Statement by National Housing Conference president and CEO Conrad Egan on HR 3221 – NMP Skip to main content

Statement by National Housing Conference president and CEO Conrad Egan on HR 3221

National Mortgage Professional
Jul 30, 2008

RealtyTrac report: Foreclosure activity up 14 percent in Q2MortgagePress.comRealtyTrac, foreclosures, Foreclosure Market Report, foreclosure filings, REOs, bank repossessions RealtyTrac, an online marketplace for foreclosure properties, has released its Q2 2008 U.S. Foreclosure Market Report, which shows foreclosure filings were reported on 739,714 U.S. properties during the second quarter, a nearly 14 percent increase from the previous quarter and a 121 percent increase from the second quarter of 2007. The report also shows that one in every 171 U.S. households received a foreclosure filing during the quarter. RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal's Real Estate Journal. "Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity," said James J. Saccacio, chief executive officer of RealtyTrac. "Forty-eight of 50 states and 95 out of the nation's 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter. "Bank repossessions, or REOs, accounted for 30 percent of total foreclosure activity in the second quarter, up from 24 percent of the total in the first quarter," Saccacio continued. "This shift in the distribution of activity indicates that there is a progression toward purging the problem loans out of the systemat which point the housing market can regain some sense of normalcy. Of course if another surge in defaults occurs, which could well happen later this year, it would refill the foreclosure pipeline and prolong the recovery." Nevada, California, Arizona post top state foreclosure rates One in every 43 Nevada households received a foreclosure filing during the second quarter, the highest foreclosure rate among the states and nearly four times the national average. Foreclosure filings were reported on 24,657 Nevada properties during the quarter, up 26 percent from the previous quarter and up 147 percent from the first quarter of 2007. Foreclosure filings were reported on 202,599 California properties during the second quarter, the highest total among the states and a rate of one in every 65 householdsthe nations second highest state foreclosure rate. Foreclosure activity in California increased 19 percent from the previous quarter and was nearly three times the level reported in the second quarter of 2007. With one in every 70 households receiving a foreclosure filing, Arizona posted the nation's third highest state foreclosure rate in the second quarter. Foreclosure filings were reported on 37,230 Arizona properties during the quarter, up nearly 36 percent from the previous quarter and close to four times the number reported in the second quarter of 2007. Florida documented the nation's fourth highest state foreclosure rate in the second quarter, with one in every 78 households receiving a foreclosure filing during the quarter--more than twice the national average. Foreclosure filings were reported on 109,433 Florida properties during the quarter, the second highest total of any state and an increase of nearly 25 percent from the previous quarter. Despite a nearly 15 percent quarterly decrease in foreclosure activity in the second quarter, Colorado posted the nations fifth highest state foreclosure rateone in every 129 Colorado households received a foreclosure filing during the quarter. Second quarter foreclosure activity in Colorado was still up more than 50 percent from the second quarter of 2007. Foreclosure filings were reported on 37,689 Ohio properties in the second quarter, the third highest total among the states and a rate of one in every 134 householdsthe nation's sixth highest state foreclosure rate. Second quarter foreclosure activity in Ohio was up nearly 21 percent from the previous quarter and nearly 27 percent from the second quarter of 2007. With foreclosure filings reported on 32,868 properties during the second quarter, Michigan notched the fifth highest total among the states. One in every 137 Michigan households received a foreclosure filing during the quarter, the nations seventh highest state foreclosure rate. Other states with foreclosure rates among the top 10 were Georgia, Massachusetts and Illinois. Top 20 metro areas include Las Vegas, Phoenix, Miami, San Diego and Detroit The Q2 2008 U.S. Foreclosure Market Report also ranks the nation's 100 largest metropolitan areas by foreclosure rate. California and Florida metro areas accounted for 16 of the top 20 metro foreclosure rates, with the California cities of Stockton and Riverside-San Bernardino taking the No. 1 and No. 2 spots. One in every 25 Stockton households received a foreclosure filing during the quarternearly seven times the national averageand one in every 32 Riverside-San Bernardino households received a foreclosure filing during the quartermore than five times the national average. Other California metro areas in the top 20 were Bakersfield at No. 4, Sacramento at No. 5, Oakland at No. 8, Fresno at No. 9, San Diego at No. 11, Orange at No. 15, Ventura at No. 16 and Los Angeles at No. 19. Las Vegas documented the third highest metro foreclosure rate, with one in every 35 households receiving a foreclosure filing during the quarter. Foreclosure filings were reported on 21,742 Las Vegas metro properties during the quarter, up more than 25 percent from the previous quarter and up nearly 144 percent from the second quarter of 2007. The highest ranked Florida metro area was Fort Lauderdale, which ranked No. 6 with one in every 51 households receiving a foreclosure filing during the quarter. Other Florida metro areas in the top 20 were Miami at No. 10, Orlando at No. 13, Sarasota-Bradenton-Venice at No. 14, Tampa-St. Petersburg-Clearwater at No. 17 and Palm Beach at No. 18. One in every 51 households in the Phoenix metro area received a foreclosure filing during the quarter, ranking No. 7; one in every 66 households in the Detroit metro area received a foreclosure filing during the quarter, ranking No. 12; and one in every 91 households in the Atlanta metro area received a foreclosure filing during the quarter, ranking No. 20. For more information, visit www.realtytrac.com.
Published
Jul 30, 2008
Mortgage Industry Will Soon Be ARMed To The Teeth

ARM loans might be a saving grace to borrowers who recently purchased a home, but it comes with risks.

Industry News
May 20, 2022
Battle Between Loan Originators Gets Sparkly and Dirty

Flowers is suing both Durosko and Peevey for these pranks, demanding compensation for their harmful acts, but that doesn’t tell the whole story. 

Industry News
May 18, 2022
FirstClose Receives $35M Investment From Lateral

Fintech says it will use the investment to expand its growing financial services footprint.

Industry News
May 18, 2022
Mortgage News Network Launches Podcast On Helping Underserved Borrowers

'Gated Communities' looks at why homeownership gap is increasing, and what lenders are doing to reverse the trend.

Industry News
May 17, 2022
Class Valuation Appoints EVP Of Valuation Modernization

Cristy Conolly will focus on removing bias from the equation in appraisals.

Industry News
May 17, 2022
Open Mortgage Appoints New Chief Financial Officer

Anthony Nolte, Open Mortgage's CFO since 2019, will transition to chief legal officer.

Industry News
May 17, 2022