More Than 430,000 Foreclosure Filings Reported in Q1 According to RealtyTrac U.S. Foreclosure Market Report
full text:
U.S. Foreclosure Activity Up 27 Percent From Previous Quarter
Nevada, Colorado, Georgia Post Highest Foreclosure Rates
RealtyTrac(TM) (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released first-quarter data from its 2007 U.S. Foreclosure Market Report, showing more than 430,000 foreclosure filings -- default notices, auction sale notices and bank repossessions -- reported nationwide during the first three months of the year, up 27 percent from the previous quarter and up 35 percent from the first quarter of 2006. The nation's quarterly foreclosure rate of one foreclosure filing for every 264 households was the highest quarterly foreclosure rate since RealtyTrac began issuing its report 27 months ago.
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.
"The rise in foreclosure activity was quite dramatic and widespread in the first quarter, with 37 out of the 50 states reporting year-over-year increases," said James J. Saccacio, chief executive officer of RealtyTrac. "Certainly the surge in subprime defaults has contributed to the overall rise in foreclosures; we estimate that more than 50 percent of the foreclosure activity we charted in the first quarter was from subprime loans. However, it's not just low-end homes that are going into foreclosure; we're seeing a rising percentage of foreclosures with an estimated market value of more than $750,000."
A total of 437,498 foreclosure filings were reported in the first quarter of 2007 up from 345,554 in the fourth quarter of 2006 and up from 323,101 in the first quarter of 2006.
Nevada, Colorado, Georgia post highest rates
Nevada documented the highest state foreclosure rate in the first quarter, one foreclosure filing for every 75 households -- 3.5 times the national average. The state documented a total of 11,514 foreclosure filings during the quarter, an increase of 66 percent from the previous quarter and more than double the total reported in the first quarter of 2006.
Colorado foreclosure filings totaled 16,435 for the quarter, enough for the state to register the nation's second highest state foreclosure rate -- one foreclosure filing for every 111 households. Colorado's foreclosure activity was up six percent from the previous quarter and 24 percent from the first quarter of 2006.
Georgia foreclosure activity in the first quarter decreased on a year-over-year basis, but the state's first-quarter foreclosure rate of one foreclosure filing for every 138 households still ranked third highest in the nation. The state reported a total of 22,391 foreclosure filings during the quarter, the sixth most of any state and a 10 percent increase from the previous quarter.
Other states with foreclosure rates among the nation's 10 highest included Michigan, California, Florida, Arizona, Ohio, Texas and New Jersey.
California, Florida, Texas report largest totals
California reported 80,595 foreclosure filings during the first quarter, the most of any state and accounting for more than 18 percent of the national total. The state's foreclosure activity increased 68 percent from the previous quarter and more than doubled from the first quarter of 2006, resulting in a foreclosure rate of one foreclosure filing for every 152 households -- fifth highest among the states and 1.7 times the national average.
With 45,156 foreclosure filings during the quarter, Florida ranked second among the states in terms of total foreclosure activity. The state documented a foreclosure rate of one foreclosure filing for every 162 households -- the nation's sixth highest and 1.6 times the national average. Florida's foreclosure activity was up 55 percent from the previous quarter and 52 percent from the first quarter of 2006.
Texas documented the third most foreclosure filings of any state during the quarter, 39,869, up 6 percent from the previous quarter but down by less than 1 percent from the first quarter of 2006. The state's foreclosure rate of one foreclosure filing for every 202 households ranked ninth highest in the nation and was 1.3 times the national average.
Other states with 2006 foreclosure totals among the nation's 10 highest included Michigan, Ohio, Georgia, Illinois, Colorado, New Jersey and New York.
Detroit, Las Vegas, Riverside-San Bernardino report highest metro rates
Continuing a trend from 2006, Detroit documented the highest foreclosure rate among the nation's 100 largest metropolitan areas in the first quarter of 2007. The metro area, which comprises Wayne County, reported a total of 16,351 foreclosure filings during the quarter, a foreclosure rate of one foreclosure filing for every 51 households -- more than five times the national average.
