Foreclosure activity decreases in February MortgagePress.comnational foreclosure rate, Nevada, Colorado, Florida, California, Texas, Georgia, Michigan, Tennessee, Ohio, Arizona, Indiana
RealtyTrac, an online
marketplace for foreclosure properties, released its February 2007
U.S. Foreclosure Market Report, which shows a total of 130,786
foreclosure filings default notices, auction sale notices and bank
repossessions were reported during the month, down four percent
from a revised January total, but still up 12 percent from February
2006. The report also shows a national foreclosure rate of one
foreclosure filing for every 884 U.S. households during the
month.
"Based on our numbers for the first two months of 2007,
foreclosure activity is running at a rate that would project to a
33 percent increase over 2006," said James J. Saccacio, chief
executive officer of RealtyTrac. "It appears that as sub-prime and
FHA loans default at higher than anticipated rates and lenders
tighten their underwriting standards, we're going to continue to
see a spike in the number of homeowners facing foreclosure."
Nevada registered the nation's highest state foreclosure rate
for the second month in a row, thanks to a 24 percent increase in
foreclosure activity since January. The state reported 3,124
foreclosure filings during the month, up 77 percent from February
2006, and a foreclosure rate of one foreclosure filing for every
278 households more than three times the national average.
A nine percent month-to-month increase in foreclosure activity
gave Colorado one foreclosure filing for every 345 households in
February boosting the state's foreclosure rate to second highest
among the states after ranking fourth highest the previous month.
Colorado reported 5,310 total foreclosure filings during the month,
the eighth most of any state.
Florida foreclosure activity spiked more than 63 percent from
the previous month, giving it the nation's third highest state
foreclosure rate in February one foreclosure filing for every 382
households. The state reported 19,144 foreclosure filings during
the month, the most of any state.
Other states with foreclosure rates ranking among the nation's
10 highest were Georgia, Michigan, Tennessee, Ohio, Texas, Arizona
and Indiana.
After Florida, California and Texas were the states with the
highest number of total foreclosure filings in February.
California's second-highest total of 16,273 foreclosure filings
during the month represented a four percent increase from the
previous month and a 79 percent increase from February 2006. The
state's February foreclosure rate of one foreclosure filing for
every 751 households was 1.2 times the national average and ranked
13th highest among the states.
Texas reported 12,386 foreclosure filings in February, the third
highest state total, and a monthly foreclosure rate of one
foreclosure filing for every 650 households 1.4 times the national
average and eighth highest among the states. The state's
foreclosure activity decreased nearly 16 percent from the previous
month and was down nine percent from February 2006.
For more information, visit www.realtytrac.com.
