National Foreclosures Inch Up 2 Percent in May

A total of 92,746 properties nationwide entering some stage of foreclosure in May, an increase of less than 2 percent from April 2006, but still a 28 percent increase from May 2005, according to the RealtyTrac Monthly U.S. Foreclosure Market Report. The report also shows a national foreclosure rate of one new foreclosure filing for every 1,247 U.S. households during the month.

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“Our May numbers echo the recent report by the Mortgage Bankers Association, which noted that delinquency and default activities were lower in the first quarter of 2006,” commented James J. Saccacio, chief executive officer of RealtyTrac. “While our report confirms that the number of properties entering foreclosure is still significantly higher than it was during the same period of 2005, we’ve now seen two months of decreasing foreclosure rates followed by May numbers that were essentially flat. That three-month trend indicates foreclosure activity has stabilized in most housing markets across the country after spiking sharply at the beginning of this year.”

Colorado posts nation’s highest foreclosure rate
Colorado posted the nation’s highest foreclosure rate for the third month in a row thanks to increasing foreclosure activity in May. The state reported 4,198 properties entering some stage of foreclosure, a 13 percent increase from the previous month and a 41 percent year-over-year increase from May 2005. With one new foreclosure filing for every 436 households, the state’s foreclosure rate was 2.8 times the national average.

Georgia’s foreclosure rate — one new foreclosure filing for every 537 households — moved up to second highest in the nation in May after ranking fifth highest the previous month. With 5,769 properties entering some stage of foreclosure, the state’s foreclosure activity increased 12 percent from the previous month and almost doubled from May 2005. Georgia also reported the fifth most foreclosure filings of any state in May.

Texas records most foreclosures, third highest foreclosure rate
Texas reported 14,506 properties entering some stage of foreclosure in May, the most of any state for the sixth month in a row, and a foreclosure rate of one new foreclosure filing for every 555 households — the nation’s third highest and more than two times the national average.

Utah’s and Indiana’s foreclosure rates remained among the nation’s five highest in May despite month-to-month decreases in foreclosure activity. Utah reported 1,112 properties entering some stage of foreclosure, a 22 percent decrease from the previous month and a foreclosure rate of one new foreclosure filing for every 691 households. Indiana reported 3,494 properties entering some stage of foreclosure, a 19 percent decrease from the previous month and a foreclosure rate of one new foreclosure filing for every 723 households.

Florida and California foreclosure activity up from last year
After three straight months of decreases, Florida foreclosure activity increased more than 6 percent in May, with 8,898 properties entering some stage of foreclosure — the second most of any state. Florida’s foreclosure rate of one new foreclosure filing for every 821 households was 1.5 times the national average and continued to register among the nation’s 10 highest.

California reported 8,736 properties entering some stage of foreclosure in May, a 1 percent decrease from the previous month but more than twice the number reported in May 2005. Despite the increase, the state’s foreclosure rate — one new foreclosure filing for every 1,398 households — stayed below the national average for the second month in a row.

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: 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 foreclosed on and repurchased by a bank).

U.S. Foreclosure Market Statistics by State – May 2006

State RankState Name NODs NTSs NFSs LISs REOs Total

1 for every #HH

%Change from April%Change from May 2005
US22,45537,1862,84910,07620,18092,7461,2471.7328.21
35Alabama 8125002333665,36540.231.67
25Alaska 6700010862,3862.38-54.50
14Arizona 4061,51400661,9861,10216.75-23.56
17Arkansas 265320022678414962.62-47.59
15California7,794804001388,7361398-1.17108.05
1Colorado 2193,277007024,19843613.2841.44
22Connecticut 67670066892011-51.07-51.07
48Delaware 40005938119-47.06-71.88
47DC00009930538-30.77-65.38
8Florida 001,0427,4554018,8988216.56-15.07
2Georgia 213,920001,8285,76953712.0297.03
30Hawaii882900141313516184.7887.14
26Idaho 18150002519327241.58-30.32
6Illinois 4,1511,397008116,359769-1.4329.96
5Indiana 1,4091,134009513,494723-18.9146.38
38Iowa 141001601757043-4.8942.28
27Kansas 13621600554072771-6.65162.58
29Kentucky 28317002185183380-13.52-17.25
43Louisiana 185300871581191995.06-46.44
51Maine 410016108649-53.85-50.00
39Maryland 42530032608240-39.1110.17
33Mass.2755400558644741.9144.69
9Michigan 1772,254002,6355,066834-3.8562.06
36Minnesota 30181001443555825-22.3286.84
46Mississippi 1100045562265827.27-81.58
21Missouri 39437009471,423171342.4416.35
37Montana 354008656340-13.33-15.58
34Nebraska 81020040150479030.4372.41
7Nevada 92316700131,103786-4.2574.25
49New Hampshire 0600713420798.3318.18
20New Jersey 1,400378001671,94517020.52-36.58
16New Mexico 30616400665361456-23.76-64.69
19New York 001,8072,6211824,61016669.3531.49
23North Carolina 7889008751,6722105-9.4733.02
45North Dakota 1000192014483300.005.26
11Ohio 1042,710002,4255,2399137.8085.06
13Oklahoma 606363004441,413105822.2345.07
10Oregon 1,15245800491,65987881.91147.24
24Pennsylvania 4921,444003592,2952288-5.48-4.45
32Rhode Island 01000011014355-9.01910.00
28South Carolina 4051004485393252-21.20-16.30
44South Dakota 0150082314053-28.13130.00
12Tennessee 25967001,4502,4421004-6.54-24.28
3Texas 14910,915003,44214,5065554.9091.95
4Utah 395568001491,112691-21.5835.12
50Vermont 2000247359633.33-33.33
40Virginia 22720072346834217.69214.55
18Washington 2031,21600921,5111583-7.75-22.55
42West Virginia 0600011711189642.0012.70
31Wisconsin296227001096323644-8.2798.74
41Wyoming 140017221017522.22-26.67

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