Foreclosure Activity Increases 36 Percent in August According to RealtyTrac(TM) U.S. Foreclosure Market Report
Foreclosure Filings Up 115 Percent From August 2006 PR Newswire IRVINE, Calif., Sept. 18
IRVINE, Calif., Sept. 18 /PRNewswire/ — RealtyTrac(R) (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its August 2007 U.S. Foreclosure Market Report, which shows a total of 243,947 foreclosure filings – default notices, auction sale notices and bank repossessions – were reported during the month, up 36 percent from the previous month and up 115 percent from August 2006. This is the highest number of foreclosure filings in a single month that RealtyTrac has reported since it began issuing the monthly report in January 2005. The national foreclosure rate of one foreclosure filing for every 510 households for the month is also the highest figure ever issued in the report.
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.
“The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable rate loans are beginning to reset now,” commented James J. Saccacio, chief executive officer of RealtyTrac. “Another significant factor in the increased level of foreclosure activity is that the number of REO filings (bank repossessions) is increasing dramatically, which means that a greater percentage of homes entering foreclosure are going back to the banks.”
Nevada, California, Florida post top state foreclosure rates
Nevada continued to register the nation's highest state foreclosure rate, one foreclosure filing for every 165 households – more than three times the national average. The state reported 6,197 foreclosure filings during the month, a 21 percent increase from the previous month and more than triple the number reported in August 2006.
California's foreclosure rate jumped to second highest among the states thanks to a 48 percent month-over-month spike in foreclosure activity. The state reported 57,875 foreclosure filings during the month, a foreclosure rate of one foreclosure filing for every 224 households — more than twice the national average.
Florida foreclosure activity jumped 77 percent from the previous month, boosting the state's foreclosure rate from seventh highest to third highest among the states. The state reported 33,932 foreclosure filings, a foreclosure rate of one foreclosure filing for every 243 households.
Other states with foreclosure rates ranking among the nation's 10 highest were Georgia, Ohio, Michigan, Arizona, Colorado, Texas and Indiana.
Sun Belt, Rust Belt states dominate top foreclosure totals
Seven of the top 10 states in terms of total foreclosure filings in August were located in the Sun Belt, and three of the top 10 states were in the Rust Belt. After California and Florida, Ohio registered the third highest state total, with 17,793 foreclosure filings during the month. The state documented a foreclosure rate of one foreclosure filing for every 281 households, fifth highest in the nation.
Texas, Michigan and Georgia all reported more than 10,000 foreclosure filings for the month, documenting the fourth, fifth and sixth highest state foreclosure totals respectively, followed by Arizona, Colorado, Illinois and Nevada.
Top Metro foreclosure rates in California, Michigan, Florida, Nevada and Ohio
California cities once again accounted for six of the top 10 metro foreclosure rates in August, with the top three spots all taken by California cities. Modesto documented the nation's highest metro foreclosure rate, one foreclosure filing for every 79 households, followed by Stockton and Merced. Other California cities in the top 10 included Vallejo-Fairfield at No. 5, Riverside-San Bernardino at No. 6 and Sacramento at No. 7.
Detroit posted a foreclosure rate of one foreclosure filing for every 87 households, the nation's fourth highest metro foreclosure rate and more than five times the national average. Fort Lauderdale, Fla., Las Vegas and Cleveland, Ohio, ranked Nos. 8, 9 and 10.
