Foreclosure Filings Up 87 Percent From June 2006
Irvine, CA – July 12, 2007 – RealtyTrac® , a leading online marketplace for foreclosure properties, today released its June 2007 U.S. Foreclosure Market Report, which shows a total of 164,644 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, down 7% from the previous month but still up 87% from June 2006. The report also shows a national foreclosure rate of one foreclosure filing for every 704 U.S. households for the month.
“Foreclosure activity subsided somewhat in June after hitting a 30-month high in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “And the drop in activity was fairly broad, with 33 states reporting month-over-month decreases. Still, the foreclosure rates in most states remained substantially above last year’s levels.”
Nevada, California, Colorado Post Top Foreclosure Rates
With one foreclosure filing for every 175 households in June, Nevada documented a foreclosure rate more than four times the national average and highest among the states for the sixth month in a row. The state reported 4,722 foreclosure filings during the month, a decrease of 10% from the previous month but more than three times the number reported in June 2006.
Despite a 2% month-over-month dip in foreclosure activity, California registered the nation’s second highest state foreclosure rate, one foreclosure filing for every 315 households — up from third highest the previous month and 2.2 times the national average. The state reported 38,801 foreclosure filings during the month, the most of any state for the sixth month in a row and more than three times the number reported in June 2006.
Colorado’s foreclosure rate dropped from second highest to third highest thanks in part to a 10% month-over-month decrease in foreclosure activity in June. The state reported 5,705 foreclosure filings during the month, a foreclosure rate of one foreclosure filing for every 317 households — still more than twice the national average.
Other states with foreclosure rates ranking among the nation’s 10 highest in June were Florida, Arizona, Ohio, Michigan, Georgia, Connecticut and Indiana.
California, Florida, Ohio Document Largest Foreclosure Totals
Following California, Florida and Ohio registered the nation’s second and third highest state foreclosure filing totals in June. Florida reported 21,035 foreclosure filings during the month, a 3% decrease from the previous month but still more than double the number reported in June 2006. The state’s foreclosure rate of one foreclosure filing for every 347 households was more than twice the national average and ranked fourth highest among all the states.
Ohio reported 11,879 foreclosure filings in June, a 10% decrease from the previous month but a 100% increase from June 2006. With one foreclosure filing for every 403 households, the state’s foreclosure rate was 1.7 times the national average and ranked sixth highest among the states.
Other states with foreclosure filing totals among the nation’s 10 highest in June were Michigan, Texas, Georgia, Illinois, Arizona, Colorado and New Jersey.
California Cities Continue to Dominate Top Metro Foreclosure Rates
California cities reported six of the nation’s top 10 metropolitan foreclosure rates in June, and the top four spots were occupied by California cities: Stockton, Merced, Modesto and Riverside-San Bernardino. All of the top four cities registered foreclosure rates that were more than five times the national average. Other California cities in the top 10 were Vallejo-Fairfield at No. 7 and Sacramento at No. 8.
Las Vegas documented a foreclosure rate of one foreclosure filing for every 138 households, giving it the fifth highest metro foreclosure rate. The foreclosure rate in Greeley, Colo., one foreclosure filing for every 146 households, ranked sixth highest.
Other cities in the top 10 were Detroit at No. 9 and Miami 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).