NATIONAL FORECLOSURES DECREASE 4 PERCENT IN AUGUST

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Louisiana, Mississippi and Alabama Foreclosures Show Steep Declines

Texas, Florida and California Report Most New Foreclosures

 

Irvine, Calif. – October 3, 2005 – RealtyTrac (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its August 2005 Monthly U.S. Foreclosure Market Report, which shows new foreclosures nationwide dropped 4 percent in August after two consecutive months of increases. Still, August’s new foreclosure numbers were higher than any other month except for July. A total of 75,597 properties entered some stage of foreclosure or were foreclosed on — one for every 1,530 households.

 

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.

 

“After consecutive months of increasing foreclosures, the rates across the country seem to have stabilized in August,” said James J. Saccacio, RealtyTrac chief executive officer. “But it appears that the overall decrease in national foreclosures may be somewhat inflated due to the damage caused by Hurricane Katrina.”

 

The three states most directly affected by Hurricane Katrina, which made landfall on Aug. 29, all documented significantly fewer foreclosures in August than in July. Louisiana reported a total of 174 new foreclosures, a 62 percent decrease. New foreclosures in Mississippi and Alabama plummeted more than 80 percent, much higher than the national average. When the foreclosure numbers from the three states are excluded from the July and August reports, nationwide foreclosures show a smaller decrease of 2.8 percent. “While no one’s really certain at this point what the long-term impact of Katrina will be on the foreclosure market, in the short term the fundamental processes of filing and recording foreclosures have been completely disrupted,” Saccacio added.

 

Texas and Florida continued to dominate the foreclosure market, accounting for more than 30 percent of the nation’s total foreclosures. With to 13,453 properties entering some stage of foreclosure, Texas replaced Florida as the state with the most foreclosures reported. Florida foreclosures dropped 18 percent, but the state still reported the second highest number of foreclosures — 10,175.

 

The high foreclosure numbers in Texas and Florida helped position the two states’ foreclosure rates among the five highest nationwide. Texas recorded one foreclosure for every 599 households, 2.6 times the national average. With one foreclosure for every 718 households, Florida‘s foreclosure rate was more than two times the national average.

 

California‘s foreclosure rate stayed well below the national average despite a 21 percent jump in foreclosures. The state documented 4,810 properties entering some stage of foreclosure — the third most of any state and one foreclosure for every 2,539 households.

 

Illinois and Ohio were among the five states with the highest foreclosure numbers for the second month in a row. Ohio documented 4,570 foreclosures in August — just 22 fewer than in July — and one foreclosure for every 1,047 households. With 4,251 properties entering some stage of foreclosure, Illinois documented one foreclosure for every 1,150 households.

 

Arizona and Hawaii both registered foreclosure rates among the five highest nationwide thanks to rising foreclosure numbers. Arizona foreclosures jumped 45 percent, and the state reported one foreclosure for every 752 households —  more than two times the national average. With 1,773 properties entering foreclosure or foreclosed on, Hawaii‘s foreclosure rate soared to 5.9 times the national average. The state recorded one foreclosure for every 260 households.

 

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. 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 re-purchased by a bank).

 

                                    U.S. Foreclosure Market Report ­­­- August 2005

 

State Name

NODs

NTSs

NFSs

LISs

REOs

Total

%tile

United States

18,627

26,107

1,583

11,339

17,941

75,597

 

Alabama

2

55

0

0

16

73

14.00

Alaska

0

133

0

0

7

140

72.00

Arizona

520

2,271

0

0

122

2,913

94.00

Arkansas

20

879

0

0

69

968

76.00

California

4,174

510

0

0

126

4,810

56.00

Colorado

1,349

132

0

0

925

2,406

92.00

Connecticut

876

3

0

0

0

879

68.00

Delaware

6

1

0

0

12

19

20.00

District of Columbia

0

0

0

0

12

12

.

Florida

0

0

977

8,656

542

10,175

96.00

Georgia

9

2,280

0

0

884

3,173

84.00

Hawaii

1,743

26

0

0

4

1,773

100.00

Idaho

54

69

0

0

29

152

48.00

Illinois

2,724

39

0

0

1,488

4,251

78.00

Indiana

910

829

0

0

1,105

2,844

86.00

Iowa

14

2

0

0

79

95

26.00

Kansas

9

5

0

0

23

37

12.00

Kentucky

109

4

0

0

43

156

30.00

Louisiana

48

69

0

0

57

174

32.00

Maine

4

0

0

0

0

4

4.00

Maryland

8

338

0

0

336

682

52.00

Massachusetts

33

289

0

0

2

324

38.00

Michigan

2,314

167

0

0

1,642

4,123

82.00

Minnesota

6

10

0

0

77

93

18.00

Mississippi

1

19

0

0

21

41

10.00

Missouri

36

5

0

0

630

671

46.00

Montana

2

49

0

0

9

60

42.00

Nebraska

56

7

0

0

18

81

36.00

Nevada

92

420

0

0

56

568

70.00

New Hampshire

1

0

0

0

22

23

16.00

New Jersey

613

794

0

0

131

1,538

60.00

New Mexico

878

4

0

0

46

928

90.00

New York

0

0

606

2,683

135

3,424

58.00

North Carolina

130

81

0

0

898

1,109

50.00

North Dakota

0

1

0

0

4

5

8.00

Ohio

143

1,839

0

0

2,588

4,570

80.00

Oklahoma

463

523

0

0

199

1,185

74.00

Oregon

164

226

0

0

80

470

54.00

Pennsylvania

131

1,541

0

0

867

2,539

62.00

Rhode Island

0

1

0

0

0

1

2.00

South Carolina

41

12

0

0

305

358

44.00

South Dakota

1

15

0

0

4

20

24.00

Tennessee

10

422

0

0

1,048

1,480

66.00

Texas

16

10,676

0

0

2,761

13,453

98.00

Utah

605

9

0

0

286

900

88.00

Vermont

1

1

0

0

1

3

6.00

Virginia

0

266

0

0

43

309

34.00

Washington

32

1,005

0

0

148

1,185

64.00

West Virginia

0

71

0

0

3

74

28.00

Wisconsin

278

8

0

0

27

313

40.00

Wyoming

1

1

0

0

11

13

22.00

 

 

About RealtyTrac Inc.

Ranked as the fourth-largest real estate site by Nielsen NetRatings, 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 and new construction properties, with more than 550,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts close to 2 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.

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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