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Foreclosures Up 12 Percent From Year Ago
Nevada, Colorado, Florida Post Highest Foreclosure Rates
RealtyTrac(R) (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.

Source: RealtyTrac Inc.
Web site: http://www.realtytrac.com/

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