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 – August 2007
Rate State Name NOD NTS NFS LIS REO Total
Rank
Aug 06
— U.S. 56,388 67,632 24,810 52,328 42,789 243,947
40 Alabama 2 445 0 0 189 636
35 Alaska 2 109 0 0 20 131
7 Arizona 15 7,355 0 0 1,445 8,815
25 Arkansas 12 907 0 0 106 1,025
2 California 41,714 7,590 0 0 8,571 57,875
8 Colorado 64 5,566 0 0 956 6,586
13 Connecticut 0 2 305 1,660 203 2,170
30 Delaware 0 0 227 7 16 250
District
of Columbia 2 217 0 0 56 275
3 Florida 0 85 5,280 26,203 2,364 33,932
4 Georgia 19 11,475 0 0 2,437 13,931
41 Hawaii 10 127 0 0 8 145
20 Idaho 251 273 0 0 19 543
16 Illinois 0 118 595 4,677 831 6,221
10 Indiana 0 27 2,511 1,293 1,177 5,008
32 Iowa 26 462 0 0 329 817
37 Kansas 0 12 276 120 20 428
34 Kentucky 0 4 445 241 221 911
38 Louisiana 0 1 575 39 72 687
44 Maine 31 102 0 0 12 145
14 Maryland 0 2 1,926 1,138 239 3,305
12 Mass. 0 17 1,149 3,324 37 4,527
6 Michigan 3,534 6,572 0 0 5,459 15,565
31 Minnesota 24 1,114 0 0 309 1,447
46 Mississippi 5 92 0 0 67 164
18 Missouri 766 1,311 0 0 1,002 3,079
39 Montana 1 134 0 0 7 142
36 Nebraska 0 5 210 11 51 277
1 Nevada 4,130 1,163 0 0 904 6,197
21 New Hampshire 2 350 0 0 164 516
15 New Jersey 0 49 956 3,058 273 4,336
45 New Mexico 0 0 5 115 21 141
28 New York 0 10 905 4,029 554 5,498
22 North
Carolina 2,401 122 0 0 960 3,483
49 North Dakota 0 0 1 0 26 27
5 Ohio 0 67 6,578 4,868 6,280 17,793
26 Oklahoma 237 744 0 0 322 1,303
29 Oregon 726 244 0 0 77 1,047
33 Pennsylvania 0 6 2,228 418 456 3,108
24 Rhode Island 2 355 0 0 14 371
43 South Carolina 0 10 71 45 318 444
48 South Dakota 0 0 32 0 0 32
11 Tennessee 1,281 2,090 0 0 1,268 4,639
9 Texas 455 12,694 0 0 3,821 16,970
19 Utah 164 642 0 0 65 871
50 Vermont 4 6 0 0 1 11
17 Virginia 473 3,032 0 0 313 3,818
27 Washington 33 1,765 0 0 137 1,935
47 West Virginia 2 99 0 0 4 105
23 Wisconsin 0 12 535 1,082 570 2,199
42 Wyoming 0 48 0 0 18 66
1 for
Rate State Name every % change % change
Rank #HH from Jul 07 from Aug 06
— U.S. 510 35.83 115.31
40 Alabama 3,274 27.45 67.81
35 Alaska 2,093 54.12 45.56
7 Arizona 289 50.09 242.60
25 Arkansas 1,219 -1.82 17.95
2 California 224 48.35 363.52
8 Colorado 312 11.25 8.34
13 Connecticut 656 2.46 928.44*
30 Delaware 1,499 197.62 614.29*
District
of Columbia 1,010 3828.57* 2955.56*
3 Florida 243 76.92 106.49
4 Georgia 271 10.55 133.47
41 Hawaii 3,387 70.59* 245.24*
20 Idaho 1,097 28.37 125.31*
16 Illinois 827 12.50 -9.96
10 Indiana 544 11.91 41.35
32 Iowa 1,600 31.56 261.50*
37 Kansas 2,795 -0.47 11.46
34 Kentucky 2,048 41.46 3.52
38 Louisiana 2,824 23.34 116.72
44 Maine 4,716 16.00 208.51*
14 Maryland 688 49.28 758.44
12 Mass. 594 -2.29 681.87
6 Michigan 288 11.35 126.86
31 Minnesota 1,556 38.20 129.32
46 Mississippi 7,534 -2.38 105.00
18 Missouri 842 51.45 132.55
39 Montana 3,017 69.05 144.83
36 Nebraska 2,769 11.24 -10.65
1 Nevada 165 21.13 207.39
21 New Hampshire 1,130 160.61 2935.29*
15 New Jersey 794 4.31 44.92
45 New Mexico 5,948 -4.08 -58.65
28 New York 1,428 28.76 21.18
22 North Carolina 1,131 83.41 69.00
49 North Dakota 11,276 3.85 170.00
5 Ohio 281 33.62 138.26
26 Oklahoma 1,219 44.94 -5.44
29 Oregon 1,488 56.50 99.05
33 Pennsylvania 1,745 3.95 9.32
24 Rhode Island 1,207 120.83 165.00
43 South Carolina 4,342 7.77 -0.22
48 South Dakota 10,873 6.67 -15.79
11 Tennessee 569 31.57 95.57
9 Texas 532 36.40 18.90
19 Utah 1,002 79.59 -16.81
50 Vermont 27,940 22.22 450.00
17 Virginia 832 94.90* 798.35*
27 Washington 1,370 9.26 19.96
47 West Virginia 8,307 11.70 98.11
23 Wisconsin 1,136 76.34* 204.15*
42 Wyoming 3,572 34.69 100.00
* Actual increase may not be as high due to improved or expanded data
coverage in this state.
U.S. Foreclosure Rates Heat Map – Aug 2007
(Photo: http://www.newscom.com/cgi-bin/prnh/20070918/LATU089)
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. (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 www.ForeclosurePulse.com.
SOURCE RealtyTrac Inc.