Las Vegas registered a first-quarter foreclosure rate of one foreclosure filing for every 57 households, second highest among the nation's 100 largest metro areas and 4.6 times the national average. The metro area, which comprises Clark County, reported a total of 10,493 foreclosure filings during the quarter.
The Riverside-San Bernardino metropolitan area in Southern California reported a total of 17,499 foreclosure filings during the quarter, resulting in a foreclosure rate of one foreclosure filing for every 68 households -- third highest among the nation's 100 largest metropolitan areas.
Other metro areas with foreclosure rates ranking among the 10 highest were Sacramento, Calif., Stockton, Calif., Atlanta, Denver, Bakersfield, Calif., Fort Worth, Texas, and Dallas.
The RealtyTrac Quarterly U.S. Foreclosure Market Report provides the total number of foreclosure filings during the quarter -- nationwide, by state and for the 100 largest metropolitan areas. 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 (NTS) and Notice of Foreclosure Sale (NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).
U.S. Foreclosure Market Report - Q1 2007
Rate
Rank State Name Jan Feb March Q1 Total
-- United States 148,425 139,922 149,151 437,498
36 Alabama 657 449 806 1,912
30 Alaska 100 81 98 279
7 Arizona 4,165 3,116 4,476 11,757
20 Arkansas 1,196 1,324 505 3,025
5 California 25,961 23,200 31,434 80,595
2 Colorado 4,858 5,310 6,267 16,435
16 Connecticut 1,287 1,473 1,517 4,277
38 Delaware 107 67 143 317
District of
Columbia 2 0 5 7
6 Florida 11,709 19,144 14,303 45,156
3 Georgia 8,328 7,294 6,769 22,391
42 Hawaii 99 59 65 223
22 Idaho 382 293 355 1,030
12 Illinois 7,680 6,622 7,819 22,121
11 Indiana 3,740 3,438 4,332 11,510
28 Iowa 629 594 580 1,803
34 Kansas 437 423 447 1,307
32 Kentucky 948 628 700 2,276
35 Louisiana 544 767 579 1,890
49 Maine 9 9 65 83
37 Maryland 695 371 965 2,031
14 Massachusetts 2,777 2,498 3,497 8,772
4 Michigan 11,559 9,298 8,610 29,467
33 Minnesota 870 929 808 2,607
43 Mississippi 181 144 94 419
17 Missouri 2,267 2,358 2,494 7,119
40 Montana 108 100 117 325
29 Nebraska 335 294 357 986
1 Nevada 3,115 3,661 4,738 11,514
45 New Hampshire 16 36 115 167
10 New Jersey 6,066 5,007 4,780 15,853
24 New Mexico 532 480 326 1,338
23 New York 5,148 4,552 3,711 13,411
18 North Carolina 2,956 3,366 3,241 9,563
47 North Dakota 28 18 24 70
8 Ohio 8,504 7,478 8,222 24,204
