Foreclosure Activity Decreases 8 Percent in September According to RealtyTrac(R) U.S. Foreclosure Market Report
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Foreclosure Activity Decreases 8 Percent in September According to RealtyTrac(R) U.S. Foreclosure Market Report

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Foreclosure Filings Up 99 Percent From September 2006

IRVINE, Calif., Oct. 11 /PRNewswire/ — RealtyTrac(R) (http://www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its September 2007 U.S. Foreclosure Market Report, which shows a total of 223,538 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, down 8 percent from the 32-month high in the previous month, but still up 99 percent from the number reported in September 2006. The national foreclosure rate for the month was one foreclosure filing for every 557 households.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal's Real Estate Journal.

“U.S. foreclosure activity experienced a fairly broad-based retreat in September, with 39 states reporting decreasing activity and national numbers down in all foreclosure categories — defaults, auctions and bank repossessions,” said James J. Saccacio, chief executive officer. “Nevertheless, it's important to note that September's total was still the second highest monthly total we've seen since we began issuing our report in January of 2005. It's too early to tell if September's numbers represent a one-month lull or if they could signify that more buyers and investors are getting back in the market and snatching up discounted foreclosure properties, thereby providing a release valve for distressed homeowners and overwhelmed lenders.”

Nevada, Florida, California post top state foreclosure rates

For the ninth month in a row Nevada reported the highest foreclosure rate among the states — one foreclosure filing for every 185 households — despite an 11 percent drop in foreclosure activity from the previous month. The state reported 5,504 foreclosure filings for the month, still up 187 percent from September 2006.

Florida foreclosure activity slipped 2 percent from the previous month, but the state's foreclosure rate — one foreclosure filing for every 248 households — moved up to the nation's second highest in September after being the third highest in August. The state reported 33,354 foreclosure filings for the month, the second highest total of any state and up 158 percent from September 2006.

California reported 51,259 foreclosure filings in September, the most of any state and one foreclosure filing for every 253 households — the nation's third highest state foreclosure rate. The state's foreclosure activity was down 11 percent from the previous month but still up 246 percent from September 2006.

Other states with foreclosure rates ranking among the nation's 10 highest were Michigan, Arizona, Georgia, Ohio, Colorado, Texas and Indiana.

California, Florida, Ohio report highest foreclosure totals

Ohio's foreclosure total of 15,709 came in third highest behind the totals in California and Florida. The state's foreclosure activity decreased 12 percent from the previous month but was still up 131 percent from September 2006. The state's foreclosure rate of one foreclosure filing for every 319 households was seventh highest in the nation.

Texas and Michigan both documented monthly decreases in foreclosure activity in September, but both states still reported more than 14,000 foreclosure filings for the month. Georgia reported 11,926 foreclosure filings, down 14 percent from the previous month but still the sixth highest state total.

Illinois was the only state among the top 10 states in terms of total foreclosure filings that registered a month-to-month increase in foreclosure activity in September. The state reported 8,257 foreclosure filings for the month, up 33 percent from the previous month and the nation's seventh highest state total.

Other states with foreclosure totals among the nation's 10 highest were Arizona, Colorado and Nevada.

California and Florida cities dominate metro foreclosure rates top 10

California and Florida metropolitan areas posted eight of the top 10 metro foreclosure rates in September, with California metros claiming six spots and Florida metros taking two spots. Merced, Calif., documented the highest metro foreclosure rate in the nation — one foreclosure filing for every 68 households — followed by the California metros of Modesto, Stockton and Riverside-San Bernardino in the two, three and four spots respectively. Other California metros in the top 10 were Vallejo-Fairfield at No. 8 and Sacramento at No. 10.

With one foreclosure filing for every 113 households, Detroit reported the fifth highest metro foreclosure rate in September despite a 23 percent decrease in foreclosure activity from the previous month.

The Florida metro areas of Fort Lauderdale and Cape Coral-Fort Myers registered the sixth and seventh highest metro foreclosure rates. Cape Coral-Fort Myers was the only metro area in the top 10 to report a month-over-month increase in foreclosure activity in September.

Las Vegas reported one foreclosure filing for every 150 households, the nation's ninth highest metro foreclosure rate.

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. Data is also available at the individual county level. RealtyTrac's report includes documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — 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).

           U.S. Foreclosure Market Statistics by State – Sept 2007

    Rate
    Rank    State Name         NOD     NTS     NFS      LIS     REO     Total

