Foreclosure Activity Decreases 3 Percent in June According to RealtyTrac U.S. Foreclosure Market Report
Foreclosure Activity Up 53 Percent From June 2007
RealtyTrac(R) (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, today released its June 2008 U.S. Foreclosure Market Report(TM), which shows foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported on 252,363 U.S. properties during the month, a 3 percent decrease from the previous month but still a 53 percent increase from June 2007. The report also shows one in every 501 U.S. households received a foreclosure filing during the month.
RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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.
"June was the second straight month with more than a quarter million properties nationwide receiving foreclosure filings," said James J. Saccacio, chief executive officer of RealtyTrac. "Foreclosure activity slipped 3 percent lower from the previous month, but the year-over-year increase of more than 50 percent indicates we have not yet reached the top of this foreclosure cycle. Bank repossessions, or REOs, continue to increase at a much faster pace than default notices or auction notices. REOs in June were up 171 percent from a year ago, while default notices were up 38 percent and auction notices were up 22 percent over the same time period."
Nevada, California, Arizona post top state foreclosure rates
Despite slight monthly decreases in foreclosure activity, Nevada, California and Arizona continued to document the three highest state foreclosure rates in June.
Foreclosure filings were reported on 8,713 Nevada properties during the month, up nearly 85 percent from June 2007, and one in every 122 Nevada households received a foreclosure filing -- more than four times the national average.
One in every 192 California properties received a foreclosure filing in June, the nation's second highest state foreclosure rate and 2.6 times the national average.
One in every 201 Arizona properties received a foreclosure filing during the month, the nation's third highest state foreclosure rate and nearly 2.5 times the national average. Foreclosure filings were reported on 12,950 Arizona properties, down less than 1 percent from the previous month but still up nearly 127 percent from June 2007.
Other states with foreclosure rates ranking among the top 10 were Florida, Michigan, Ohio, Colorado, Georgia, Indiana and Utah.
California, Florida, Ohio report highest foreclosure totals
Foreclosure filings were reported on 68,666 California properties in June, down nearly 5 percent from the previous month but still up nearly 77 percent from June 2007. California's total was highest among the states for the 18th consecutive month.
Florida continued to register the nation's second highest foreclosure total, with foreclosure filings reported on 40,351 properties in June -- an increase of nearly 8 percent from the previous month and an increase of nearly 92 percent from June 2007. One in every 211 Florida properties received a foreclosure filing during the month, the nation's fourth highest state foreclosure rate and 2.4 times the national average.
Foreclosure filings were reported on 13,194 Ohio properties in June, the nation's third highest state foreclosure total. Ohio's foreclosure activity increased 7 percent from the previous month and 11 percent from June 2007. The state's foreclosure rate ranked No. 6 among the 50 states.
Other states in the top 10 for total properties with filings were Arizona, Michigan, Texas, Georgia, Nevada, Illinois and New York.
California and Florida cities account for 9 of top 10 metro rates
For the third month in a row, California and Florida cities accounted for nine out of the top 10 metropolitan foreclosure rates among the 230 metropolitan areas tracked in the report.
Seven California metro areas were in the top 10, and the top three rates were in California: Stockton, with one in every 72 households receiving a foreclosure filing; Merced, with one in every 77 households receiving a foreclosure filing; and Modesto, with one in every 86 households receiving a foreclosure filing. Other California metro areas in the top 10 were Riverside-San Bernardino at No. 5; Vallejo-Fairfield at No. 7; Bakersfield at No. 8; and Salinas-Monterey at No. 10.
The top metro foreclosure rate in Florida was once again posted by Cape Coral-Fort Myers, where one in every 91 households received a foreclosure filing -- fourth highest among the nation's metro foreclosure rates. The foreclosure rate in Fort Lauderdale, Fla., ranked No. 9.
Las Vegas continued to be the only city outside of California and Florida with a foreclosure rate ranking among the top 10. One in every 99 Las Vegas households received a foreclosure filing in June, more than five times the national average and No. 6 among the metro areas.
Metro areas with foreclosure rates among the top 20 included Phoenix at No. 12, Detroit at No. 13, Miami at No. 15 and San Diego at No. 17.
Report methodology
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month -- broken out by type of filing at the state and national level. Data is also available at the individual county level. RealtyTrac's report incorporates 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). If more than one foreclosure document is filed against a property during the month -- which is extremely rare -- only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.
