National foreclosures decreased 12 percent in November MortgagePress.comforeclosures, moratorium
RealtyTrac, an online marketplace for foreclosure properties,
has released its November 2005 Monthly U.S. Foreclosure Market
Report, which showed 71,606 properties nationwide entered some
stage of foreclosure in November, a 12 percent decrease from the
previous month. The report shows a November national foreclosure
rate of one foreclosure for every 1,615 U.S. households. RealtyTrac
publishes the largest national database of pre-foreclosure and
foreclosure properties, with more than 550,000 properties from over
2,400 counties across the country.
"After reaching their highest level of the year in October,
foreclosures in November retreated closer to the levels we saw
earlier this fall and in the summer," said RealtyTrac CEO James J.
Saccacio. "While fewer foreclosures in most of the Gulf Coast
states contributed to this, it also continues the trend of seeing
the national foreclosure rate drop the month after a significant
spike."
Florida was the only Gulf Coast state with increasing
foreclosures in November. The state reported 8,872 properties
entering some stage of foreclosure, a 16 percent increase and the
most foreclosures reported by any state. Florida's foreclosure rate
of one foreclosure for every 824 households was the third highest
in the country.
Colorado and Georgia registered the nation's two highest
foreclosure rates. Colorado reported 2,687 properties entering some
stage of foreclosure, a 4.7 percent increase and a foreclosure rate
of one foreclosure for every 681 households. Georgia reported 4,416
properties entering some stage of foreclosure, a 28 percent
increase and a foreclosure rate of one foreclosure for every 701
households.
Foreclosure rates in Ohio and Indiana also ranked among the five
highest nationwide, thanks to an increase in foreclosures. Ohio
reported 4,968 properties entering some stage of foreclosure, a 5.7
percent increase and a foreclosure rate of one foreclosure for
every 963 households. Indiana reported 2,800 properties entering
some stage of foreclosure, a 32 percent increase and a foreclosure
rate of one foreclosure for every 902 households.
Foreclosures moved higher in California and New York, although
both states maintained foreclosure rates below the national
average. California reported 6,051 new foreclosures, a 29 percent
increase; and New York reported 4,702 new foreclosures, a 33
percent increase.
The extension of a foreclosure moratorium in areas affected by
hurricanes Katrina and Rita may have contributed to lower
foreclosure numbers in several Gulf Coast states. Texas
foreclosures decreased 52 percent with 7,912 properties entering
some stage of foreclosure in November. The state's foreclosure rate
- one foreclosure for every 1,017 households - ranked below the
five highest in the country for the first time since July. Even
with the steep decline, Texas still reported more foreclosures than
any state except Florida. Louisiana foreclosures decreased 42
percent in November and the state's foreclosure rate - one
foreclosure for every 13,078 households - remained far below the
national average. Alabama and Mississippi registered even lower
foreclosure rates, thanks to foreclosures decreasing more than 20
percent in Alabama and more than 75 percent in Mississippi.
For more information, visit www.realtytrac.com.
