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2007-03-26 09:25:00

Foreclosures Rate Spikes to Projected 33% Increase over 2006

Irvine, CA, March 26, 2007 RealtyTrac,  a leading online marketplace for foreclosure properties, today released its February 2007 U.S. Foreclosure Market Report, which shows a total of 130,786 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, down 4% from a revised January total but still up 12% from February 2006. The report also shows a national foreclosure rate of one foreclosure filing for every 884 U.S. households during the month.
 
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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.
 
“Based on our numbers for the first two months of 2007, foreclosure activity is running at a rate that would project to a 33% increase over 2006,” said James J. Saccacio, chief executive officer of RealtyTrac. “It appears that as subprime and FHA loans default at higher than anticipated rates, and lenders tighten their underwriting standards, we’re going to continue to see a spike in the number of homeowners facing foreclosure.”
 
Nevada, Colorado, Florida Post Top Foreclosure Rates

Nevada registered the nation’s highest state foreclosure rate for the second month in a row thanks to a 24% increase in foreclosure activity from the previous month. The state reported 3,124 foreclosure filings during the month, up 77% from February 2006 and a foreclosure rate of one foreclosure filing for every 278 households — more than three times the national average.
 
A 9% month-to-month increase in foreclosure activity gave Colorado one foreclosure filing for every 345 households in February — boosting the state’s foreclosure rate to second highest among the states after ranking fourth highest the previous month. Colorado reported 5,310 total foreclosure filings during the month, the eighth most of any state.
 
Florida foreclosure activity spiked more than 63% from the previous month, giving it the nation’s third highest state foreclosure rate in February — one foreclosure filing for every 382 households. The state reported 19,144 foreclosure filings during the month, the most of any state.
 
Other states with foreclosure rates ranking among the nation’s 10 highest were Georgia, Michigan, Tennessee, Ohio, Texas, Arizona and Indiana.
 
Florida, California, Texas Tops in Total Foreclosure Activity

After Florida, California and Texas were the states with the highest number of total foreclosure filings in February. California’s second-highest total of 16,273 foreclosure filings during the month represented a 4% increase from the previous month and 79% increase from February 2006. The state’s February foreclosure rate of one foreclosure filing for every 751 households was 1.2 times the national average and ranked 13th highest among the states.
 
Texas reported 12,386 foreclosure filings in February, the third highest state total and a monthly foreclosure rate of one foreclosure filing for every 650 households — 1.4 times the national average and eighth highest among the states. The state’s foreclosure activity decreased nearly 16% from the previous month and was down 9% from February 2006.
 
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes entering some stage of foreclosure nationwide and by state over the preceding month. Data is also available at the individual county level. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

U.S. Foreclosure Market Statistics by State – Feb 2007

State Name
NODs
NTSs
NFSs
LISs
REOs
Total
1 for every #HH
%Δ from Jan 07
 
%Δ from Feb 06
--
U.S.
29,662
47,127
9,404
22,479
22,114
130,786
884
-3.91
11.64
38
3
289
0
0
157
449
4,373
-31.66
461.25
31
0
67
0
0
14
81
2,533
-19.00
9.46
9
1
7
2,871
14
223
3,116
703
-25.19
44.06
14
21
1,215
0
0
88
1,324
886
10.70
19.71
13
11,637
3,715
0
0
921
16,273
751
4.43
78.63
2
89
4,262
0
0
959
5,310
345
9.30
28.63
16
1,253
220
0
0
0
1,473
941
14.45
63.12
40
12
40
0
0
15
67
5,120
-37.38
252.63
 
0
0
0
0
0
0
 
--
--
3
37
8
5,346
13,242
511
19,144
382
63.50
91.08
4
11
5,462
0
0
1,821
7,294
424
-12.42
-22.58
43
9
42
0
0
8
59
7,806
-40.40
7.27
24
141
140
0
0
12
293
1,795
-23.30
4.64
11
25
5
523
5,535
534
6,622
739
-13.78
44.93
10
882
2,050
1
0
505
3,438
735
-8.07
-41.82
26
15
347
0
0
232
594
2,075
-5.56
65.46
33
135
288
0
0
0
423
2,667
-3.20
162.73
34
227
193
0
0
208
628
2,788
-33.76
34.76
30
26
693
0
0
48
767
2,455
40.99
682.65*
49
4
5
0
0
0
9
72,432
0.00
0.00
41
131
226
0
0
14
371
5,775
-46.62
36.40
18
1,983
515
0
0
0
2,498
1,050
-10.05
659.27*
5
1,624
3,063
0
0
4,600
9,287
455
-19.63
-10.21
27
203
586
0
0
140
929
2,226
6.78
149.06*
44
2
120
0
0
22
144
8,811
-20.00
50.00
17
740
632
0
0
986
2,358
1,034
4.01
6.75
37
3
90
0
0
7
100
4,121
-7.41
8.70
29
11
254
0
0
29
294
2,444
-11.98
28.38
1
2,002
955
0
0
167
3,124
278
24.36
77.40
46
0
12
0
0
24
36
15,195
125.00
350.00
12
3,696
614
0
8
130
4,448
744
-16.61
35.69
22
373
73
0
0
34
480
1,626
-9.77
-47.31
23
25
16
663
3,680
168
4,552
1,687
-11.58
-0.91
21
1,148
101
0
0
1,023
2,272
1,549
-3.73
-28.89
47
4
0
0
0
14
18
16,093
-35.71
80.00
7
144
4,053
0
0
3,281
7,478
640
-12.06
-24.26
19
 

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