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National Mortgage Professional
Sep 27, 2007

Foreclosure activity dips one percent in AprilMortgagePress.comRealtyTrac, default notices, auction sale notices, bank repossessions Filings still up 62 percent from April 2006 RealtyTrac, the leading online marketplace for foreclosure properties, released its April 2007 U.S. Foreclosure Market Report, which shows a total of 147,708 foreclosure filings--default notices, auction sale notices and bank repossessions--were reported during the month, down about one percent from the previous month but up 62 percent from April 2006. The report also shows a national foreclosure rate of one foreclosure filing for every 783 U.S. households during the month. "After hitting a two-year high in March, U.S. foreclosure activity slipped slightly lower in April," said James J. Saccacio, chief executive officer of RealtyTrac. "Last year, foreclosure activity subsided somewhat during the spring and summer months, thanks in part to increased interest from buyers. Whether the decrease in April is the beginning of a similar trend this year remains to be seen, but we expect foreclosure activity to at least stay above last year's levels for the remainder of 2007, fueled by a combustible mix of risky loans taken out in the last few years--many in the sub-prime market--and slowing home price appreciation." Nevada reported 3,737 foreclosure filings during April, a foreclosure rate of one foreclosure filing for every 232 households--the highest among the 50 states for the fourth month in a row and more than three times the national average. The state's foreclosure activity decreased 21 percent from the previous month, but was up more than 200 percent from April 2006. Colorado's foreclosure rate of one foreclosure filing for every 314 households was second highest among the states despite a seven percent decrease in foreclosure activity from the previous month. The state reported 5,826 foreclosure filings during April, the eighth most of any state and a 57 percent increase from April 2006. Connecticut's foreclosure rate leapfrogged to third highest among the states in April. The state reported 4,207 foreclosure filings during the month, a foreclosure rate of one foreclosure filing for every 329 households--more than twice the national average. Connecticut's dramatic increase is due in part to more rigorous data collection activities implemented by RealtyTrac in the state during April. Other states with foreclosure rates ranking among the nations 10 highest in April were California, Ohio, Georgia, Florida, Arizona, Illinois and Michigan. With 30,505 foreclosure filings reported in April, California documented the largest foreclosure total of any state for the fourth month in a row. The state's foreclosure activity decreased about three percent from the previous month, but was up more than 200 percent from April 2006, resulting in a foreclosure rate of one foreclosure filing for every 400 households--fourth highest among the states and nearly twice the national average. Florida reported 14,318 foreclosure filings in April, the second largest state total and a foreclosure rate of one foreclosure filing for every 510 households--seventh highest among the states and 1.5 times the national average. The state's foreclosure activity increased less than one percent from the previous month and was up nearly 72 percent from April 2006. Ohio's foreclosure activity surged in April, up 39 percent from the previous month and up 135 percent from April 2006, pushing the state's foreclosure total to third largest in the nation. The state reported 11,431 foreclosure filings during the month, a foreclosure rate of one foreclosure filing for every 418 households--1.9 times the national average. Other states with foreclosure totals among the nation's 10 highest in April were Texas, Illinois, Georgia, Michigan, Colorado, Connecticut and Arizona. For the second month in a row, six out of the 10 cities with the nation's highest metro foreclosure rates were located in California. Stockton, Calif. again registered the nation's highest metro foreclosure rate, one foreclosure filing for every 131 households--nearly six times the national average. Other California cities with foreclosure rates in the top 10 included Vallejo-Fairfield, ranked second; Riverside-San Bernardino, fourth; Modesto, sixth; Sacramento, seventh; and Merced, eight. Two Colorado cities registered foreclosure rates among the top 10: Greeley ranked third with one foreclosure filing for every 165 households; and Denver ranked tenth with one foreclosure filing for every 236 households. Other cities with foreclosure rates among the top 10 were Las Vegas, ranked fifth with one foreclosure filing for every 179 households and Akron, ranked ninth with one foreclosure filing for every 216 households. For more information, visit www.realtytrac.com.
Published
Sep 27, 2007
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