Foreclosures Up 19 Percent From Year Ago
Nevada, Colorado, Florida Post Highest Foreclosure Rates
IRVINE, Calif. – March 26, 2007 – RealtyTrac® (http://www.realtytrac.com/gateway_co.asp?accnt=137300), the leading online marketplace for foreclosure properties, today released its February 2007 U.S. Foreclosure Market Report, which shows a total of 139,922 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, down 6 percent from a revised January total but still up 19 percent from February 2006. The report also shows a national foreclosure rate of one foreclosure filing for every 826 U.S. households during the month.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 1,000,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.
“Based on our numbers for the first two months of 2007, foreclosure activity is running at a rate that would project to a 33 percent increase over 2006,” said James J. Saccacio, chief executive officer of RealtyTrac. “It appears that as subprime and FHA loans default at higher than anticipated rates, and lenders tighten their underwriting standards, we’re going to continue to see a spike in the number of homeowners facing foreclosure.”
Nevada, Colorado, Florida post top foreclosure rates
Nevada registered the nation’s highest state foreclosure rate for the second month in a row thanks to a 18 percent increase in foreclosure activity from the previous month. The state reported 3,661 foreclosure filings during the month, up 108 percent from February 2006 and a foreclosure rate of one foreclosure filing for every 237 households — more than three times the national average.
A 9 percent month-to-month increase in foreclosure activity gave Colorado one foreclosure filing for every 345 households in February — boosting the state’s foreclosure rate to second highest among the states after ranking fourth highest the previous month. Colorado reported 5,310 total foreclosure filings during the month, the eighth most of any state.
Florida foreclosure activity spiked more than 63 percent from the previous month, giving it the nation’s third highest state foreclosure rate in February — one foreclosure filing for every 382 households. The state reported 19,144 foreclosure filings during the month, the most of any state.
Other states with foreclosure rates ranking among the nation’s 10 highest were Georgia, Michigan, California, Tennessee, Ohio, Texas and New Jersey.
California, Florida, Texas tops in total foreclosure activity
California was the state with the highest number of total foreclosure filings in February, with a total of 23,200 foreclosure filings. This represented an 11 percent increase from the previous month and 155 percent increase from February 2006. The state’s February foreclosure rate of one foreclosure filing for every 526 households was 1.6 times the national average and ranked 6th highest among the states.
After Florida, Texas reported 12,386 foreclosure filings in February, the third highest state total and a monthly foreclosure rate of one foreclosure filing for every 650 households — 1.3 times the national average and ninth highest among the states. The state’s foreclosure activity decreased nearly 16 percent from the previous month and was down 9 percent from February 2006.
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: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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 and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (http://www.realtytrac.com/gateway_co.asp?accnt=137300), 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 MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. Forcurrent news and information regarding foreclosure-related issues and trends,visit our blog at www.ForeclosurePulse.com.
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.
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Detailed & Historical Data:
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