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Texas industry appointments update - 9/28/2006

National Mortgage Professional
Sep 29, 2006

National foreclosures increase 38 percent in first quarterMortgagePress.comNational foreclosure statistics RealtyTrac, an online marketplace for foreclosure properties, has 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. "The sharp increase in foreclosures in the first quarter continues a steady upward trend that we've observed since the beginning of last year," said James J. Saccacio, CEO 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." 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, which is 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, which is 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, which is 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 Florida, Michigan, Nevada, Ohio, Tennessee, Texas and Utah. 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. RealtyTrac's statistics included properties in all three phases of foreclosure: pre-foreclosures (notice of default and lis pendens), foreclosures (notice of trustee sale and notice of foreclosure sale) and real estate-owned properties (properties foreclosed on and repurchased by a bank). For more information, visit www.realtytrac.com.
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