RealtyTrac Foreclosure Report: Foreclosure activity increases seven percent in MayMortgagePress.comRealtyTrac, foreclosures, housing market, foreclosed properties
RealtyTrac, an online marketplace for foreclosure properties,
released its May 2008 U.S. Foreclosure Market Report, which shows
foreclosure filingsdefault notices, auction sale notices and bank
repossessions were reported on 261,255 properties during the month,
a seven percent increase from the previous month and a 48 percent
increase from May 2007. The report also shows one in every 483 U.S.
households received a foreclosure filing during the month, the
highest monthly foreclosure rate since RealtyTrac began issuing the
report in January 2005.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a
count of the total number of properties with at least one
foreclosure filing reported during the month broken out by type of
filing at the state and national level. Data is also available at
the individual county level. RealtyTracs report incorporates
documents filed in all three phases of foreclosure: Default Notice
of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee
Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate
Owned, or REO properties (that have been foreclosed on and
repurchased by a bank). If more than one foreclosure document is
filed against a property during the month which is extremely rare
only the most recent filing is counted in the report. The report
also checks if the same type of document was filed against a
property in a previous month. If so, and if that previous filing
occurred within the estimated foreclosure timeframe for the state
the property is in, the report does not count the property in the
"May was the third straight month where weve seen a
month-to-month increase in foreclosure activity and the 29th
straight month weve seen a year-over-year increase," said James J.
Saccacio, chief executive officer of RealtyTrac. "The nationwide
rate of increase for default notices and foreclosure auction
notices slowed in May, with default notices up just one percent
from the previous month and auction notices down three percent from
the previous month. However, bank repossessions continued to surge
in Mayposting a double-digit percentage increase from the previous
month and more than twice the number reported in May 2007which
pushed the total inventory of bank-owned REOs in our database to
more than 700,000."
Nevada, California, Arizona post top state foreclosure
With one in every 118 households receiving a foreclosure filing in
May, Nevada posted the highest state foreclosure rate for the 17th
consecutive month. Foreclosure filings were reported on a total of
9,009 Nevada properties, an increase of nearly 24 percent from the
previous month and a 72 percent increase from May 2007.
California foreclosure activity in May increased 11 percent from
the previous month and 81 percent from May 2007, helping the state
continue to register the nation's second highest state foreclosure
rate. One in every 183 California households received a foreclosure
filing during the month, a rate that was 2.6 times the national
Arizona's May foreclosure rateone in every 201 households
received a foreclosure filing during the month ranked third highest
among the states for the second month in a row. Arizona foreclosure
activity increased nearly 12 percent from the previous month and
almost 119 percent from May 2007.
One in every 228 Florida households received a foreclosure
filing in May, giving it the fourth highest foreclosure rate among
the states. Michigan foreclosure activity in May increased nearly
25 percent from the previous month, helping the states foreclosure
rate to jump to fifth highest among the states after ranking No. 9
the previous month. One in every 353 Michigan households received a
foreclosure filing in May.
Other states with foreclosure rates ranking among the top 10
were Georgia, Colorado, Massachusetts, Ohio and New Jersey.
California, Florida, Arizona report highest foreclosure
Foreclosure filings were reported on 71,930 California properties,
37,364 Florida properties and 12,959 Arizona properties, the three
highest state totals in May. Michigan was not far behind Arizona,
with 12,792 properties receiving foreclosure filings during the
Foreclosure filings were reported on 12,295 Ohio properties in
May, the fifth highest state total despite a nearly seven percent
decrease from May 2007. With one in every 410 households receiving
a foreclosure filing, Ohio's foreclosure rate ranked No. 9 among
the states and was above the national average.
Georgia foreclosure activity increased 11 percent from the
previous month and 23 percent from May 2007, giving the state
10,241 properties with foreclosure filing in May the nations sixth
highest total. And with one in every 378 Georgia households
receiving a foreclosure filing during the month, the states
foreclosure rate also ranked number six among the states.
Other states in the top 10 for total properties with filings
were Texas, Illinois, Nevada and New Jersey.
California and Florida cities account for nine of top 10
For the second month in a row, California and Florida cities
accounted for nine out of the top 10 metropolitan foreclosure rates
among the 230 metropolitan areas tracked in the report. Seven
California cities were in the top 10, led by Stockton in the top
spot. One in every 75 Stockton area households received a
foreclosure filing in May more than six times the national average.
Other California cities in the top 10 were Merced at No. 3, Modesto
at No. 4, Riverside-San Bernardino at No. 5, Vallejo-Fairfield at
No. 7, Bakersfield at No. 8, and Sacramento at No. 9.
The Cape Coral-Fort Myers metro area in Florida registered the
second highest metro foreclosure rate in May, with one in every 79
households receiving a foreclosure filing during the month. The
other Florida metro area in the top 10 was Port Lucie-Fort Pierce
at No. 10.
Las Vegas was the only city outside of California and Florida
with a foreclosure rate ranking among the top 10. One in every 96
Las Vegas households received a foreclosure filing in May, more
than five times the national average and No. 6 among the metro
Metro areas with foreclosure rates among the top 20 included
Phoenix at No. 12, Detroit at No. 14, San Diego at No. 17 and Miami
at No. 19.
For more information, visit www.realtytrac.com.