RISMEDIA, August 23, 2007—RealtyTrac(R), an online marketplace for foreclosure
properties, released its July 2007 U.S. Foreclosure Market Report, which shows a total of 179,599 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, up 9% from the previous month and up 93% from July 2006. The report also shows a national foreclosure rate of one foreclosure filing for every 693 households for the month.
RealtyTrac publishes a national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 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.
“While 43 states experienced year-over-year increases in foreclosure activity, just five states — California, Florida, Michigan, Ohio and Georgia — accounted for more than half of the nation’s total foreclosure filings,” said James J. Saccacio, chief executive officer of RealtyTrac.
“Meanwhile, a few states actually reported declining foreclosure activity on a year-over-year basis. Some of these states could be benefiting from increased interest from real estate investors who have pulled out of more volatile markets where home price appreciation seems to have hit its peak for the time being. In contrast, states like Texas, South Carolina and Utah have seen slow but steady price appreciation over the past five years, making them much more attractive and affordable.”
Nevada, Georgia, Michigan post top foreclosure rates
Nevada documented the nation’s highest state foreclosure rate for the seventh month in a row, one foreclosure filing for every 199 households — more than three times the national average. The state reported a total of 5,116 foreclosure filings during the month, up 8% from the previous month and up 215% from July 2006.
Georgia’s foreclosure rate leapfrogged from eighth highest in June to second highest in July thanks to a 75% increase in foreclosure activity from the previous month. The state reported 12,602 foreclosure filings, a 168% increase from July 2006 and a foreclosure rate of one foreclosure filing for every 299 households — 2.3 times the national average.
Michigan’s foreclosure rate of one foreclosure filing for every 320 households ranked third highest among the states in July, up from seventh highest in June. The state reported 13,979 foreclosure filings during the month, a 39% month-over-month increase and a 130% year-over-year increase.
Other states with foreclosure rates ranking among the nation’s 10 highest in July were California, Colorado, Ohio, Florida, Arizona, Massachusetts and Indiana.
California, Florida, Michigan document largest foreclosure totals
California reported 39,013 foreclosure filings in July, the most of any state for the seventh month in a row and up 289% from July 2006. The state’s foreclosure activity was up less than 1% from the previous month, helping its foreclosure rate — one foreclosure filing for every 333 households — slip from second highest to fourth highest among the states.
Despite a 9% drop in foreclosure activity over the previous month, Florida continued to document the nation’s second highest number of foreclosure filings in July. The state reported 19,179 foreclosure filings during the month, still up 78% from July 2006 and a foreclosure rate of one foreclosure filing for every 431 households — seventh highest among the states and 1.6 times the national average.
Michigan replaced Ohio as the state with the third highest number of foreclosure filings, and Ohio dropped to the No. 4 spot despite reporting a 12% month-over-month increase in foreclosure activity in July.
Other states with foreclosure filing totals among the nation’s 10 highest in July were Georgia, Texas, Colorado, Arizona, Illinois and Nevada.
Detroit tops list of metro foreclosure rates Detroit posted a 70% month-over-month increase in foreclosure activity in July, pushing the city’s foreclosure rate to one foreclosure filing for every 97 households — more than seven times the national
average and highest among 229 metro areas tracked in the RealtyTrac report.
The city reported a total of 8,683 foreclosure filings during the month.
Six California metropolitan areas reported foreclosure rates among the top 10 in July: Stockton at No. 2; Merced at No. 3; Modesto at No. 4; Vallejo-Fairfield at No. 5; Riverside-San Bernardino at No. 8; and Sacramento at No. 9
Other cities with foreclosure rates among the 10 highest were Las Vegas at No. 6, Atlanta at No. 7, and Greeley, Colo., at No. 10.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state – over the preceding month. Data is also available at the individual county level. RealtyTrac’s report includes 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).
For more information, visit http://www.realtytrac.com.