IRVINE, CA -- Foreclosure Rate Rebounds From Low Point in June
Foreclosures Up 18 Percent From Year Ago RealtyTrac(TM) (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its July 2006 U.S. Foreclosure Market Report, which shows 92,845 properties nationwide entered some stage of foreclosure during the month, a 5 percent increase from the previous month and an 18 percent increase from July 2005. The report also shows a national foreclosure rate of one new foreclosure filing for every 1,245 U.S. households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 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.
"After dropping to their lowest level of the year last month, U.S. foreclosure filings bounced back above the 90,000 mark in July and the national foreclosure rate was almost identical to the foreclosure rate reported in May," said James J. Saccacio, chief executive officer of RealtyTrac. "While foreclosure activity continues to remain slightly below historical averages, there looks to be a significant amount of upward pressure on foreclosure rates in the next few months. First, the billions of dollars in ARMs projected to reset in the third and fourth quarters could increase monthly mortgage payments for many homeowners. And the cooling real estate market exacerbates the problem for these homeowners by making it tougher for them to sell at a high enough price to pay off their loan balance."
Colorado, Nevada and Texas post top foreclosure rates
With one new foreclosure filing for every 480 households, Colorado documented the nation's highest state foreclosure rate for the fifth month in a row. The state reported 3,810 properties entering some stage of foreclosure, a 3 percent increase from the previous month and a 55 percent increase from July 2005.
Nevada documented the nation's second highest foreclosure rate for the second straight month. The state reported 1,626 properties entering some stage of foreclosure, a 31 percent increase from the previous month and a foreclosure rate of one new foreclosure filing for every 533 households.
Texas reported 13,103 properties entering some stage of foreclosure, the most of any state for the eighth month in a row, and a 15 percent increase from the previous month. The state's foreclosure rate of one new foreclosure filing for every 614 households was third highest among the states and more than two times the national average.
Other states reporting foreclosure rates among the nation's 10 highest were Georgia, Utah, Florida, Michigan, Indiana, Ohio and Illinois.
Six states account for more than half of nation's foreclosure activity
The six states with the most new foreclosure filings -- Texas, Florida, California, Michigan, Ohio and Illinois -- accounted for 54 percent of the nation's foreclosure activity in July. Aside from Texas, Florida documented the most foreclosures and the highest foreclosure rate among these states, with 10,757 properties entering some stage of foreclosure -- one new foreclosure filing for every 679 households.
California reported 10,025 properties entering some stage of foreclosure, six fewer than the previous month but more than twice the number reported in July 2005. The state's foreclosure rate of one new foreclosure filing for every 1,218 households registered just above 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).
U.S. Foreclosure Market Statistics by State - July 2006
Rate
Rank State Name NODs NTSs NFSs LISs REOs Total
-- U.S. 20,202 38,173 4,795 13,295 16,380 92,845
39 Alabama 1 116 0 0 190 307
26 Alaska 7 72 0 0 4 83
12 Arizona 0 0 1,748 215 67 2,030
