U.S. Foreclosure Rates Heat Map – Feb 2007. (PRNewsFoto/RealtyTrac Inc.)
IRVINE, CA UNITED STATES 03/24/2007 – LawFuel.com
Foreclosures Up 12 Percent From Year Ago
Nevada, Colorado, Florida Post Highest Foreclosure Rates
IRVINE, Calif., March 26 LawFuel – Real Estate News — RealtyTrac(R)
(http://www.realtytrac.com), the 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 percent from a revised January total but still up 12 percent 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 percent 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 percent increase in foreclosure
activity from the previous month. The state reported 3,124 foreclosure
filings during the month, up 77 percent from February 2006 and a
foreclosure rate of one foreclosure filing for every 278 households – more than three times the national average.
A 9 percent 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 percent 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 percent increase from the previous month and 79 percent
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 percent from the previous month and was down 9 percent 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
Rate
Rank State Name NODs NTSs NFSs LISs REOs Total
— U.S. 29,662 47,127 9,404 22,479 22,114 130,786
38 Alabama 3 289 0 0 157 449
31 Alaska 0 67 0 0 14 81
9 Arizona 1 7 2,871 14 223 3,116
14 Arkansas 21 1,215 0 0 88 1,324
13 California 11,637 3,715 0 0 921 16,273
2 Colorado 89 4,262 0 0 959 5,310
16 Connecticut 1,253 220 0 0 0 1,473
40 Delaware 12 40 0 0 15 67
District of
Columbia 0 0 0 0 0 0
3 Florida 37 8 5,346 13,242 511 19,144
4 Georgia 11 5,462 0 0 1,821 7,294
43 Hawaii 9 42 0 0 8 59
24 Idaho 141 140 0 0 12 293
11 Illinois 25 5 523 5,535 534 6,622
10 Indiana 882 2,050 1 0 505 3,438
26 Iowa 15 347 0 0 232 594
33 Kansas 135 288 0 0 0 423
34 Kentucky 227 193 0 0 208 628
30 Louisiana 26 693 0 0 48 767
49 Maine 4 5 0 0 0 9
41 Maryland 131 226 0 0 14 371
18 Mass. 1,983 515 0 0 0 2,498
5 Michigan 1,624 3,063 0 0 4,600 9,287
27 Minnesota 203 586 0 0 140 929
44 Mississippi 2 120 0 0 22 144
17 Missouri 740 632 0 0 986 2,358
37 Montana 3 90 0 0 7 100
29 Nebraska 11 254 0 0 29 294
1 Nevada 2,002 955 0 0 167 3,124
46 New Hampshire 0 12 0 0 24 36
12 New Jersey 3,696 614 0 8 130 4,448
22 New Mexico 373 73 0 0 34 480
23 New York 25 16 663 3,680 168 4,552
21 North Carolina 1,148 101 0 0 1,023 2,272
47 North Dakota 4 0 0 0 14 18
7 Ohio 144 4,053 0 0 3,281 7,478
19 Oklahoma 691 458 0 0 243 1,392
25 Oregon 502 202 0 0 21 725
32 Pennsylvania 87 1,631 0 0 258 1,976
35 Rhode Island 0 138 0 0 0 138
39 South Carolina 33 92 0 0 219 344
45 South Dakota 2 20 0 0 0 22
6 Tennessee 896 1,699 0 0 1,241 3,836
8 Texas 14 9,601 0 0 2,771 12,386
15 Utah 184 566 0 0 90 840
50 Vermont 1 0 0 0 0 1
36 Virginia 15 494 0 0 209 718
20 Washington 23 1,506 0 0 91 1,620
48 West Virginia 0 31 0 0 0 31
28 Wisconsin 597 312 0 0 65 974
42 Wyoming 0 19 0 0 11 30
% change % change
Rate 1 for every from from
Rank State Name #HH Jan 07 Feb 06
— U.S. 884 -3.91 11.64
38 Alabama 4,373 -31.66 461.25
31 Alaska 2,533 -19.00 9.46
9 Arizona 703 -25.19 44.06
14 Arkansas 886 10.70 19.71
13 California 751 4.43 78.63
2 Colorado 345 9.30 28.63
16 Connecticut 941 14.45 63.12
40 Delaware 5,120 -37.38 252.63
District of
Columbia — —
3 Florida 382 63.50 91.08
4 Georgia 424 -12.42 -22.58
43 Hawaii 7,806 -40.40 7.27
24 Idaho 1,795 -23.30 4.64
11 Illinois 739 -13.78 44.93
10 Indiana 735 -8.07 -41.82
26 Iowa 2,075 -5.56 65.46
33 Kansas 2,667 -3.20 162.73
34 Kentucky 2,788 -33.76 34.76
30 Louisiana 2,455 40.99 682.65*
49 Maine 72,432 0.00 0.00
41 Maryland 5,775 -46.62 36.40
18 Mass. 1,050 -10.05 659.27*
5 Michigan 455 -19.63 -10.21
27 Minnesota 2,226 6.78 149.06*
44 Mississippi 8,811 -20.00 50.00
17 Missouri 1,034 4.01 6.75
37 Montana 4,121 -7.41 8.70
29 Nebraska 2,444 -11.98 28.38
1 Nevada 278 24.36 77.40
46 New Hampshire 15,195 125.00 350.00
12 New Jersey 744 -16.61 35.69
22 New Mexico 1,626 -9.77 -47.31
23 New York 1,687 -11.58 -0.91
21 North Carolina 1,549 -3.73 -28.89
47 North Dakota 16,093 -35.71 80.00
7 Ohio 640 -12.06 -24.26
19 Oklahoma 1,074 -7.14 -15.43
25 Oregon 2,008 0.55 -1.63
32 Pennsylvania 2,657 -47.25 -54.91
35 Rhode Island 3,187 -36.70 3350.00*
39 South Carolina 5,095 -15.48 -64.46
45 South Dakota 14,691 4.76 4.76
6 Tennessee 639 -0.72 -17.49
8 Texas 650 -15.90 -9.03
15 Utah 915 -8.89 -29.17
50 Vermont 294,382 -50.00 -50.00
36 Virginia 4,020 2.28 151.93
20 Washington 1,476 -23.76 -19.32
48 West Virginia 27,246 -73.04 -48.33
28 Wisconsin 2,364 -26.60 -8.11
42 Wyoming 7,462 -9.09 76.47*
* Actual year-over-year increase may not be as high due to expanded data
coverage in this state.
U.S. Foreclosure Rates Heat Map – Feb 2007
)
About RealtyTrac Inc.
Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing
private companies, RealtyTrac Inc. (http://www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate,
evaluate and buy properties below market value.
Founded in 1996, RealtyTrac publishes the largest and most
comprehensive national database of pre-foreclosure, foreclosure, For Sale
By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and
extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate
Journal. For more information, visit http://www.realtytrac.com.
