NATIONAL FORECLOSURES DECREASE 9 PERCENT IN SEPTEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

More Foreclosures in Colorado, Ohio and Georgia Offset by Lower Numbers in Gulf Coast States

 

 

Irvine, Calif. – October 25, 2005 – RealtyTrac (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its September 2005 Monthly U.S. Foreclosure Market Report, which shows 68,632 properties nationwide entered some stage of foreclosure in September, a 9 percent decrease from the previous month. The report shows a September foreclosure rate of one foreclosure for every 1,686 households.

 

RealtyTrac publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in over 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.

 

“Foreclosures in September dropped for the second month in a row, at least in part due to issues related to Hurricanes Katrina and Rita,” said James J. Saccacio, chief executive officer of RealtyTrac. “Trends in the real estate market in general — and foreclosure properties in particular — will be interesting to watch over the next few months as new economic forces, such as increasing interest rates and the recently passed bankruptcy laws, come into play.”

 

Despite the lower foreclosure rates nationally, a number of states showed increased numbers of foreclosures. Colorado reported 3,602 properties entering some stage of foreclosure, a 50 percent increase from August and one foreclosure for every 508 households — the highest foreclosure rate of any state and more than three times the national average.

 

Foreclosure rates in Georgia and Ohio were more than twice the national average thanks to foreclosures increasing more than 20 percent in both states. With 3,923 properties entering some stage of foreclosure, Georgia foreclosures occurred at one in every 789 households. With 5,799 foreclosures, the Ohio foreclosure rate was one in every 825 households. 

 

California documented 4,994 properties entering some stage of foreclosure in September, a nearly 4 percent increase. But with one foreclosure for every 2,446 households, the California foreclosure rate was still well below the national average.

 

Although it documented the most foreclosures of any state for the second month in a row, Texas documented a 28 percent drop in foreclosures. The state reported a total of 9,736 properties entering some stage of foreclosure, one for every 827 households — still more than twice the national average and the fifth highest foreclosure rate of any state.

 

The Florida foreclosure rate of one foreclosure for every 796 households registered as the nation’s third highest foreclosure rate despite a nearly 10 percent decrease in the number of foreclosures. The state documented 9,183 properties entering some stage of foreclosure, the second most of any state.

 

Gulf Coast Foreclosure Properties Down

The Gulf Coast states impacted by hurricanes Katrina and Rita continued to report lower-than-normal foreclosures in September. After dropping significantly in August, when Hurricane Katrina hit, the number of Louisiana, Mississippi and Alabama foreclosures rebounded somewhat in September. But the three states still documented fewer than half as many properties entering some stage of foreclosure as they did in July.

 

Some of the drop in Gulf Coast foreclosures can be attributed to actions taken by the Department of Housing and Urban Development (HUD), which has called for a 90-day moratorium on foreclosures in federal disaster areas for properties that are insured by the Federal Housing Administration. HUD also has suspended its home sales program for close to 6,000 foreclosed properties in 11 states in and around the Gulf Coast: Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee and Texas. Instead of being sold on the market, those properties will be used for up to 18 months as temporary rent-free housing for people displaced by the hurricanes.

 

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 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-growingprivate companies, RealtyTrac Inc. (realtytrac.com),is the leading online marketplace for foreclosure properties, providing all theresources that home seekers, investors and real estate agents need to locate,evaluate and buy properties below market value.Founded in 1996, RealtyTracpublishes the largest and most comprehensive national database ofpre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, withmore than 1 million properties across the country, property reports,productivity tools and extensive professional resources. RealtyTrac hostsnearly 3 million unique visitors monthly and has been chosen to supplyforeclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall StreetJournal’s Real Estate Journal. For current news and information regardingforeclosure-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.

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


To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved