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National Mortgage Professional
Mar 27, 2006

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.
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Mar 27, 2006
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