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New York industry appointments update - 5/15/2006
January U.S. foreclosures increase 27 percentMortgagePress.comU.S. foreclosures
RealtyTrac, an online marketplace for foreclosure properties,
has released its January 2006 Monthly U.S. Foreclosure Market
Report, which shows 103,540 properties nationwide entered some
stage of foreclosure in January, a 27 percent increase from the
previous month and a 45 percent increase from January 2005. The
report shows a January national foreclosure rate of one new
foreclosure for every 1,117 U.S. households, continuing an upward
trend in which the national foreclosure rate rose in every quarter
of 2005.
"This is the first time since we introduced the report in
January of 2005 that we've seen back-to-back months with increases
of more than 20 percent," noted James J. Saccacio, CEO of
RealtyTrac. "While some of this might have to do with the
seasonality of normal real estate cycles, it appears that rising
interest rates and softening home prices are beginning to push
foreclosure inventories closer to the historic average of one
percent of all U.S. households."
Georgia tops state foreclosure rates
After dipping in December, Georgia foreclosures spiked in
January. The state reported 7,342 properties entering some stage of
foreclosure, more than twice the number reported in December.
Georgia documented the highest foreclosure rate among the 50
states, with one new foreclosure for every 422 households.
With one new foreclosure for every 483 households, Nevada
documented the second highest foreclosure rate among the 50 states.
The state reported 1,795 properties entering some stage of
foreclosure, a 60 percent increase from December and more than 2.5
times the number reported in January 2005.
With a total of 3,747 properties entering some stage of
foreclosure, new foreclosures in Colorado tripled from December
2005 to January 2006 and increased 36 percent year over year. The
state recorded one new foreclosure for every 488 households--the
third highest foreclosure rate among the 50 states.
Foreclosure rates in Texas and Indiana were among the nation's
five highest for the second month in a row, and new foreclosures
increased in both states in January. Texas reported 14,669
properties entering some stage of foreclosure, a 15 percent
increase from the previous month and one new foreclosure for every
549 households. Indiana reported 4,419 properties entering some
stage of foreclosure, a 30 percent increase from the previous month
and one foreclosure for every 571 households.
States with most new foreclosures
Along with Texas and Georgia, the five states reporting the most
new foreclosures in January included Florida, California and Ohio.
Florida reported 10,334 properties entering some stage of
foreclosure, a 28 percent increase from the previous month and the
second most new foreclosures of any state. Florida's foreclosure
rate of one new foreclosure for every 707 households was 1.6 times
the national average.
California registered a foreclosure rate below the national
average, despite documenting the third most new foreclosures of any
state. The state reported 9,354 properties entering some stage of
foreclosure, a 22 percent increase from the previous month and a 62
percent year-over-year increase.
Ohio reported 8,268 properties entering some stage of
foreclosure, the fourth most of any state and a 22 percent increase
from the previous month. Ohio's foreclosure rate of one foreclosure
for every 578 households was 1.9 times the national average.
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.
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