Daily News and Information for the Mortgage Loan Originator
Foreclosures up 5% Last Month, 18% From Last Year
Monday, August 21, 2006
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IRVINE, Calif. – Aug. 16, 2006 – RealtyTrac™ released its July 2006 U.S. Foreclosure Market Report, which shows 92,845 properties nationwide entered some stage of foreclosure during the month, a 5 percent increase from the previous month and an 18 percent increase from July 2005. The report also shows a national foreclosure rate of one new foreclosure filing for every 1,245 U.S. households.
"After dropping to their lowest level of the year last month, U.S. foreclosure filings rose back above the 90,000 mark in July and the national rate of foreclosures was almost identical to the foreclosure rate reported in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “While foreclosure activity continues to remain slightly below historical averages, the number of properties in some stage of foreclosure from January to July has increased by 39 percent compared to the same period of 2005. This increase is due largely to the combination of increased interest rates on mortgages, and a slowdown in residential real estate sales. It will be very interesting to see where the market goes over the balance of the year, as billions of dollars of adjustable rate mortgages reset at significantly higher rates.”
Colorado, Nevada and Texas post top foreclosure rates
With one new foreclosure filing for every 480 households, Colorado documented the nation’s highest state foreclosure rate for the fifth month in a row. The state reported 3,810 properties entering some stage of foreclosure, a 3 percent increase from the previous month and a 55 percent increase from July 2005.
Nevada documented the nation’s second highest foreclosure rate for the second straight month. The state reported 1,626 properties entering some stage of foreclosure, a 31 percent increase from the previous month and a foreclosure rate of one new foreclosure filing for every 533 households.
Texas reported 13,103 properties entering some stage of foreclosure, the most of any state for the eighth month in a row, and a 15 percent increase from the previous month. The state’s foreclosure rate of one new foreclosure filing for every 614 households was third highest among the states and more than two times the national average.
Other states reporting foreclosure rates among the nation’s 10 highest were Georgia, Utah, Florida, Michigan, Indiana, Ohio and Illinois.
Six states account for more than half of nation’s foreclosure activity
The six states with the most new foreclosure filings — Texas, Florida, California, Michigan, Ohio and Illinois — accounted for 54 percent of the nation’s foreclosure activity in July. Aside from Texas, Florida documented the most foreclosures and the highest foreclosure rate among these states, with 10,757 properties entering some stage of foreclosure — one new foreclosure filing for every 679 households.
California reported 10,025 properties entering some stage of foreclosure, six fewer than the previous month but more than twice the number reported in July 2005. The state’s foreclosure rate of one new foreclosure filing for every 1,218 households registered just above the national average for the second month in a row.
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