NATIONAL FORECLOSURES INCREASE LESS THAN 2 PERCENT IN MAY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Foreclosures Up 26 Percent From Last Year

Colorado, Georgia, Texas Post Highest Rates

 

Irvine, Calif. – June 26, 2006 – RealtyTrac (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its May 2006 U.S. Foreclosure Market Report, showing 92,746 properties nationwide entering some stage of foreclosure during the month, an increase of less than 2 percent from April 2006, but still a 26 percent increase from May 2005.  Report results also indicate a national foreclosure rate of one foreclosure filing for every 1,247 U.S. households during the month.

 

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

 

“Our May numbers echo the recent report by the Mortgage Bankers Association, which noted that delinquency and default activities were lower in the first quarter of 2006,” commented James J. Saccacio, chief executive officer of RealtyTrac. “While our report confirms that the number of properties entering foreclosure is still significantly higher than it was during the same period of 2005, we’ve now seen two months of decreasing foreclosure rates followed by May numbers that were essentially flat. That three-month trend indicates foreclosure activity has stabilized in most housing markets across the country after spiking sharply at the beginning of this year.”

 

Colorado posts nation’s highest foreclosure rate

Colorado posted the nation’s highest foreclosure rate for the third month in a row thanks to increasing foreclosure activity in May. The state reported 4,198 properties entering some stage of foreclosure, a 13 percent increase from the previous month and a 41 percent year-over-year increase from May 2005. With one new foreclosure filing for every 436 households, the state’s foreclosure rate was 2.9 times the national average.

 

Georgia’s foreclosure rate — one new foreclosure filing for every 537 households — moved up to second highest in the nation in May after ranking fifth highest the previous month. With 5,769 properties entering some stage of foreclosure, the state’s foreclosure activity increased 12 percent from the previous month and almost 35 percent from May 2005. Georgia also reported the fifth most foreclosure filings of any state in May.

 

Texas records most foreclosures, third highest foreclosure rate

Texas reported 14,506 properties entering some stage of foreclosure in May, the most of any state for the sixth month in a row, and a foreclosure rate of one new foreclosure filing for every 555 households — the nation’s third highest and more than two times the national average.

 

Utah‘s and Indiana‘s foreclosure rates remained among the nation’s five highest in May despite month-to-month decreases in foreclosure activity. Utah reported 1,112 properties entering some stage of foreclosure, a 22 percent decrease from the previous month and a foreclosure rate of one new foreclosure filing for every 691 households. Indiana reported 3,494 properties entering some stage of foreclosure, a 19 percent decrease from the previous month and a foreclosure rate of one new foreclosure filing for every 723 households.

 

Florida and California foreclosure activity up from last year

After three straight months of decreases, Florida foreclosure activity increased more than 6 percent in May, with 8,898 properties entering some stage of foreclosure — the second most of any state. Florida‘s foreclosure rate of one new foreclosure filing for every 821 households was 1.5 times the national average and continued to register among the nation’s 10 highest.

 

California reported 8,736 properties entering some stage of foreclosure in May, a 1 percent decrease from the previous month but more than twice the number reported in May 2005. The state’s foreclosure rate — one new foreclosure filing for every 1,398 households — stayed below the national average for the second month in a row.

 

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: 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, 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, 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 AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.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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