Foreclosures surpass 1 million in October 2006MortgagePress.comU.S. foreclosure statistics
RealtyTrac, an online marketplace for foreclosure properties,
has released its October 2006 U.S. Foreclosure Market Report, which
showed that 115,568 properties nationwide entered some stage of
foreclosure during the month, an increase of three percent from the
previous month and 42 percent from October 2005. The report also
showed a national foreclosure rate of one new foreclosure filing
for every 1,001 U.S. households, the second highest monthly
foreclosure rate reported for 2006 so far.
"So far this year [2006], more than 1 million properties have
entered some stage of foreclosure nationwide, up 27 percent from
the same time last year [2005]," said James J. Saccacio, chief
executive officer of RealtyTrac. "Monthly foreclosure filings were
just below their high for the year, mirroring the trend from last
year [2005], when the most foreclosures of the year were also
reported in October. Our data from the last three months
[August-October 2006] shows that foreclosures are definitely
trending upward, putting more pressure on an already strained
housing market, and placing buyers and investors in the driver's
seat when it comes to negotiating home purchases."
For the eighth consecutive month, Colorado documented the
nation's highest state foreclosure rate—one new foreclosure
filing for every 327 households—thanks to a 25 percent
month-over-month increase in foreclosure activity. The state
reported 5,592 properties entering some stage of foreclosure during
the month—more than twice the number reported in October
2005. With one new foreclosure filing for every 389 households,
Nevada documented the nation's second highest state foreclosure
rate for the fifth straight month as foreclosures continued to
climb. The state reported 2,229 properties entering some stage of
foreclosure, an increase of 16 percent from the previous month and
more than six times the number reported in October 2005.
Thanks to a 33 percent month-over-month increase, Georgia's
foreclosure rate—one new foreclosure filing for every 449
households—jumped to third highest in October 2006, after
being fifth highest the previous month. The state reported 6,895
properties entering some stage of foreclosure, almost twice the
number reported in October 2005.
Other states reporting foreclosure rates among the nation's 10
highest were Michigan, Illinois, Florida, Ohio, Tennessee, New
Jersey and Utah.
More than 16,000 California properties entered some stage of
foreclosure during October 2006, the most of any state for the
second straight month and an increase of more than eight percent
from the previous month. The state's foreclosure rate of one new
foreclosure filing for every 759 households rose to 1.3 times the
national average and was 12th highest among the states. California
foreclosure activity has more than tripled from a year ago.
With 11,413 properties entering some stage of foreclosure,
Florida reported the second most foreclosure filings of any state
and a foreclosure rate of one new foreclosure filing for every 640
households—1.6 times the national average and sixth highest
among the states. Florida's foreclosure activity was down almost 12
percent from the previous month, but up nearly 50 percent from
October 2005.
Texas, Michigan, Illinois, Ohio, Georgia, Colorado, New Jersey
and New York rounded out the 10 states with the most new
foreclosure filings in October 2006.
For the third month in a row, Greeley, Colo. posted the highest
foreclosure rate among the nation's 200-plus largest metropolitan
areas. The Greeley metro area (Weld County) documented 378
properties entering some stage of foreclosure—a foreclosure
rate of one new foreclosure filing for every 175 households, which
is 5.7 times the national average.
With 4,216 properties entering some stage of foreclosure, the
Detroit metropolitan area (Wayne County) registered the nation's
second highest metro foreclosure rate—one new foreclosure
filing for every 196 households.
Modesto, Calif. posted a foreclosure rate of one new foreclosure
filing for every 214 households, third highest among the nation's
metropolitan areas. The metropolitan area (Stanislaus County)
reported 705 properties entering some stage of foreclosure during
the month.
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.
