Foreclosure Activity Increases 7 Percent in March
full text:
Foreclosure Filings Up 47 Percent From Year Ago
Nevada, Colorado, California Post Highest Foreclosure Rates
RealtyTrac(R) (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its March 2007 U.S. Foreclosure Market Report, which shows a total of 149,150 foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported during the month, up 7 percent from an adjusted February total and up 47 percent from a year ago. The report also shows a national foreclosure rate of one foreclosure filing for every 775 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.
"Foreclosure activity shifted into a higher gear in the first two months of 2007, and March's numbers continued that trend," said James J. Saccacio, chief executive officer of RealtyTrac. "While foreclosures are causing a major disruption in the subprime sector of the lending industry and saturating pockets of some local markets, it's important to note that U.S. foreclosure activity overall is not far above historical norms. Last year we saw a surge in foreclosures in the first quarter followed by a leveling off through the second and third quarters; however, if that pattern does not repeat itself, and foreclosure activity continues to accelerate, we may see more widespread consequences."
Nevada, Colorado post top foreclosure rates
Nevada's foreclosure activity increased 29 percent from the previous month, helping the state register the nation's highest state foreclosure rate for the third month in a row. The state reported 4,738 foreclosure filings during the month, more than triple the number reported in March 2006 and a foreclosure rate of one foreclosure filing for every 183 households -- more than four times the national average.
Colorado's foreclosure rate of one new foreclosure for every 292 households was 2.7 times the national average and second highest among the states. The state reported 6,267 foreclosure filings during the month, an 18 percent increase from the previous month and a 16 percent increase from March 2006.
California foreclosure activity surges
California reported 31,434 foreclosure filings in March, the most of any state and an increase of 36 percent from the previous month. The state's total was nearly triple the number reported a year ago and accounted for 21 percent of the nation's total. The surge in foreclosure activity pushed California's foreclosure rate to one foreclosure filing for every 389 households -- third highest among all the states and nearly twice the national average.
Other states with foreclosure rates ranking among the nation's 10 highest in March were Georgia, Arizona, Michigan, Florida, Ohio, Indiana and Illinois.
Top five states account for half of nation's total
The five states with the most foreclosure filings in March -- California, Florida, Texas, Michigan and Ohio -- together accounted for 50 percent of the nation's total. Foreclosure activity increased on a year-over-year basis in all five of these states, and all five documented foreclosure rates above the national average, but foreclosure activity was down from the previous month in Florida and Michigan.
California cities dominate top 10 metro rates
Six out of the 10 cities with the nation's highest metro foreclosure rates were located in California. A 137 percent spike in foreclosure activity boosted the foreclosure rate in Stockton, Calif., to one foreclosure filing for every 128 households -- the highest metro foreclosure rate in the nation and more than six times the national average. Other California cities with foreclosure rates in the top 10 included Vallejo-Fairfield at No. 3, Modesto at No. 5, Sacramento at No. 6, Riverside-San Bernardino at No. 7 and Bakersfield at No. 10.
Las Vegas documented the nation's second highest metro foreclosure rate, one foreclosure filing for every 139 households -- more than five times the national average. The metro area reported 4,307 foreclosure filings during the month, a 33 percent increase from the previous month. Other metro areas with foreclosure rates among the nation's 10 highest included Greeley, Colo., Detroit and Denver.
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).