19 Oklahoma 1,499 1,392 1,138 4,029
27 Oregon 721 725 747 2,193
25 Pennsylvania 3,746 1,976 2,921 8,643
26 Rhode Island 218 138 316 672
41 South Carolina 407 344 340 1,091
48 South Dakota 21 22 32 75
13 Tennessee 3,864 3,836 3,178 10,878
9 Texas 14,728 12,386 12,755 39,869
15 Utah 922 848 636 2,406
50 Vermont 2 1 1 4
39 Virginia 702 718 1,054 2,474
21 Washington 2,125 1,620 1,736 5,481
46 West Virginia 115 31 95 241
31 Wisconsin 1,327 974 827 3,128
44 Wyoming 33 30 10 73
1 for %Change %Change
Rate every from Q4 from Q1
Rank State Name #HH 2006 2006
-- United States 264 26.61 35.41
36 Alabama 1,027 2.74 434.08*
30 Alaska 735 -1.76 2.20
7 Arizona 186 41.12 88.66
20 Arkansas 388 19.42 -18.38
5 California 152 68.01 172.86
2 Colorado 111 5.98 23.88
16 Connecticut 324 24.48 70.87
38 Delaware 1,082 178.07 296.25*
District of
Columbia 39,264 -76.67 -74.07
6 Florida 162 55.20 52.37
3 Georgia 138 9.73 -8.31
42 Hawaii 2,065 22.53 66.42
22 Idaho 511 88.99 35.53
12 Illinois 221 6.78 61.57
11 Indiana 219 7.79 -24.58
28 Iowa 684 30.94 84.36*
34 Kansas 863 10.20 117.83*
32 Kentucky 769 18.85 59.94
35 Louisiana 996 52.30 454.25*
49 Maine 7,854 48.21 93.02*
37 Maryland 1,055 102.49 87.88
14 Massachusetts 299 5.56 802.47*
4 Michigan 143 32.66 29.57
33 Minnesota 793 35.92 130.50*
43 Mississippi 3,028 3.46 76.79
17 Missouri 342 34.73 41.98*
40 Montana 1,268 0.93 2.52
29 Nebraska 729 1.13 33.24
1 Nevada 75 65.72 128.59
45 New Hampshire 3,276 317.50 542.31*
10 New Jersey 209 14.24 51.56
24 New Mexico 583 49.33 -27.12
23 New York 573 -3.35 -2.78
18 North Carolina 368 111.10 24.78
47 North Dakota 4,138 62.79 7.69
8 Ohio 198 5.84 5.88
19 Oklahoma 371 33.76 -14.77
27 Oregon 664 19.71 8.30
25 Pennsylvania 607 -10.00 -29.47
26 Rhode Island 655 72.31 7366.67*
41 South Carolina 1,606 -17.41 -57.25
48 South Dakota 4,309 19.05 -1.32
13 Tennessee 225 7.52 -7.17
9 Texas 202 6.07 -0.91
15 Utah 319 -11.12 -32.40
50 Vermont 73,596 33.33 -80.95
39 Virginia 1,167 118.74 138.34
21 Washington 436 27.58 1.52
46 West Virginia 3,505 1.69 5.24
31 Wisconsin 736 45.56 60.33
44 Wyoming 3,066 -46.32 19.67*
*Actual year-over-year increase may not be as high due to expanded data
coverage in this state.
Foreclosure Activity for the Nation's 100 Largest MSAs - Q1 2007
Rate Q1
Rank MSA Jan Feb March Total
1 DETROIT/LIVONIA/DEARBORN 6,654 5,503 4,194 16,351
2 LAS VEGAS/PARADISE 2,947 3,239 4,307 10,493
