More than 430,000 foreclosure filings in first quarterMortgagePress.comForeclosure prevention
RealtyTrac, an online marketplace for foreclosure properties,
has released first-quarter data from its 2007 U.S. Foreclosure
Market Report, showing more than 430,000 foreclosure filings were
reported nationwide during the first three months of the year, up
27 percent from the previous quarter and 35 percent from the first
quarter of 2006. The nation's quarterly foreclosure rate of one
foreclosure filing for every 264 households was the highest
quarterly foreclosure rate since RealtyTrac began issuing its
report 27 months ago.
"The rise in foreclosure activity was quite dramatic and
widespread in the first quarter, with 37 out of the 50 states
reporting year-over-year increases," said James J. Saccacio, CEO of
RealtyTrac. "Certainly the surge in sub-prime defaults has
contributed to the overall rise in foreclosures. We estimate that
more than 50 percent of the foreclosure activity we charted in the
first quarter was from sub-prime loans. However, it's not just
low-end homes that are going into foreclosure. We're seeing a
rising percentage of foreclosures with an estimated market value of
more than $750,000."
A total of 437,498 foreclosure filings were reported in the
first quarter of 2007, up from 345,554 in the fourth quarter of
2006 and from 323,101 in the first quarter of 2006.
Nevada documented the highest state foreclosure rate in the
first quarter, one foreclosure filing for every 75
households—3.5 times the national average. The state
documented a total of 11,514 foreclosure filings during the
quarter, an increase of 66 percent from the previous quarter and
more than double the total reported in the first quarter of
2006.
Colorado foreclosure filings totaled 16,435 for the quarter,
enough for the state to register the nation's second-highest state
foreclosure rate—one foreclosure filing for every 111
households. Colorado's foreclosure activity was up six percent from
the previous quarter and 24 percent from the first quarter of
2006.
Georgia foreclosure activity in the first quarter decreased on a
year-over-year basis, but the state's first-quarter foreclosure
rate of one foreclosure filing for every 138 households still
ranked third highest in the nation. The state reported a total of
22,391 foreclosure filings during the quarter, the sixth most of
any state and a 10 percent increase from the previous quarter.
Other states with foreclosure rates among the nation's 10
highest included Michigan, California, Florida, Arizona, Ohio,
Texas and New Jersey.
California reported 80,595 foreclosure filings during the first
quarter, the most of any state and accounting for more than 18
percent of the national total. The state's foreclosure activity
increased 68 percent from the previous quarter and more than
doubled from the first quarter of 2006, resulting in a foreclosure
rate of one foreclosure filing for every 152 households—fifth
highest among the states and 1.7 times the national average.
With 45,156 foreclosure filings during the quarter, Florida
ranked second among the states, in terms of total foreclosure
activity. The state documented a foreclosure rate of one
foreclosure filing for every 162 households—the nation's
sixth highest and 1.6 times the national average. Florida's
foreclosure activity was up 55 percent from the previous quarter
and 52 percent from the first quarter of 2006.
Texas documented the third most foreclosure filings of any state
during the quarter, 39,869, up six percent from the previous
quarter, but down by less than 1 percent from the first quarter of
2006. The state's foreclosure rate of one foreclosure filing for
every 202 households ranked ninth highest in the nation and was 1.3
times the national average.
Other states with 2006 foreclosure totals among the nation's 10
highest included Michigan, Ohio, Georgia, Illinois, Colorado, New
Jersey and New York.
Continuing a trend from 2006, Detroit documented the highest
foreclosure rate among the nation's 100 largest metropolitan areas
in the first quarter of 2007. The metro area, which comprises Wayne
County, reported a total of 16,351 foreclosure filings during the
quarter, a foreclosure rate of one foreclosure filing for every 51
households—more than five times the national average.
Las Vegas registered a first-quarter foreclosure rate of one
foreclosure filing for every 57 households, second highest among
the nation's 100 largest metro areas and 4.6 times the national
average. The metro area, which comprises Clark County, reported a
total of 10,493 foreclosure filings during the quarter.
The Riverside-San Bernardino metropolitan area in Southern
California reported a total of 17,499 foreclosure filings during
the quarter, resulting in a foreclosure rate of one foreclosure
filing for every 68 households—third highest among the
nation's 100 largest metropolitan areas.
Other metro areas with foreclosure rates ranking among the 10
highest were Sacramento, Calif., Stockton, Calif., Atlanta, Denver,
Bakersfield, Calif., Fort Worth, Texas, and Dallas.
For more information, visit www.realtytrac.com.
