National Foreclosures Increase 27 Percent in January

A total of 103,540 properties nationwide entered some stage of foreclosure in January, a 27 percent increase from the previous month and a 45 percent increase from January 2005, according to the RealtyTrac™ January 2006 U.S. Foreclosure Market Report. The report shows a January national foreclosure rate of one new foreclosure for every 1,117 U.S. households, continuing an upward trend in which the national foreclosure rate rose in every quarter of 2005.

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RealtyTrac publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country.

“This is the first time since we introduced the report in January of 2005 that we’ve seen back-to-back months with increases of over 20 percent,” noted James J. Saccacio, chief executive officer of RealtyTrac. “While some of this might have to do with the seasonality of normal real estate cycles, it appears that rising interest rates and softening home prices are beginning to push foreclosure inventories closer to the historic average of 1 percent of all U.S. households.”

Georgia has top state foreclosure rates
After dipping in December, Georgia foreclosures spiked higher in January. The state reported 7,342 properties entering some stage of foreclosure, more than twice the number reported in December. Georgia documented the highest foreclosure rate among the 50 states — one new foreclosure for every 422 households.

With one new foreclosure for every 483 households, Nevada documented the second highest foreclosure rate among the 50 states. The state reported 1,795 properties entering some stage of foreclosure, a 60 percent increase from December and more than 2.5 times the number reported in January 2005.

With a total of 3,747 properties entering some stage of foreclosure, new foreclosures in Colorado tripled from December to January and increased 36 percent year over year. The state recorded one new foreclosure for every 488 households — the third highest foreclosure rate among the 50 states.

Foreclosure rates in Texas and Indiana were among the nation’s five highest for the second month in a row, and new foreclosures increased in both states in January. Texas reported 14,669 properties entering some stage of foreclosure, a 15 percent increase from the previous month and one new foreclosure for every 549 households. Indiana reported 4,419 properties entering some stage of foreclosure, a 30 percent increase from the previous month and one foreclosure for every 571 households.

States with most new foreclosures
Along with Texas and Georgia, the five states reporting the most new foreclosures in January included Florida, California and Ohio. Florida reported 10,334 properties entering some stage of foreclosure, a 28 percent increase from the previous month and the second most new foreclosures of any state. Florida’s foreclosure rate of one new foreclosure for every 707 households was 1.6 times the national average.

California registered a foreclosure rate below the national average despite documenting the third most new foreclosures of any state. The state reported 9,354 properties entering some stage of foreclosure, a 22 percent increase from the previous month and a 62 percent year-over-year increase.

Ohio reported 8,268 properties entering some stage of foreclosure, the fourth most of any state and a 22 percent increase from the previous month. Ohio’s foreclosure rate of one foreclosure for every 578 households was 1.9 times the national average.

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide and by state over the preceding month. 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).

Below are foreclosure market statistics nationwide and by state:

State Name NODs NTSs NFSs LISs REOs Total

1 in every #households

%Change prev. month
US 1/200620,82236,8493,35810,21232,299103,540111727
Alabama 661003510219,24928
Alaska 12630022972,115-2
Arizona 831,8160 01212,0201,084-14
Arkansas 28864004411,33388039
California7,1211,9070 0 3269,3541,30622
Colorado 1,5611560 0 2,0303,747488196
Connecticut 35110 0 499514,585-91
Delaware 2040012369,530140
District of Columbia 110 0 5739,264-42
Florida 15201,4147,95781110,33470728
Georgia 274,6170 0 2,6987,342422144
Hawaii12220 0 03413,545-45
Idaho 541020 0 1112671,96923
Illinois 2,5481110 0 1,8714,5301,0808
Indiana 1,0567640 0 2,5994,41957130
Iowa 96120 0 2743823,22715
Kansas 26250 0 1912424,661-15
Kentucky 349390 0 2236112,86565
Louisiana 69100 0 44123 15,31021
Maine 1220 0 82229,631267
Maryland 125450 0 265833,67557
Massachusetts 30200 0 85845,207-88
Michigan 798340 0 3,7594,6729045
Minnesota 11470 0 14119910,392-15
Mississippi 123900176818,659-7
Missouri 202020 0 1,0301,2521,94725
Montana 7650 0 13854,84812
Nebraska 143190 0 2033651,96961
Nevada 7909230 0 821,79548360
New Hampshire 260051342,07986
New Jersey 2,3568530 0 2653,47495330
New Mexico 4041960 0 706701,165-1
New York 19001,9442,2558165,2051,47516
North Carolina 3271170 0 1,9522,3961,46960
North Dakota 510028348,520467
Ohio 5673,2910 0 4,4108,26857822
Oklahoma 4567020 0 5571,7158715
Oregon 1933120 0 2007052,06538
Pennsylvania 9492,1770 0 1,0644,1901,25327
Rhode Island 020 0 13146,61250
South Carolina 151730 15938172,14547
South Dakota 3140 0 143110,426182
Tennessee 141,9400 0 1,7153,66966885
Texas 10411,9490 0 2,61614,66954915
Utah 5675670 0 2089368217
Vermont 710 0 61421,027133
Virginia 33690 0 1134855,95131
Washington 421,1690 0 3361,5471,54638
West Virginia 0790 0 15948,985-20
Wisconsin1081540 0 1363985,786-5
Wyoming 0200111317,220-13

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