Foreclosure Acitvity Decreases 7% in
Foreclosure Filings Still Up 87 Percent From
RealtyTrac, the leading online marketplace for foreclosure properties, released
its June 2007 U.S. Foreclosure Market Report, which shows a total of 164,644
foreclosure filings — default notices, auction sale notices and bank
repossessions — were reported during the month, down 7 percent from
the previous month but still up 87 percent from June 2006.
The report also shows a national foreclosure rate of one foreclosure filing
for every 704 U.S. households for the month.
“Foreclosure activity subsided somewhat in June after hitting a 30-month
high in May,” said James J. Saccacio, chief executive officer of RealtyTrac.
“And the drop in activity was fairly broad, with 33 states reporting
month-over-month decreases. Still, the foreclosure rates in most states remained
substantially above last year’s levels.”
Nevada, California, Colorado post top foreclosure rates
With one foreclosure filing for every 175 households in June, Nevada documented
a foreclosure rate more than four times the national average and highest among
the states for the sixth month in a row. The state reported 4,722 foreclosure
filings during the month, a decrease of 10 percent from the previous month
but more than three times the number reported in June 2006.
Despite a 2 percent month-over-month dip in foreclosure activity, California
registered the nation’s second highest state foreclosure rate, one foreclosure
filing for every 315 households — up from third highest the previous
month and 2.2 times the national average. The state reported 38,801 foreclosure
filings during the month, the most of any state for the sixth month in a row
and more than three times the number reported in June 2006.
Colorado’s foreclosure rate dropped from second highest to third highest
thanks in part to a 10 percent month-over-month decrease in foreclosure activity
in June. The state reported 5,705 foreclosure filings during the month, a
foreclosure rate of one foreclosure filing for every 317 households —
still more than twice the national average.
Other states with foreclosure rates ranking among the nation’s 10 highest
in June were Florida, Arizona, Ohio, Michigan, Georgia, Connecticut and Indiana.
California, Florida, Ohio document largest foreclosure
Following California, Florida and Ohio registered the nation’s second
and third highest state foreclosure filing totals in June. Florida reported
21,035 foreclosure filings during the month, a 3 percent decrease from the
previous month but still more than double the number reported in June 2006.
The state’s foreclosure rate of one foreclosure filing for every 347
households was more than twice the national average and ranked fourth highest
among all the states.
Ohio reported 11,879 foreclosure filings in June, a 10 percent decrease from
the previous month but a 100 percent increase from June 2006. With one foreclosure
filing for every 403 households, the state’s foreclosure rate was 1.7
times the national average and ranked sixth highest among the states.
Other states with foreclosure filing totals among the nation’s 10 highest
in June were Michigan, Texas, Georgia, Illinois, Arizona, Colorado and New
California cities continue to dominate top metro
California cities reported six of the nation’s top 10 metropolitan foreclosure
rates in June, and the top four spots were occupied by California cities:
Stockton, Merced, Modesto and Riverside-San Bernardino. All of the top four
cities registered foreclosure rates that were more than five times the national
average. Other California cities in the top 10 were Vallejo-Fairfield at No.
7 and Sacramento at No. 8.
Las Vegas documented a foreclosure rate of one foreclosure filing for every
138 households, giving it the fifth highest metro foreclosure rate. The foreclosure
rate in Greeley, Colo., one foreclosure filing for every 146 households, ranked
Other cities in the top 10 were Detroit at No. 9 and Miami at No. 10.
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.
90 Percent From May 2006
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