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.
