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National Mortgage Professional
Jul 11, 2008

RealtyTrac foreclosure report: Foreclosure activity decreases three percent in JuneMortgagePress.comRealtyTrac, foreclosures, ARMs, James Saccacio, REOs RealtyTrac, an online marketplace for foreclosure properties, has released its June 2008 U.S. Foreclosure Market Report, which shows foreclosure filingsdefault notices, auction sale notices and bank repossessionswere reported on 252,363 U.S. properties during the month, a three percent decrease from the previous month, but still a 53 percent increase from June 2007. The report also shows one in every 501 U.S. households received a foreclosure filing during the month. 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. "June was the second straight month with more than a quarter million properties nationwide receiving foreclosure filings," said James J. Saccacio, chief executive officer of RealtyTrac. "Foreclosure activity slipped three percent lower from the previous month, but the year-over-year increase of more than 50 percent indicates we have not yet reached the top of this foreclosure cycle. Bank repossessions, or REOs, continue to increase at a much faster pace than default notices or auction notices. REOs in June were up 171 percent from a year ago, while default notices were up 38 percent and auction notices were up 22 percent over the same time period." Nevada, California, Arizona post top state foreclosure rates Despite slight monthly decreases in foreclosure activity, Nevada, California and Arizona continued to document the three highest state foreclosure rates in June. Foreclosure filings were reported on 8,713 Nevada properties during the month, up nearly 85 percent from June 2007, and one in every 122 Nevada households received a foreclosure filing more than four times the national average. One in every 192 California properties received a foreclosure filing in June, the nation's second highest state foreclosure rate and 2.6 times the national average. One in every 201 Arizona properties received a foreclosure filing during the month, the nations third highest state foreclosure rate and nearly 2.5 times the national average. Foreclosure filings were reported on 12,950 Arizona properties, down less than one percent from the previous month but still up nearly 127 percent from June 2007. Other states with foreclosure rates ranking among the top 10 were Florida, Michigan, Ohio, Colorado, Georgia, Indiana and Utah. California, Florida, Ohio report highest foreclosure totals Foreclosure filings were reported on 68,666 California properties in June, down nearly five percent from the previous month but still up nearly 77 percent from June 2007. California's total was highest among the states for the 18th consecutive month. Florida continued to register the nation's second highest foreclosure total, with foreclosure filings reported on 40,351 properties in Junean increase of nearly eight percent from the previous month and an increase of nearly 92 percent from June 2007. One in every 211 Florida properties received a foreclosure filing during the month, the nation's fourth highest state foreclosure rate and 2.4 times the national average. Foreclosure filings were reported on 13,194 Ohio properties in June, the nation's third highest state foreclosure total. Ohio's foreclosure activity increased seven percent from the previous month and 11 percent from June 2007. The states foreclosure rate ranked No. 6 among the 50 states. Other states in the top 10 for total properties with filings were Arizona, Michigan, Texas, Georgia, Nevada, Illinois and New York. California and Florida cities account for 9 of top 10 metro rates For the third 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 metro areas were in the top 10, and the top three rates were in California: Stockton, with one in every 72 households receiving a foreclosure filing; Merced, with one in every 77 households receiving a foreclosure filing; and Modesto, with one in every 86 households receiving a foreclosure filing. Other California metro areas in the top 10 were Riverside-San Bernardino at No. 5; Vallejo-Fairfield at No. 7; Bakersfield at No. 8; and Salinas-Monterey at No. 10. The top metro foreclosure rate in Florida was once again posted by Cape Coral-Fort Myers, where one in every 91 households received a foreclosure filingfourth highest among the nation's metro foreclosure rates. The foreclosure rate in Fort Lauderdale, Fla., ranked No. 9. Las Vegas continued to be the only city outside of California and Florida with a foreclosure rate ranking among the top 10. One in every 99 Las Vegas households received a foreclosure filing in June, more than five times the national average and No. 6 among the metro areas. Metro areas with foreclosure rates among the top 20 included Phoenix at No. 12, Detroit at No. 13, Miami at No. 15 and San Diego at No. 17. For more information, visit www.foreclosurepulse.com.
Published
Jul 11, 2008
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