Monday, February 06, 2006

NATIONAL FORECLOSURES INCREASE IN EVERY QUARTER OF 2005

NATIONAL FORECLOSURES INCREASE IN EVERY QUARTER OF 2005 ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT Nearly 847,000 Properties Enter Foreclosure During The Year; Florida, Colorado and Utah Post Nation’s Highest Foreclosure Rates.
Irvine, Calif. – January 23, 2006 – RealtyTrac™ (
www.realtytrac.com), the leading online marketplace for foreclosure properties, today released year-end data from its 2005 U.S. Foreclosure Market Report, which showed that 846,982 properties nationwide entered some stage of foreclosure in 2005, and a 25 percent increase in the number of new foreclosures from the first quarter to the fourth quarter.
RealtyTrac publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
“Overall U.S. foreclosure numbers climbed steadily over the course of the year, with more new foreclosures reported in every quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “This trend appears to be moving the real estate foreclosure market back to its historic levels.”
Saccacio noted that the number of 2005 foreclosures needed to be kept in context. “Even with almost 850,000 properties entering some stage of foreclosure across the country over the course of the year, this represents less than 1 percent of all U.S. households. And the increase in U.S. foreclosures from Q3 to Q4 was just below 5 percent.”
Report Highlights
• Despite a 29 percent decrease in new foreclosures from the first quarter to the fourth quarter, Florida documented the nation’s highest foreclosure rate and accounted for more than 14 percent of the nation’s new foreclosures in 2005. The state reported 121,843 properties entering some stage of foreclosure — 1.67 percent of the state’s households.
• New foreclosures in Colorado decreased 4 percent from the first quarter to the fourth quarter, but the state’s annual foreclosure rate ranked second highest nationwide thanks to consistently high foreclosure numbers throughout the year. A total of 29,630 Colorado properties entered some stage of foreclosure in 2005 — 1.62 percent of the state’s households.
• 1.5 percent of Utah households entered some stage of foreclosure in 2005, the nation’s third highest annual foreclosure rate. The state reported 11,536 properties entering some stage of foreclosure during the year, but new foreclosures dropped 27 percent from the first quarter to the fourth quarter.
• New foreclosures in Texas increased 54 percent from the first quarter to the fourth quarter, and the state documented the nation’s fourth highest annual foreclosure rate. A total of 115,643 Texas properties entered some stage of foreclosure in 2005 — 1.44 percent of the state’s households and more than 13 percent of the nation’s new foreclosures in 2005.
• Other states with foreclosure rates ranking among the 10 highest nationwide were Georgia, Arizona, Indiana, New Jersey, Ohio and Tennessee. All of these state documented annual foreclosure rates of at least 1 percent of total households and reported new foreclosures increasing from the first quarter to the fourth quarter
• Although their foreclosure rates ranked below the nation’s 10 highest, California, Illinois, New York and Michigan were among the 10 states reporting the most new foreclosures in 2005. California reported 61,563 properties entering some stage of foreclosure, and new foreclosures increased 16 percent from the first quarter to the fourth quarter. Illinois reported 46,723 properties entering some stage of foreclosure, and new foreclosures decreased 14 percent from the first quarter to the fourth quarter. New York reported 37,068 properties entering some stage of foreclosure, and the state reported more than twice as many new foreclosures in the fourth quarter as in the first quarter.
