NATIONAL FORECLOSURES INCREASE ALMOST 19 PERCENT IN OCTOBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Jump of 12,000 in New Foreclosures Pushes Foreclosure Rate to Highest Level This Year.

New Jersey, Texas, New Mexico Foreclosure Rates Highest in the Country.

 

 

Irvine, Calif. – Nov. 28, 2005 – RealtyTrac (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its October 2005 Monthly U.S. Foreclosure Market Report, which showed 81,351 properties nationwide entered some stage of foreclosure in October, an increase of nearly 19 percent increase from the previous month. The report shows an October national foreclosure rate of one foreclosure for every 1,422 U.S. 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 Real Estate, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.

 

“New foreclosures increased in October to their highest level so far this year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Some of the increase can be attributed to foreclosure activity ramping up again in Louisiana and Mississippi after being disrupted by the recent hurricanes. But it’s possible that increasing interest rates and other economic factors are beginning to move foreclosures closer to their historic levels.”

 

For the second month in a row, Texas reported the most new foreclosures of any state, with 16,386 properties entering some stage of foreclosure. That was a 68 percent increase from the previous month and accounted for 20 percent of the nation’s new foreclosures in October. With one foreclosure for every 492 households, the state’s foreclosure rate was 2.9 times the national average and second highest among the states.

 

New Jersey foreclosure rates were the highest in the country, with one foreclosure for every 422 households, and New Mexico foreclosures ranked third highest, with one property in every 601 households in foreclosure.

 

Despite a 29 percent decrease in the number of new foreclosures, Colorado’s foreclosure rate placed among the five highest state foreclosure rates for the eighth month in a row. The state reported 2,568 properties entering some stage of foreclosure, one for every 713 households. Although that was 2 times the national average, the state’s foreclosure rate dropped from first place to fifth place among all the states.

 

Ohio and California continued to rank among the five states reporting the most new foreclosures. Ohio reported 4,700 properties entering some stage of foreclosure in October — a 19 percent decrease from the previous month. But with one foreclosure for every 1,018 households, the state’s foreclosure rate was still 1.4 times the national average. California’s foreclosure rate continued to register well below the national average, with one foreclosure for every 2,610 households. The state reported a total of 4,679 properties entering some stage of foreclosure, a 6.3 percent decline from the previous month.

 

Florida foreclosures decreased 17 percent in October, and the state’s foreclosure rate dropped out of the five highest state foreclosure rates, with one foreclosure for every 958 households. But with a total of 7,629 properties entering some stage of foreclosure in October, Florida continued to rank among the five states reporting the most new foreclosures.

 

New foreclosures in Louisiana and Mississippi were below the levels reported before Hurricane Katrina hit despite a 25 percent increase in Louisiana and an 80 percent increase in Mississippi. Alabama foreclosures decreased 12 percent in October.

 

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.

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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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