NATIONAL FORECLOSURES INCREASE 12 PERCENT IN FEBRUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

More Than 117,000 New Pre-Foreclosures and Foreclosures Reported

Georgia, Michigan, Indiana Post Highest Foreclosure Rates

 

Irvine, Calif. – March 22, 2006 – RealtyTrac (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its February 2006 Monthly U.S. Foreclosure Market Report, which shows 117,150 properties nationwide entered some stage of foreclosure in February, a 12 percent increase from the previous month and a 67 percent increase from February 2005. The report shows a February national foreclosure rate of one new foreclosure for every 987 U.S. households.

 

RealtyTrac publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from over 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and AOL Real Estate.

 

“This is the third straight month the U.S. foreclosure rate has moved higher, and it’s the second straight month new foreclosures have topped 100,000,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, several states, including California, Florida, Texas and New York, reported a dip in foreclosures in February. We’ll see if the rest of the country follows that trend in March.”

 

Georgia posts highest foreclosure rate for second straight month

Georgia reported 9,421 properties entering some stage of foreclosure in February, a 28 percent increase from the previous month and more than twice the number of new foreclosures reported in February 2005. With one foreclosure for every 329 households, the state documented the nation’s highest state foreclosure rate for the second month in a row.

 

Foreclosure rates in Indiana and Colorado were among the nation’s five highest for the second month in a row. Indiana reported 5,909 properties entering some stage of foreclosure in February, a 34 percent increase from the previous month and nearly three times the number of new foreclosures reported in February 2005. Colorado reported 4,128 properties entering some stage of foreclosure, a 10 percent increase from the previous month and a 34 percent increase from February 2005. Both Indiana and Colorado documented foreclosure rates that were more than two times the national average.

 

Michigan and Ohio also documented foreclosure rates among the nation’s five highest thanks to increasing foreclosures in February. Michigan reported 10,343 properties entering some stage of foreclosure, more than twice as many as were reported the previous month and one new foreclosure for every 408 households. Ohio reported 9,873 properties entering some stage of foreclosure, a 19 percent increase from the previous month and one new foreclosure for every 484 households.

 

States with most new foreclosures

Texas recorded the most new foreclosures of any state for the third month in a row despite a month-to-month decrease of 7 percent. The state reported 13,616 properties entering some stage of foreclosure in February, a foreclosure rate of one new foreclosure for every 591 households. Although the state’s foreclosure rate dropped out of the nation’s five highest, it was still 1.7 times the national average.

 

Florida reported 10,019 properties entering some stage of foreclosure in February, a 3 percent decrease from the previous month and a 20 percent decrease from February 2005. The state’s foreclosure rate of one new foreclosure for every 729 households was 1.4 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. 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