3 RIVERSIDE/SAN BERNARDINO 5,576 5,572 6,351 17,499
4 SACRAMENTO 2,821 2,952 3,758 9,531
5 STOCKTON 625 624 1,477 2,726
6 ATLANTA/SANDY SPRINGS/
MARIETTA 6,791 5,884 5,451 18,126
7 DENVER/AURORA 3,126 3,490 4,484 11,100
8 BAKERSFIELD 783 906 1,090 2,779
9 FORT WORTH/ARLINGTON 3,153 2,425 2,384 7,962
10 DALLAS 4,663 3,704 4,877 13,244
11 MEMPHIS 1,964 1,849 1,736 5,549
12 MIAMI 1,791 3,035 2,823 7,649
13 INDIANAPOLIS 1,869 1,404 2,387 5,660
14 FORT LAUDERDALE 2,211 2,061 2,049 6,321
15 JACKSONVILLE 822 1,742 1,292 3,856
16 CLEVELAND/LORAIN/ELYRIA/
MENTOR 2,445 2,399 2,374 7,218
16 FRESNO 706 514 842 2,062
18 COLUMBUS, OH 1,972 1,257 1,760 4,989
19 EDISON, NJ 2,145 2,010 1,984 6,139
20 WARREN/FARMINGTON HILLS/
TROY, MI 2,748 2,070 1,991 6,809
21 SAN ANTONIO 1,258 1,031 1,541 3,830
22 OAKLAND, CA 2,162 1,740 2,225 6,127
23 CHARLOTTE/GASTONIA, NC 989 1,416 1,281 3,686
24 PHOENIX/MESA 3,089 2,325 3,399 8,813
25 CAMDEN, NJ 617 487 581 1,685
26 DAYTON, OH 605 995 749 2,349
27 TAMPA/ST PETERSBURGH/
CLEARWATER 1,527 3,704 1,991 7,222
28 CHICAGO 6,170 5,378 6,331 17,879
29 TOLEDO, OH 576 367 802 1,745
30 SAN DIEGO 2,052 1,707 2,551 6,310
31 VENTURA, CA 313 231 970 1,514
32 LAKE/KENOSHA, IL 510 459 377 1,346
33 ORLANDO 921 1,915 1,174 4,010
34 AUSTIN/ROUND ROCK, TX 935 981 817 2,733
35 HOUSTON/BAYTOWN/SUGARLAND 3,737 3,396 2,260 9,393
36 AKRON, OH 610 471 414 1,495
37 KANSAS CITY 1,114 1,287 1,557 3,958
38 LITTLE ROCK/
NORTH LITTLE ROCK 491 535 287 1,313
39 PALM BEACH, FL 680 1,317 784 2,781
40 WORCHESTER, MA 459 447 572 1,478
41 SUFFOLK/NASSAU, NY 1,973 2,006 727 4,706
42 OKLAHOMA CITY 835 782 641 2,258
43 SARASOTA/BRADENTON/
VENICE, FL 403 713 364 1,480
44 TACOMA, WA 412 422 394 1,228
45 GARY, IN 417 463 288 1,168
46 LOS ANGELES/LONG BEACH 5,032 3,958 5,155 14,145
47 SPRINGFIELD, MA 394 324 473 1,191
48 TULSA, OK 593 511 449 1,553
49 RALEIGH/CARY, NC 448 486 458 1,392
50 ORANGE, CA 1,403 1,207 1,372 3,982
51 CINCINNATI 1,394 1,082 891 3,367
52 TUCSON, AZ 563 362 502 1,427
52 NEWHAVEN/MILFORD, CT 395 420 485 1,300
54 ST LOUIS 1,434 1,257 1,246 3,937
55 NEWARK, NJ 1,120 882 972 2,974
56 ESSEX, MA 325 306 392 1,023
57 ALBUQUERQUE, NM 426 387 264 1,077
58 NASHVILLE/DAVIDSON, TN 676 671 500 1,847
59 SAN JOSE/SUNNYVALE/
SANTA CLARA 697 345 909 1,951
60 BOSTON/QUINCY 718 638 955 2,311
61 SALT LAKE CITY 519 268 295 1,082
62 HARTFORD, CT 417 535 498 1,450
63 EL PASO, TX 228 256 204 688
