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.
