Foreclosure Filings Up 62% From April 2006 Nationwide
RealtyTrac® , a leading online marketplace for foreclosure properties, released its April 2007 U.S. Foreclosure Market Report, which shows a total of 147,708 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, down about 1% from the previous month but up 62% from April 2006. The report also shows a national foreclosure rate of one foreclosure filing for every 783 U.S. households during the month.
“After hitting a two-year high in March, U.S. foreclosure activity slipped slightly lower in April,” said James J. Saccacio, chief executive officer of RealtyTrac. “Last year foreclosure activity subsided somewhat during the spring and summer months, thanks in part to increased interest from buyers. Whether the decrease in April is the beginning of a similar trend this year remains to be seen, but we expect foreclosure activity to at least stay above last year’s levels for the remainder of 2007, fueled by a combustible mix of risky loans taken out in the last few years — many in the subprime market — and slowing home price appreciation.”
Nevada, Colorado, Connecticut Post Top Foreclosure Rates
Nevada reported 3,737 foreclosure filings during April, a foreclosure rate of one foreclosure filing for every 232 households — highest among the 50 states for the fourth month in a row and more than three times the national average. The state’s foreclosure activity decreased 21% from the previous month but was up more than 200 percent from April 2006.
Colorado’s foreclosure rate of one foreclosure filing for every 314 households was second highest among the states despite a 7 percent decrease in foreclosure activity from the previous month. The state reported 5,826 foreclosure filings during April, the eighth most of any state and a 57 percent increase from April 2006.
Connecticut’s foreclosure rate leapfrogged to third highest among the states in April. The state reported 4,207 foreclosure filings during the month, a foreclosure rate of one foreclosure filing for every 329 households — more than twice the national average. Connecticut’s dramatic increase is due in part to more rigorous data collection activities implemented by RealtyTrac in the state during April.
Other states with foreclosure rates ranking among the nations 10 highest in April were California, Ohio, Georgia, Florida, Arizona, Illinois and Michigan.
California, Florida, Ohio Document Largest Foreclosure Totals
With 30,505 foreclosure filings reported in April, California documented the largest foreclosure total of any state for the fourth month in a row. The state’s foreclosure activity decreased about 3 percent from the previous month but was up more than 200% from April 2006, resulting in a foreclosure rate of one foreclosure filing for every 400 households — fourth highest among the states and nearly twice the national average.
Florida reported 14,318 foreclosure filings in April, the second largest state total and a foreclosure rate of one foreclosure filing for every 510 households — seventh highest among the states and 1.5 times the national average. The state’s foreclosure activity increased less than 1 percent from the previous month and was up nearly 72% from April 2006.
Ohio’s foreclosure activity surged in April, up 39% from the previous month and up 135% from April 2006, pushing the state’s foreclosure total to third largest in the nation. The state reported 11,431 foreclosure filings during the month, a foreclosure rate of one foreclosure filing for every 418 households — 1.9 times the national average.
Other states with foreclosure totals among the nation’s 10 highest in April were Texas, Illinois, Georgia, Michigan, Colorado, Connecticut, and Arizona.
Top Metro Foreclosure Rates
For the second month in a row, six out of the 10 cities with the nation’s highest metro foreclosure rates were located in California. Stockton, CA again registered the nation’s highest metro foreclosure rate, one foreclosure filing for every 131 households — nearly six times the national average. Other California cities with foreclosure rates in the top 10 included Vallejo-Fairfield at No. 2, Riverside-San Bernardino at No. 4, Modesto at No. 6, Sacramento at No. 7, and Merced at No. 8.
Two Colorado cities registered foreclosure rates among the top 10: Greeley ranked No. 3, with one foreclosure filing for every 165 households; and Denver ranked No. 10, with one foreclosure filing for every 236 households.
Other cities with foreclosure rates among the top 10 were Las Vegas — No. 5 with one foreclosure filing for every 179 households — and Akron, OH — No. 9 with one foreclosure filing for every 216 households.
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).
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