17 Arkansas 47 554 0 0 105 706
15 California 8,664 1,228 0 0 133 10,025
1 Colorado 101 3,019 0 0 690 3,810
16 Connecticut 851 186 0 0 1 1,038
34 Delaware 6 61 0 0 2 69
DC 0 0 0 0 3 3
6 Florida 0 0 1,218 9,168 371 10,757
4 Georgia 13 3,570 0 0 1,124 4,707
44 Hawaii 18 34 0 0 1 53
24 Idaho 11 212 0 0 9 232
10 Illinois 1,765 242 684 1,682 645 5,018
8 Indiana 1,001 1,475 0 0 849 3,325
42 Iowa 11 34 0 0 117 162
28 Kansas 142 231 0 0 35 408
29 Kentucky 403 29 0 0 106 538
40 Louisiana 13 204 0 0 76 293
49 Maine 2 3 0 0 3 8
41 Maryland 4 318 0 0 6 328
27 Mass. 37 904 0 0 11 952
7 Michigan 151 3,062 0 0 2,857 6,070
33 Minnesota 8 323 0 0 96 427
45 Mississippi 9 57 0 0 21 87
19 Missouri 16 529 0 0 775 1,320
38 Montana 4 55 0 0 8 67
36 Nebraska 5 96 0 0 24 125
2 Nevada 1,264 320 0 0 42 1,626
48 New Hampshire 1 8 0 0 7 16
14 New Jersey 2,136 459 0 0 130 2,725
30 New Mexico 116 42 0 0 43 201
23 New York 0 0 1,145 2,230 109 3,484
21 North Carolina 468 110 0 0 1,116 1,694
47 North Dakota 2 0 0 0 9 11
9 Ohio 108 2,932 0 0 2,446 5,486
13 Oklahoma 501 547 0 0 322 1,370
25 Oregon 416 153 0 0 34 603
18 Pennsylvania 945 1,808 0 0 222 2,975
22 Rhode Island 0 207 0 0 0 207
31 South Carolina 32 93 0 0 314 439
46 South Dakota 0 21 0 0 0 21
11 Tennessee 20 1,370 0 0 983 2,373
3 Texas 109 11,117 0 0 1,877 13,103
5 Utah 429 610 0 0 126 1,165
50 Vermont 0 1 0 0 1 2
37 Virginia 5 422 0 0 59 486
20 Washington 17 1,093 0 0 79 1,189
43 West Virginia 0 87 0 0 17 104
32 Wisconsin 343 132 0 0 100 575
35 Wyoming 0 27 0 0 15 42
U.S. Foreclosure Market Statistics by State - July 2006
Rate 1 for %Change %Change
Rank State Name every #HH from Jun 2006 from Jul 2005
-- U.S. 1,245 5.27 17.62
39 Alabama 6,396 6.97 -56.52
26 Alaska 2,472 69.39 -47.13
12 Arizona 1,078 -4.74 1.05
17 Arkansas 1,662 -15.45 -70.45
15 California 1,218 -0.06 152.90
1 Colorado 480 3.11 54.75
16 Connecticut 1,335 -2.26 84.37
34 Delaware 4,972 -13.75 115.63
DC 91,615 -72.73 -86.96
6 Florida 679 25.01 -13.74
4 Georgia 658 7.22 14.61
44 Hawaii 8,689 140.91 -93.05
24 Idaho 2,266 60.00 -5.69
10 Illinois 975 -14.66 21.27
8 Indiana 759 11.88 37.06
42 Iowa 7,608 -2.99 -26.03
28 Kansas 2,765 8.22 47.29
29 Kentucky 3,254 50.28 -25.17
40 Louisiana 6,427 115.44 -35.89
49 Maine 81,487 60.00 -65.22
41 Maryland 6,532 -29.61 -35.43
27 Mass. 2,754 -18.91 142.86
7 Michigan 696 25.08 89.21
33 Minnesota 4,843 -21.36 60.53
45 Mississippi 14,584 61.11 -71.66
19 Missouri 1,846 38.95 10.46
38 Montana 6,151 15.52 -23.86
36 Nebraska 5,748 21.36 -47.70
2 Nevada 533 30.71 220.71
48 New Hampshire 34,189 77.78 -33.33
14 New Jersey 1,215 -4.89 36.80
30 New Mexico 3,883 -62.57 -59.23
23 New York 2,204 -10.83 10.01
21 North Carolina 2,078 26.14 16.91
47 North Dakota 26,333 22.22 57.14
9 Ohio 872 -7.67 19.47
13 Oklahoma 1,091 24.55 4.74
25 Oregon 2,414 -56.34 17.32
18 Pennsylvania 1,765 5.91 37.03
22 Rhode Island 2,125 80.00 2857.14
31 South Carolina 3,992 -27.68 -30.87
46 South Dakota 15,391 31.25 40.00
11 Tennessee 1,033 -1.29 -47.04
3 Texas 614 15.39 29.73
5 Utah 660 21.73 21.99
50 Vermont 147,191 -75.00 -66.67
37 Virginia 5,939 111.30 45.51
20 Washington 2,012 -17.43 6.45
43 West Virginia 8,121 36.84 -58.57
32 Wisconsin 4,005 61.97 35.61
35 Wyoming 5,330 -8.70 20.00
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.
Source: RealtyTrac Inc.
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CONTACT: Michelle Sabolich of Atomic Public Relations, +1-415-402-0230,
michelle.sabolich@atomicpr.com, for RealtyTrac Inc.
Web site: http://www.realtytrac.com/
About This Release
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