IRVINE, CA -- More Than 323,000 Properties Enter Foreclosure During First Quarter of 2006. Georgia, Colorado and Indiana Post Nation's Highest Foreclosure Rates RealtyTrac(TM) (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its 2006 Q1 U.S. Foreclosure Market Report, which showed that 323,102 properties nationwide entered some stage of foreclosure in the first quarter of 2006, a 38 percent increase from the previous quarter and a 72 percent year-over-year increase from the first quarter of 2005. The nation's quarterly foreclosure rate of one new foreclosure for every 358 U.S. households was higher than in any quarter of last year.
RealtyTrac publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties in 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.
"The sharp increase in foreclosures in Q1 continues a steady upward trend that we've observed since the beginning of last year," said James J. Saccacio, chief executive officer of RealtyTrac. "Foreclosures have now increased in four consecutive quarters and are on track to go above 1.2 million in 2006, which would push the nation's annual foreclosure rate to more than 1 percent of U.S. households."
Saccacio noted that foreclosures actually dipped 13 percent from February to March, evidence that the nation's foreclosure rate could be leveling off after the long run-up.
"With the current market conditions, it's unlikely that foreclosures will return to the historically low levels they were at in recent years when interest rates hit rock bottom and home price appreciation skyrocketed in many areas of the country," he said. "But it's possible that foreclosures will flatten or even move a bit lower this Spring if more buyers and investors enter the market, giving homeowners in distress a better chance of selling their properties to avoid going into default or foreclosure."
Georgia, Colorado and Indiana post highest quarterly foreclosure rates
Despite a 19 percent decrease in new foreclosures in March, Georgia documented the highest state foreclosure rate in the first quarter of 2006 -- one new foreclosure for every 127 households. The state reported 24,419 properties entering some stage of foreclosure, more than two times the number reported in the previous quarter and nearly three times the number reported in the first quarter of 2005.
Colorado's quarterly foreclosure rate of one new foreclosure for every 138 households registered as the nation's second highest state foreclosure rate. The state reported a total of 13,267 properties entering some stage of foreclosure in the first quarter of 2006, more than twice the number reported in the previous quarter and a 96 percent increase from the first quarter of 2005.
With one new foreclosure for every 165 households, Indiana documented the nation's third highest state foreclosure rate in the first quarter of 2006. The state reported 15,261 properties entering some stage of foreclosure, an 84 percent increase from the previous quarter and more than twice the number reported in the first quarter of 2005.
Other states with first-quarter foreclosure rates ranking among the nation's 10 highest included Nevada, Michigan, Texas, Ohio, Tennessee, Utah and Florida.
Texas, Florida and California report most first-quarter foreclosures
Texas reported the most first-quarter foreclosures of any state, 40,236, and Florida reported the second most with 29,636. California was a close third with 29,537 properties entering some stage of foreclosure in the first quarter of 2006, but the state's quarterly foreclosure rate of one foreclosure for every 414 households was below the national average.
Also among the 10 states with the most foreclosures in the first quarter were New York, which reported 13,795 properties entering some stage of foreclosure, and Illinois, which reported 13,691 properties entering some stage of foreclosure.
The RealtyTrac 2006 U.S. Foreclosure Market Report provides the total number of homes entering some stage of foreclosure nationwide and by state for each month. 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 re-purchased by a bank).
Below are foreclosure market statistics nationwide and by state:
% %
Change Change
from from
State Name January February March Q1 2006 Q1 1/every Q4 Q1
2006 2006 2006 (Total) #Households 2005 2005
US 104,354 117,151 101,597 323,102 358 38 72
Alabama 102 80 176 358 5,484 -1 -55
Alaska 97 74 102 273 752 -18 2
Arizona 2,020 2,163 2,049 6,232 351 -2 6
Arkansas 1,333 1,106 1,267 3,706 317 73 105
California 9,354 9,110 11,073 29,537 414 60 86
Colorado 3,747 4,128 5,392 13,267 138 104 96
Connecticut 772 903 828 2,503 554 -40 72
Delaware 36 19 25 80 4,288 167 -33
District of
Columbia 7 7 13 27 10,179 -33 170
Florida 10,334 10,019 9,283 29,636 247 21 -14
Georgia 7,342 9,421 7,656 24,419 127 124 191
Hawaii 34 55 45 134 3,437 -17 -33
Idaho 267 280 213 760 692 37 -19
Illinois 4,530 4,569 4,592 13,691 357 32 13
Indiana 4,419 5,909 4,933 15,261 165 84 110
Iowa 382 359 237 978 1,260 33 110
Kansas 242 161 197 600 1,880 13 36
Kentucky 611 466 346 1,423 1,230 74 5
Louisiana 123 98 120 341 5,523 -31 -70
Maine 22 9 12 43 15,160 65 -14
Maryland 583 272 226 1,081 1,982 -25 62
Massachusetts 215 329 428 972 2,698 -47 58
Michigan 4,672 10,343 7,727 22,742 186 91 416
Minnesota 199 373 559 1,131 1,828 67 133
Mississippi 68 96 73 237 5,354 -15 -30
Missouri 1,252 2,209 1,553 5,014 486 65 146
Montana 85 92 140 317 1,300 11 77
Nebraska 365 229 146 740 971 1 102
Nevada 1,795 1,761 1,481 5,037 172 116 158
New Hampshire 13 8 5 26 21,039 -21 -21
New Jersey 3,474 3,278 3,708 10,460 316 -22 61
New Mexico 670 911 255 1,836 425 -18 46
New York 5,205 4,595 3,995 13,795 557 8 160
North
Carolina 2,396 3,195 2,073 7,664 459 88 84
North Dakota 34 10 21 65 4,456 171 -4
Ohio 8,268 9,873 4,719 22,860 209 39 167
Oklahoma 1,715 1,646 1,366 4,727 316 41 51
Oregon 705 737 583 2,025 719 42 -4
Pennsylvania 4,190 4,382 3,683 12,255 428 42 141
Rhode Island 3 4 2 9 48,871 200 0
South Carolina 817 968 767 2,552 687 30 14
South Dakota 31 21 24 76 4,253 85 38
Tennessee 3,669 4,649 3,400 11,718 209 92 147
Texas 14,669 13,616 11,951 40,236 200 9 67
Utah 936 1,186 1,437 3,559 216 41 2
Vermont 14 2 5 21 14,018 17 40
Virginia 485 285 268 1,038 2,781 9 173
Washington 1,547 2,008 1,844 5,399 443 81 28
West Virginia 94 60 75 229 3,688 1 39
Wisconsin 398 1,060 493 1,951 1,180 39 36
Wyoming 13 17 31 61 3,670 30 27
About RealtyTrac Inc.
Ranked as the fourth-largest real estate site by Nielsen NetRatings, 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 and new construction properties, with more than 600,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts more than 2 million unique visitors monthly and is the exclusive foreclosure data supplier to AOL, MSN House & Home, Yahoo Real Estate and HomeGain. For more information, visit www.realtytrac.com.
Source: RealtyTrac
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| Notes:
CONTACT: Michelle Sabolich of Atomic Public Relations, +1-415-402-0230,
michelle.sabolich@atomicpr.com, for RealtyTrac
Web site: http://www.realtytrac.com/
About This Release
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