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