64 OMAHA/COUNCIL BLUFFS 282 290 364 936
65 LOUISVILLE, KY 473 396 531 1,400
66 BRIDGEPORT/STAMFORD/
NORWALK, CT 318 314 305 937
67 PHILADELPHIA 1,744 781 1,756 4,281
68 GREENSBORO/HIGHPOINT, NC 328 260 160 748
69 MILWAUKEE/WAUKESHA/WST ALLIS 791 484 348 1,623
70 SCRANTON/WILKES/BARRE/
HAZLETON, PA 279 148 225 652
71 CAMBRIDGE/NEWTON/
FRAMINGHAM, MA 464 416 591 1,471
72 ROCHESTER, NY 413 328 206 947
73 SEATTLE/BELLEVUE/EVERETT 896 562 651 2,109
74 MINNEAPOLIS/ST PAUL/
BLOOMINGTON 824 882 762 2,468
75 BIRMINGHAM/HOOVER, AL 321 159 385 865
76 PITTSBURGH, PA 959 494 655 2,108
77 KNOXVILLE, TN 223 202 111 536
78 SAN FRANCISCO 471 392 517 1,380
79 NEW ORLEANS 210 540 349 1,099
80 WASHINGTON/ARLINGTON/
ALEXANDRIA, VA 798 662 1,212 2,672
81 BUFFALO/CHEEKTOWAGA/
TONAWANDA, NY 288 314 246 848
82 PROVIDENCE/NEW BEDFORD, RI 218 138 316 672
83 NEW YORK/WAYNE/WHITE PLAINS 2,501 1,625 2,284 6,410
84 PORTLAND/VANCOUVER/
BEAVERTON, OR 407 351 366 1,124
85 WICHITA, KS 118 106 68 292
86 POUGHKEEPSIE/NEWBURGH/
MIDDLETOWN, NY 67 114 78 259
87 WILMINGTON, DE 86 95 102 283
88 BATON ROUGE, LA 150 43 80 273
89 CHARLESTON, SC 62 73 86 221
90 BALTIMORE/TOWSON 295 129 420 844
91 BETHESDA/FREDERICK/
GAITHERSBURG, MD 69 127 132 328
92 COLUMBIA, SC 67 84 62 213
93 SYRACUSE, NY 51 65 65 181
94 NORFOLK/VIRGINIA BEACH/
NEWPORT NEWS, VA 87 69 115 271
95 ALBANY/SCHENECTADY/TROY, NY 27 45 90 162
96 HONOLULU 53 28 30 111
97 ALLENTOWN/BETHLEHEM/
EASTON, PA 30 37 20 87
98 GREENVILLE, SC 33 18 17 68
99 MCALLEN/EDINBURG/PHARR, TX 35 10 5 50
100 RICHMOND, VA 38 18 15 71
Rate 1/every /Ntl
Rank MSA #HH Avg
1 DETROIT/LIVONIA/DEARBORN 51 5.231
2 LAS VEGAS/PARADISE 57 4.624
3 RIVERSIDE/SAN BERNARDINO 68 3.899
4 SACRAMENTO 69 3.855
5 STOCKTON 69 3.809
6 ATLANTA/SANDY SPRINGS/
MARIETTA 80 3.304
7 DENVER/AURORA 81 3.271
8 BAKERSFIELD 83 3.172
9 FORT WORTH/ARLINGTON 84 3.162
10 DALLAS 101 2.627
11 MEMPHIS 102 2.598
12 MIAMI 111 2.372
13 INDIANAPOLIS 113 2.338
14 FORT LAUDERDALE 117 2.254
15 JACKSONVILLE 123 2.145
16 CLEVELAND/LORAIN/ELYRIA/
MENTOR 126 2.093
16 FRESNO 131 2.013
18 COLUMBUS, OH 136 1.938
19 EDISON, NJ 143 1.854
20 WARREN/FARMINGTON HILLS/
TROY, MI 143 1.853
21 SAN ANTONIO 143 1.845
22 OAKLAND, CA 146 1.810
23 CHARLOTTE/GASTONIA, NC 148 1.783
24 PHOENIX/MESA 151 1.750
25 CAMDEN, NJ 154 1.717
26 DAYTON, OH 155 1.704
27 TAMPA/ST PETERSBURGH/
CLEARWATER 158 1.669
28 CHICAGO 163 1.626
29 TOLEDO, OH 164 1.615
30 SAN DIEGO 165 1.603