U.S. Foreclosure Market Statistics by State -- March 2007
Rate
Rank State Name NODs NTSs NFSs LISs REOs Total
-- U.S. 47,135 51,203 8,906 19,416 22,491 149,150
33 Alabama 9 378 0 0 419 806
27 Alaska 1 90 0 0 7 98
5 Arizona 0 1 4,088 11 376 4,476
30 Arkansas 22 396 0 0 87 505
3 California 24,374 4,924 0 0 2,136 31,434
2 Colorado 64 5,224 0 0 979 6,267
15 Connecticut 1,295 222 0 0 0 1,517
32 Delaware 7 106 0 0 30 143
District
of Columbia 1 4 0 0 0 5
7 Florida 8 0 3,617 10,117 561 14,303
4 Georgia 16 5,390 0 0 1,363 6,769
43 Hawaii 11 54 0 0 0 65
22 Idaho 167 183 0 0 5 355
10 Illinois 5 104 579 6,323 808 7,819
9 Indiana 1,699 1,859 0 0 774 4,332
28 Iowa 31 338 0 0 211 580
35 Kansas 170 276 1 0 0 447
34 Kentucky 96 398 0 0 206 700
39 Louisiana 38 480 0 0 61 579
45 Maine 34 24 0 0 7 65
29 Maryland 199 750 0 0 16 965
13 Mass. 2,448 1,049 0 0 0 3,497
6 Michigan 1,980 3,923 0 0 2,707 8,610
36 Minnesota 123 566 0 0 119 808
48 Mississippi 7 86 0 0 1 94
16 Missouri 987 599 0 0 908 2,494
40 Montana 1 108 0 0 8 117
25 Nebraska 5 293 0 0 59 357
1 Nevada 3,227 857 0 0 654 4,738
41 New Hampshire 0 10 0 0 105 115
12 New Jersey 3,784 725 0 1 270 4,780
31 New Mexico 218 74 0 0 34 326
26 New York 7 1 621 2,964 118 3,711
17 North Carolina 2,261 88 0 0 892 3,241
47 North Dakota 0 2 0 0 22 24
8 Ohio 171 4,238 0 0 3,813 8,222
19 Oklahoma 317 570 0 0 251 1,138
24 Oregon 542 178 0 0 27 747
23 Pennsylvania 768 1,880 0 0 273 2,921
21 Rhode Island 0 316 0 0 0 316
42 South Carolina 22 100 0 0 218 340
46 South Dakota 3 29 0 0 0 32
14 Tennessee 1,052 1,065 0 0 1,061 3,178
11 Texas 52 10,264 0 0 2,439 12,755
18 Utah 256 353 0 0 27 636
50 Vermont 1 0 0 0 0 1
37 Virginia 134 673 0 0 247 1,054
20 Washington 26 1,611 0 0 99 1,736
44 West Virginia 4 90 0 0 1 95
38 Wisconsin 491 248 0 0 88 827
49 Wyoming 0 6 0 0 4 10
Rate 1 for % Change % Change
Rank State Name every #HH from Feb 07 from Mar 06
-- U.S. 775 6.60 46.81
33 Alabama 2,436 79.51 357.95
27 Alaska 2,094 20.99 -3.92
5 Arizona 489 43.65 118.45
30 Arkansas 2,323 -61.86 -60.14
3 California 389 35.49 183.88
2 Colorado 292 18.02 16.23
15 Connecticut 913 2.99 83.21
32 Delaware 2,399 113.43 472.00*
District
of Columbia 54,969 -61.54
7 Florida 511 -25.29 54.08
4 Georgia 457 -7.20 -11.59
43 Hawaii 7,085 10.17 44.44
22 Idaho 1,481 21.16 66.67
10 Illinois 625 18.08 70.27
9 Indiana 583 26.00 -12.18
28 Iowa 2,125 -2.36 144.73*
35 Kansas 2,523 5.67 126.90*
34 Kentucky 2,501 11.46 102.31
39 Louisiana 3,252 -24.51 382.50*
45 Maine 10,029 622.22 441.67
29 Maryland 2,220 160.11 326.99
13 Mass. 750 39.99 717.06*
6 Michigan 490 -7.40 11.43
36 Minnesota 2,559 -13.02 44.54
48 Mississippi 13,498 -34.72 28.77
16 Missouri 977 5.77 60.59
40 Montana 3,522 17.00 -16.43
25 Nebraska 2,013 21.43 144.52
1 Nevada 183 29.42 219.92
41 New Hampshire 4,757 219.44 2200.00*
12 New Jersey 693 -4.53 28.91
31 New Mexico 2,394 -32.08 27.84
26 New York 2,069 -18.48 -7.11
17 North Carolina 1,086 -3.71 56.34
47 North Dakota 12,070 33.33 14.29
8 Ohio 582 9.95 74.23
19 Oklahoma 1,313 -18.25 -16.69
24 Oregon 1,949 3.03 28.13
23 Pennsylvania 1,797 47.82 -20.69
21 Rhode Island 1,392 128.99 15700.00*
42 South Carolina 5,155 -1.16 -55.67
46 South Dakota 10,100 45.45 33.33
14 Tennessee 772 -17.15 -6.53
11 Texas 631 2.98 6.73
18 Utah 1,208 -25.00 -55.74
50 Vermont 294,382 0.00 -80.00
37 Virginia 2,738 46.80 293.28
20 Washington 1,378 7.16 -5.86
44 West Virginia 8,891 206.45 26.67
38 Wisconsin 2,785 -15.09 67.75
49 Wyoming 22,385 -66.67 -67.74
* Actual year-over-year increase may not be as high due to expanded data
coverage in this state.
Web site: http://www.realtytrac.com/
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