rate was less than two-thirds the national average with one new foreclosure for every 2,773 households.
After a one-month dip, Texas regained the highest foreclosure rate in the nation with 12,693 new foreclosures reported in June. That was a 69-percent increase from May and raised the state’s foreclosure rate to 2.7 times the national average with one new foreclosure for every 636 households.
Georgia recorded the second-highest foreclosure rate in the nation for the second month in a row with one new foreclosure for every 783 households. Florida’s foreclosure rate was close behind with one new foreclosure for every 793 households. Although both states registered foreclosure rates more than two times the national average, the number of new foreclosures in both states was down several percentage points from May.
Colorado had 402 fewer new foreclosures in June than in May, but its foreclosure rate remained among the nation’s five highest for the fourth month in a row with one new foreclosure for every 867 households.
Utah replaced New Mexico among the states with the five highest foreclosure rates with a 17 percent jump in the number of new foreclosures in June. New Mexico’s foreclosure rate, which spiked to the highest in the nation in May, dropped back below the national rate.
RealtyTrac also started tracking foreclosure data in 73 new counties in June. Although the new counties’ data is not used for the current month-to-month comparisons, it is included in the June report shown below. The 73 new counties reported 8,417 properties entering foreclosure in June, bringing the nationwide total to 75,441 and raising the national foreclosure rate to one new foreclosure for every 1,534 households. Subsequent months will be tracked against this new number.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a graphical map that illustrates foreclosure percentiles by state (appended to this press release or available by request), as well as the total number of homes in 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: 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 repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
|District of Columbia 6/2005||0||4||0||0||28||32||29.41|
|New Hampshire 6/2005||0||7||0||0||6||13||9.80|
|New Jersey 6/2005||1699||1400||0||0||97||3196||89.22|
|New Mexico 6/2005||270||24||0||0||76||370||64.71|
|New York 6/2005||0||0||622||2223||69||2914||51.96|
|North Carolina 6/2005||19||207||0||0||1233||1459||56.86|
|North Dakota 6/2005||0||2||0||0||17||19||12.75|
|Rhode Island 6/2005||1||5||0||0||0||6||5.88|
|South Carolina 6/2005||55||73||0||0||532||660||51.96|
|South Dakota 6/2005||0||2||0||0||2||4||5.88|
|West Virginia 6/2005||0||41||0||0||21||62||15.69|
About RealtyTrac Inc.
Ranked as the fourth-largest real estate site by Nielsen Net Ratings, RealtyTrac Inc. (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 550,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts close to two million unique visitors monthly and is the exclusive foreclosure data supplier to AOL, MSN House & Home, Yahoo! Real Estate and HomeGain. For more information, visit www.realtytrac.com.
Atomic Public Relations