NATIONAL FORECLOSURES UP 5 PERCENT IN JULY

Foreclosures Up 18 Percent from July 2005, 39 Percent Year-to-Date

 

IRVINE, Calif. – Aug. 16, 2006 – RealtyTrac (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its July 2006 U.S. Foreclosure Market Report, which shows 92,845 properties nationwide entered some stage of foreclosure during the month, a 5 percent increase from the previous month and an 18 percent increase from July 2005.  The report also shows a national foreclosure rate of one new foreclosure filing for every 1,245 U.S. households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 600,000 properties from 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.

 

“After dropping to their lowest level of the year last month, U.S. foreclosure filings rose back above the 90,000 mark in July and the national rate of foreclosures was almost identical to the foreclosure rate reported in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “While foreclosure activity continues to remain slightly below historical averages, the number of properties in some stage of foreclosure from January to July has increased by 39 percent compared to the same period of 2005. This increase is due largely to the combination of increased interest rates on mortgages, and a slowdown in residential real estate sales. It will be very interesting to see where the market goes over the balance of the year, as billions of dollars of adjustable rate mortgages reset at significantly higher rates.”

 

Colorado, Nevada and Texas post top foreclosure rates

With one new foreclosure filing for every 480 households, Colorado documented the nation’s highest state foreclosure rate for the fifth month in a row. The state reported 3,810 properties entering some stage of foreclosure, a 3 percent increase from the previous month and a 55 percent increase from July 2005.

 

Nevada documented the nation’s second highest foreclosure rate for the second straight month. The state reported 1,626 properties entering some stage of foreclosure, a 31 percent increase from the previous month and a foreclosure rate of one new foreclosure filing for every 533 households.

 

Texas reported 13,103 properties entering some stage of foreclosure, the most of any state for the eighth month in a row, and a 15 percent increase from the previous month. The state’s foreclosure rate of one new foreclosure filing for every 614 households was third highest among the states and more than two times the national average.

 

Other states reporting foreclosure rates among the nation’s 10 highest were Georgia, Utah, Florida, Michigan, Indiana, Ohio and Illinois.

 

Six states account for more than half of nation’s foreclosure activity

The six states with the most new foreclosure filings — Texas, Florida, California, Michigan, Ohio and Illinois — accounted for 54 percent of the nation’s foreclosure activity in July. Aside from Texas, Florida documented the most foreclosures and the highest foreclosure rate among these states, with 10,757 properties entering some stage of foreclosure — one new foreclosure filing for every 679 households.

 

California reported 10,025 properties entering some stage of foreclosure, six fewer than the previous month but more than twice the number reported in July 2005. The state’s foreclosure rate of one new foreclosure filing for every 1,218 households registered just above 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).


About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, 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, 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 AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.

 

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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.

Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139
michelle.schneider@realtytrac.com

Christine Stricker
949.502.8300 Ext. 268
christine.stricker@realtytrac.com

Detailed & Historical Data:
Tyler White
949.502.8300 Ext. 158
tyler.white@realtytrac.com

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