Daily News and Information for the Mortgage Loan Originator
National Foreclosures Up 63 Percent From a Year Ago
Tuessday, April 18, 2006
-
IRVINE, CA – RealtyTrac™ released its March 2006 U.S. Foreclosure Market Report, which shows 101,597 properties nationwide entered some stage of foreclosure in March, a 13 percent decrease from the previous month but a 63 percent increase from March 2005. The report shows a March national foreclosure rate of one new foreclosure for every 1,138 U.S. households.
“After rising more than 20 percent during each of the first two months of the year, foreclosure numbers experienced a fairly sharp correction in March,” said James J. Saccacio, chief executive officer of RealtyTrac. “We saw a similar drop in March of ’05, followed by four consecutive months of increases. Many buyers and investors typically start looking for properties in the spring, and that could have provided distressed homeowners a better chance of selling their properties to avoid default or foreclosure.”
Colorado posts nation’s highest foreclosure rate Colorado’s foreclosure rate leapfrogged to highest among the states thanks to a 31 percent increase in new foreclosures from the previous month. The state reported 5,392 properties entering some stage of foreclosure in March, a foreclosure rate of one new foreclosure for every 339 households — more than three times the national average.
After spending the two previous months as highest in the nation, Georgia’s foreclosure rate dropped to second highest behind Colorado thanks in part to new foreclosures decreasing 19 percent from the previous month. The state reported a total of 7,656 properties entering some stage of foreclosure in March, a foreclosure rate of one new foreclosure for every 404 households and a 77 percent year-over-year increase.
With a total of 4,933 properties entering some stage of foreclosure in March, Indiana’s foreclosure rate — one new foreclosure for every 512 households — ranked among the nation’s five highest for the third month in a row despite a 17 percent decrease from the previous month.
Utah foreclosures increased 21 percent from the previous month and replaced Ohio, where new foreclosures dropped 52 percent, among the states with the five highest foreclosure rates. Utah reported a total of 1,437 properties entering some stage of foreclosure in March, a foreclosure rate of one new foreclosure for every 535 households and a 32 percent year-over-year increase.
National Foreclosures Increase 27 Percent in January In a report just released by a foreclosure tracking service the number of homes in foreclosure increased a whopping 27% in January 2006 and a 45 percent increase from January 2005, with the state of Georgia leading in the number of foreclosures.
Residential Mortgage Delinquencies Increase The delinquency rate for mortgage loans on one-to-four-unit residential properties was 4.70 percent at the end of the fourth quarter, up from 4.38 percent in the fourth quarter of 2004 and 4.44 percent in the third quarter of 2005, according to the fourth quarter 2005 National Delinquency Survey (NDS) released today by the Mortgage Bankers Association.
National Foreclosures Increase 13 Percent RealtyTrac released its February 2006 Monthly U.S. Foreclosure Market Report, which shows 117,259 properties nationwide entered some stage of foreclosure in February, a 13 percent increase from the previous month and a 68 percent increase from February 2005. The report shows a February national foreclosure rate of one new foreclosure for every 986 U.S. households.
Mortgage "Rescue" Firm Fined With the increasing rate of foreclosures, a surprising amount of distressed homeowners are turning to mortgage "rescue" firms to bail them out. However, some of these services are nothing more than an elaborate scheme to steal money from the distressed homeowners. But at least one state is taking action against these fraudsters.
