Foreclosure Filings Up Nearly
90 Percent From May 2006
RealtyTrac (realtytrac.com), the leading online marketplace for foreclosure
properties, released its May 2007 U.S. Foreclosure Market Report, which shows
a total of 176,137 foreclosure filings — default notices, auction sale
notices and bank repossessions — were reported during the month, up
19 percent from the previous month and up nearly 90 percent from May 2006.
The report also shows a national foreclosure rate of one foreclosure filing
for every 656 U.S. households during the month.
RealtyTrac publishes the largest and most comprehensive national database
of pre-foreclosure and foreclosure properties, with over 900,000 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.
“After a barely perceptible dip in April, foreclosure activity roared
back with a vengeance in May,” said James J. Saccacio, chief executive
officer of RealtyTrac. “Such strong activity in the midst of the typical
spring buying season could foreshadow even higher foreclosure levels later
in the year. Certainly not every community nationwide is seeing an increase
in foreclosures, but foreclosed properties are becoming more commonplace and
adding to the downward pressure on home prices in many areas.”
Nevada, Colorado, California post top foreclosure rates
Nevada registered a May foreclosure rate of one foreclosure filing for every
166 households — the nation’s highest for the fifth month in a
row and nearly four times the national average. The state reported a total
of 5,235 foreclosure filings during the month, a 40 percent increase from
the previous month and nearly five times the number reported in May 2006.
Colorado documented the nation’s second highest state foreclosure rate,
one foreclosure filing for every 290 households — 2.3 times the national
average. The state reported 6,321 foreclosure filings, a nearly 9 percent
increase from the previous month and an increase of more than 50 percent from
May 2006. The state’s foreclosure total was eighth highest among the
states.
California foreclosure activity increased 30 percent from the previous month
and more than 350 percent from May 2006, boosting the state’s foreclosure
rate to third highest in the country. California documented one foreclosure
filing for every 308 households, more than twice the national average.
Other states with foreclosure rates ranking among the nation’s 10 highest
in May were Florida, Ohio, Arizona, Georgia, Michigan, Indiana and Connecticut.
California, Florida, Ohio document largest foreclosure
totals
For the fifth straight month California reported the most foreclosure filings
of any state, with 39,659 in May. Florida reported 21,704 foreclosure filings,
the second biggest state total. Foreclosure activity in Florida increased
52 percent from the previous month and 144 percent from May 2006, raising
its foreclosure rate to one foreclosure filing for every 336 households —
fourth highest among all the states.
With 13,214 foreclosure filings reported in May, Ohio documented the nation’s
third highest state total for the third month in a row. The state’s
foreclosure activity increased 16 percent from the previous month and more
than 150 percent from May 2006, resulting in a foreclosure rate of one foreclosure
filing for every 362 households — fifth highest among the states and
1.8 times the national average.
Other states with foreclosure filing totals among the nation’s 10 highest
in May were Texas, Michigan, Georgia, Illinois, Colorado, Arizona and Nevada.
California cities continue to dominate top metro foreclosure rates.
The cities with the nation’s top three metropolitan foreclosure rates
were all located in California, and three other California cities also documented
foreclosure rates among the top 10.
A 49 percent increase in foreclosure activity ensured that Stockton, Calif.,
would continue to register the highest metropolitan foreclosure rate. The
city reported one foreclosure filing for every foreclosure filing for every
88 households — nearly 7.5 times the national average.
Merced, Calif., documented the second highest metro foreclosure rate, one
foreclosure filing for every 100 households, followed by Modesto, Calif.,
with one foreclosure filing for every 118 households. Other California metros
in the top 10 were Riverside-San Bernardino at No. 5, Vallejo-Fairfield at
No. 6, and Sacramento at No. 7.
Other cities in the top 10 were Las Vegas at No. 4, Denver at No. 7, Detroit
a No. 8, and Miami at No. 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).
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