31 VENTURA, CA 166 1.590
32 LAKE/KENOSHA, IL 168 1.575
33 ORLANDO 172 1.533
34 AUSTIN/ROUND ROCK, TX 181 1.456
35 HOUSTON/BAYTOWN/SUGARLAND 192 1.379
36 AKRON, OH 195 1.358
37 KANSAS CITY 199 1.330
38 LITTLE ROCK/NORTH LITTLE ROCK 199 1.325
39 PALM BEACH, FL 200 1.321
40 WORCHESTER, MA 202 1.310
41 SUFFOLK/NASSAU, NY 208 1.269
42 OKLAHOMA CITY 209 1.264
43 SARASOTA/BRADENTON/VENICE, FL 217 1.220
44 TACOMA, WA 226 1.171
45 GARY, IN 226 1.170
46 LOS ANGELES/LONG BEACH 231 1.143
47 SPRINGFIELD, MA 232 1.139
48 TULSA, OK 236 1.121
49 RALEIGH/CARY, NC 237 1.117
50 ORANGE, CA 243 1.086
51 CINCINNATI 247 1.068
52 TUCSON, AZ 257 1.028
52 NEWHAVEN/MILFORD, CT 262 1.009
54 ST LOUIS 265 0.998
55 NEWARK, NJ 273 0.969
56 ESSEX, MA 281 0.942
57 ALBUQUERQUE, NM 284 0.931
58 NASHVILLE/DAVIDSON, TN 300 0.882
59 SAN JOSE/SUNNYVALE/SANTA CLARA 305 0.865
60 BOSTON/QUINCY 316 0.838
61 SALT LAKE CITY 316 0.835
62 HARTFORD, CT 325 0.812
63 EL PASO, TX 326 0.810
64 OMAHA/COUNCIL BLUFFS 330 0.801
65 LOUISVILLE, KY 352 0.752
66 BRIDGEPORT/STAMFORD/
NORWALK, CT 362 0.730
67 PHILADELPHIA 366 0.723
68 GREENSBORO/HIGHPOINT, NC 368 0.719
69 MILWAUKEE/WAUKESHA/WST ALLIS 381 0.694
70 SCRANTON/WILKES/BARRE/
HAZLETON, PA 388 0.682
71 CAMBRIDGE/NEWTON/
FRAMINGHAM, MA 392 0.674
72 ROCHESTER, NY 451 0.586
73 SEATTLE/BELLEVUE/EVERETT 464 0.570
74 MINNEAPOLIS/ST PAUL/BLOOMINGTON 474 0.558
75 BIRMINGHAM/HOOVER, AL 488 0.542
76 PITTSBURGH, PA 512 0.517
77 KNOXVILLE, TN 515 0.513
78 SAN FRANCISCO 516 0.512
79 NEW ORLEANS 544 0.486
80 WASHINGTON/ARLINGTON/
ALEXANDRIA, VA 563 0.469
81 BUFFALO/CHEEKTOWAGA/
TONAWANDA, NY 603 0.438
82 PROVIDENCE/NEW BEDFORD, RI 655 0.404
83 NEW YORK/WAYNE/WHITE PLAINS 665 0.398
84 PORTLAND/VANCOUVER/
BEAVERTON, OR 704 0.376
85 WICHITA, KS 817 0.323
86 POUGHKEEPSIE/NEWBURGH/
MIDDLETOWN, NY 884 0.299
87 WILMINGTON, DE 919 0.288
88 BATON ROUGE, LA 1,035 0.255
89 CHARLESTON, SC 1,054 0.251
90 BALTIMORE/TOWSON 1,242 0.213
91 BETHESDA/FREDERICK/
GAITHERSBURG, MD 1,242 0.213
92 COLUMBIA, SC 1,264 0.209
93 SYRACUSE, NY 1,537 0.172
94 NORFOLK/VIRGINIA BEACH/
NEWPORT NEWS, VA 1,756 0.151
95 ALBANY/SCHENECTADY/TROY, NY 2,245 0.118
96 HONOLULU 2,847 0.093
97 ALLENTOWN/BETHLEHEM/EASTON, PA 3,324 0.080
98 GREENVILLE, SC 3,515 0.075
99 MCALLEN/EDINBURG/PHARR, TX 3,853 0.069
100 RICHMOND, VA 6,221 0.042
Web site: http://www.realtytrac.com/
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