“Over the past few years, we’ve seen historically low mortgage rates, consistently escalating home prices and steady, strong employment,” Saccacio said. “This has translated into relatively low levels of foreclosure properties — particularly bank-owned properties. With interest rates rising and an apparent slowing of property valuations in most markets, we’ll be watching closely to see if there’s a material effect on the number of foreclosures in 2006.”
The RealtyTrac 2005 U.S. Foreclosure Market Report provides the total number of homes entering some stage of foreclosure nationwide and by state for each quarter of 2005. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures – Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures – Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been re-purchased by a bank).
Below are foreclosure market statistics nationwide and by state:
State Name
Q1
Q2
Q3
Q4
TOTAL
% change from 2004
US 2005
188,122
201,358
223,224
234,278
846,982
24.54
Alabama
799
1,845
958
360
3,962
-54.94
Alaska
268
420
381
333
1,402
24.25
Arizona
5,896
7,577
7,000
6,366
26,839
7.97
Arkansas
1,806
2,998
4,303
2,143
11,250
18.66
California
15,887
13,504
13,768
18,404
61,563
15.84
Colorado
6,779
7,862
8,470
6,519
29,630
-3.83
Connecticut
1,456
2,601
1,470
4,202
9,729
188.60
Delaware
119
113
61
30
323
-74.79
District of Columbia
10
58
47
40
155
300.00
Florida
34,651
30,812
31,829
24,551
121,843
-29.15
Georgia
8,388
7,841
11,203
10,881
38,313
29.72
Hawaii
200
211
2,634
161
3,206
-19.50
Idaho
936
684
569
556
2,745
-40.60
Illinois
12,094
11,894
12,366
10,369
46,723
-14.26
Indiana
7,254
7,209
7,728
8,304
30,495
14.48
Iowa
466
451
452
735
2,104
57.73
Kansas
440
520
414
531
1,905
20.68
Kentucky
1,349
1,758
1,043
819
4,969
-39.29
Louisiana
1,155
1,364
831
496
3,846
-57.06
Maine
50
29
34
26
139
-48.00
Maryland
667
881
1,692
1,448
4,688
117.09
Massachusetts
616
1,165
735
1,843
4,359
199.19
Michigan
4,411
7,222
9,953
11,937
33,523
170.62
Minnesota
486
571
509
676
2,242
39.10
Mississippi
339
850
440
280
1,909
-17.40
Missouri
2,039
2,425
2,807
3,038
10,309
49.00
Montana
179
179
261
285
904
59.22
Nebraska
367
303
670
730
2070
98.91
Nevada
1,950
1,798
1,644
2,331
7,723
19.54
New Hampshire
33
29
49
33
144
0.00
New Jersey
6,482
9,165
5,991
13,487
35,125
108.07
New Mexico
1,254
2,061
1,721
2,247
7,283
79.19
New York
5,299
9,937
9,084
12,748
37,068
140.57
North Carolina
4,170
4,194
3,466
4,086
15,916
-2.01
North Dakota
68
53
19
24
164
-64.71
Ohio
8,547
9,901
14,961
16,435
49,844
92.29
Oklahoma
3,131
3,543
3,476
3,348
13,498
6.93
Oregon
2,099
1,771
1,554
1,431
6,855
-31.83
Pennsylvania
5,083
7,827
7,089
8,651
28,650
70.20
Rhode Island
9
18
9
3
39
-66.67
South Carolina
2,229
2,079
1,332
1,966
7,606
-11.80
South Dakota
55
49
52
41
197
-25.46
Tennessee
4,739
5,594
8,114
6,095
24,542
28.61
Texas
24,127
21,176
33,289
37,051
115,643
53.57
Utah
3,484
2,749
2,775
2,528
11,536
-27.44
Vermont
15
16
11
18
60
20.00
Virginia
380
388
868
956
2,592
151.58
Washington
4,214
4,375
3,287
2,989
14,865
-29.07
West Virginia
165
202
425
227
1,019
37.58
Wisconsin
1,434
1,036
1,247
1,404
5,121
-2.09
Wyoming
48
50
70
47
215
-2.08
About RealtyTrac Inc. Ranked as the fourth-largest real estate site by Nielsen Net Ratings, RealtyTrac Inc. (
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 and For Sale By Owner properties, with more than 550,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts close to two million unique visitors monthly and is the exclusive foreclosure data supplier to MSN House & Home, Yahoo! Real Estate and HomeGain as well as the foreclosure data provider to AOL Real Estate. For more information, visit www.realtytrac.com.

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