      —       U.S.           47,234  63,405  21,925   51,172  39,802  223,538
      43 Alabama                   3     313       0        0     157      473
      35 Alaska                    0      80       0        0      46      126
       5 Arizona                  36   6,693       0        0   1,333    8,062
      18 Arkansas                  8   1,150       0        0     186    1,344
       3 California           34,198   9,208       0        0   7,853   51,259
       8 Colorado                 67   5,472       0        0     751    6,290
      20 Connecticut               0       3     184      954     234    1,375
      27 Delaware                  0       1     211        2      25      239
         District of Columbia      1       7       0        0      41       49
       2 Florida                   1      23   5,003   26,045   2,282   33,354
       6 Georgia                  16  10,480       0        0   1,430   11,926
      40 Hawaii                   13     118       0        0       4      135
      17 Idaho                   322     297       0        0      27      646
      11 Illinois                  0      82     715    6,765     695    8,257
      10 Indiana                   0      23   2,018      895   1,494    4,430
      33 Iowa                     32     367       0        0     370      769
      38 Kansas                   13      16     229      114      19      391
      36 Kentucky                  0       9     370      122     250      751
      39 Louisiana                 0       5     554       25      35      619
      42 Maine                    60      82       0        0      15      157
      15 Maryland                  0       2   1,729      871     219    2,821
      14 Mass.                     0       2     644    2,516     329    3,491
       4 Michigan              2,768   6,987       0        0   4,487   14,242
      26 Minnesota                41   1,226       0        0     243    1,510
      46 Mississippi               2     111       0        0      49      162
      19 Missouri                888     839       0        0     990    2,717
      45 Montana                   1      79       0        0      10       90
      30 Nebraska                  0       8     353       26      83      470
       1 Nevada                3,724     853       0        0     927    5,504
      16 New Hampshire             2     477       0        0     163      642
      13 New Jersey                0       3     876    3,976     307    5,162
      37 New Mexico                0       0       3      301      30      334
      34 New York                  0     217     697    3,103     487    4,504
      23 North Carolina        2,313     122       0        0     945    3,380
      48 North Dakota              0       1       2        0      15       18
       7 Ohio                      0      94   5,639    4,128   5,848   15,709
      24 Oklahoma                366     445       0        0     343    1,154
      28 Oregon                  665     270       0        0      45      980
      25 Pennsylvania              0      23   2,284      576     938    3,821
      29 Rhode Island              2     263       0        0      12      277
      44 South Carolina            0       6      61       36     332      435
      49 South Dakota              0       0      10        2       1       13
      12 Tennessee             1,082   2,112       0        0     839    4,033
       9 Texas                    63  10,580       0        0   4,038   14,681
      21 Utah                    302     488       0        0      27      817
      50 Vermont                   2       2       0        0       1        5
      31 Virginia                196   1,455       0        0     290    1,941
      22 Washington               47   2,105       0        0     177    2,329
      47 West Virginia             0      80       0        0       5       85
      32 Wisconsin                 0      92     343      715     347    1,497
      41 Wyoming                   0      34       0        0      28       62

    Rate                        1 for every        % change         % change
    Rank       State Name           #HH          from Aug 07      from Sept 06

     —      U.S.                    557             -8.37             99.21
     43    Alabama                 4,402            -25.63            -10.59
     35    Alaska                  2,177             -3.82              6.78
      5    Arizona                   316             -8.54            177.81
     18    Arkansas                  929             31.12             19.89
      3    California                253            -11.43            246.20
      8    Colorado                  326             -4.49             40.25
     20    Connecticut             1,035            -36.64             -0.72
     27    Delaware                1,569             -4.40            563.89*
           District of Columbia    5,669            -82.18            345.45*
      2    Florida                   248             -1.70            157.64
      6    Georgia                   316            -14.39            130.81
     40    Hawaii                  3,638             -6.90            114.29
     17    Idaho                     922             18.97            219.80*
     11    Illinois                  623             32.73             11.12
     10    Indiana                   615            -11.54             11.64
     33    Iowa                    1,700             -5.88            336.93*
     38    Kansas                  3,059             -8.64             21.81
     36    Kentucky                2,484            -17.56            -15.81
     39    Louisiana               3,135             -9.90             78.39
     42    Maine                   4,355              8.28            726.32*
     15    Maryland                  806            -14.64            393.18
     14    Mass.                     770            -22.88             27.46
      4    Michigan                  314             -8.50             81.52
     26    Minnesota               1,491              4.35            183.30
     46    Mississippi             7,627             -1.22            105.06
     19    Missouri                  954            -11.76             96.17
     45    Montana                 4,760            -36.62            -13.46
     30    Nebraska                1,632             69.68             -8.91
      1    Nevada                    185            -11.18            186.82
     16    New Hampshire             909             24.42           4485.71*
     13    New Jersey                667             19.05             60.26
     37    New Mexico              2,511            136.88             56.07
     34    New York                1,744            -18.08             24.35
     23    North Carolina          1,166             -2.96            103.00
     48    North Dakota           16,914            -33.33             28.57
      7    Ohio                      319            -11.71            131.22
     24    Oklahoma                1,377            -11.44            -19.30
     28    Oregon                  1,590             -6.40             54.33
     25    Pennsylvania            1,419             22.94             22.27
     29    Rhode Island            1,617            -25.34             35.78
     44    South Carolina          4,432             -2.03             18.21
     49    South Dakota           26,764            -59.38            -38.10
     12    Tennessee                 654            -13.06             46.28
      9    Texas                     615            -13.49             22.46
     21    Utah                    1,069             -6.20            -24.14
     50    Vermont                61,469            -54.55            150.00
     31    Virginia                1,636            -49.16            385.25
     22    Washington              1,139             20.36             61.62
     47    West Virginia          10,261            -19.05             66.67
     32    Wisconsin               1,669            -31.92            200.60*
     41    Wyoming                 3,802             -6.06             21.57
    *  Actual increase may not be as high due to improved or expanded data
       coverage in this state.
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-growing private companies, RealtyTrac Inc. (http://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 homes, 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 MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal's Real Estate Journal. For current news and information regarding foreclosure-related issues and trends, visit our blog at http://www.ForeclosurePulse.com.

SOURCE RealtyTrac Inc.

© 2007 PR Newswire. All Rights Reserved.

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