U.S. Foreclosure Market Data by State - June 2008
Properties with Foreclosure Filings
Rate
Rank State Name NOD LIS NTS NFS REO
-- U.S. 53,544 48,996 53,904 24,356 71,563
40 Alabama 2 0 354 0 418
31 Alaska 1 0 167 0 24
3 Arizona 7 0 8,646 0 4,297
24 Arkansas 55 0 874 0 197
2 California 37,989 0 10,053 0 20,624
7 Colorado 9 0 3,034 0 1,835
19 Connecticut 0 1,217 2 323 81
34 Delaware 0 0 0 147 67
District of Columbia 188 0 252 0 79
4 Florida 0 25,107 28 9,680 5,536
8 Georgia 40 0 5,326 0 3,348
45 Hawaii 12 0 103 0 19
21 Idaho 469 0 103 0 94
13 Illinois 0 5,513 24 574 2,046
9 Indiana 0 1,434 29 1,925 1,463
42 Iowa 0 0 270 0 155
36 Kansas 0 116 5 257 221
39 Kentucky 0 192 8 314 217
43 Louisiana 0 1 2 417 164
38 Maine 99 0 143 0 34
27 Maryland 0 1,026 17 318 443
20 Massachusetts 0 683 22 1,225 1,101
5 Michigan 2,413 0 4,897 0 4,715
29 Minnesota 23 0 929 0 742
44 Mississippi 0 0 201 0 138
16 Missouri 1,543 0 1,049 0 860
46 Montana 2 0 81 0 11
33 Nebraska 0 34 6 318 77
1 Nevada 4,495 0 1,085 0 3,133
26 New Hampshire 0 0 307 0 196
14 New Jersey 0 3,126 7 1,371 496
37 New Mexico 0 252 0 56 67
32 New York 0 3,751 7 752 857
25 North Carolina 2,150 0 185 0 1,130
50 North Dakota 0 0 0 0 11
6 Ohio 0 4,534 74 4,033 4,553
30 Oklahoma 350 0 462 0 361
17 Oregon 938 0 953 0 156
28 Pennsylvania 0 1,066 6 1,647 1,341
15 Rhode Island 0 0 399 0 194
35 South Carolina 0 171 11 134 747
49 South Dakota 0 0 1 22 6
12 Tennessee 1,329 0 1,741 0 1,288
18 Texas 152 0 6,132 0 4,768
10 Utah 243 0 1,030 0 228
47 Vermont 0 0 6 0 27
11 Virginia 1,033 0 2,695 0 1,527
22 Washington 2 0 2,048 0 692
48 West Virginia 0 0 57 0 27
23 Wisconsin 0 773 17 843 730
41 Wyoming 0 0 56 0 22
Properties with Foreclosure Filings
% Change % Change
Rate 1/every X from from
Rank State Name Total HH (rate) May 08 June 07
-- U.S. 252,363 501 -3.40 53.28
40 Alabama 774 2,726 54.18* 21.70*
31 Alaska 192 1,440 12.28 143.04
3 Arizona 12,950 201 -0.07 126.76
24 Arkansas 1,126 1,131 -9.19 -8.75
2 California 68,666 192 -4.54 76.97
7 Colorado 4,878 429 -9.62 -14.50
19 Connecticut 1,623 882 -0.49 -31.98
34 Delaware 214 1,789 -18.01 116.16*
District of Columbia 519 545 33.08 2952.94*
4 Florida 40,351 211 7.99 91.83
8 Georgia 8,714 444 -14.91 21.18
45 Hawaii 134 3,732 -17.28 18.58
21 Idaho 666 924 -17.57 19.78
13 Illinois 8,157 637 -15.65 41.74
9 Indiana 4,851 568 -0.96 17.97
42 Iowa 425 3,107 -5.56 -7.00
36 Kansas 599 2,017 -12.94 65.01
39 Kentucky 731 2,583 -1.88 -9.19
43 Louisiana 584 3,134 -16.93 -17.40
38 Maine 276 2,504 14.05 61.40
27 Maryland 1,804 1,275 -23.27 -17.70
20 Massachusetts 3,031 894 -54.60 -2.76
5 Michigan 12,025 375 -6.00 19.15
29 Minnesota 1,694 1,348 -23.14 75.18
44 Mississippi 339 3,662 83.24* 56.94*
16 Missouri 3,452 760 -18.43 78.31
46 Montana 94 4,596 -31.39 25.33
33 Nebraska 435 1,781 35.09 180.65
1 Nevada 8,713 122 -3.29 84.52
26 New Hampshire 503 1,173 -25.59 17.25
14 New Jersey 5,000 695 -32.71 4.87
37 New Mexico 375 2,267 -16.29 110.67*
32 New York 5,367 1,473 1.78 21.62
25 North Carolina 3,465 1,163 -8.48 78.33
50 North Dakota 11 27,982 -50.00 -73.81
6 Ohio 13,194 382 7.31 11.07
30 Oklahoma 1,173 1,370 -3.30 53.53
17 Oregon 2,047 775 29.56* 132.61*
28 Pennsylvania 4,060 1,343 26.24 79.81
15 Rhode Island 593 758 8.61 108.80
35 South Carolina 1,063 1,859 -21.26 168.43*
49 South Dakota 29 12,166 -3.33 -14.71
12 Tennessee 4,358 615 3.94 30.13
18 Texas 11,052 835 9.83 29.64
10 Utah 1,501 600 12.35* 140.54*
47 Vermont 33 9,381 1000.00* 312.50*
11 Virginia 5,255 615 8.87 203.58
22 Washington 2,742 984 9.77 68.63
48 West Virginia 84 10,450 100.00 -44.74
23 Wisconsin 2,363 1,072 17.68 154.91
41 Wyoming 78 3,066 30.00 168.97
* Actual increase may not be as high due to data collection changes or improvements
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 homes, 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.
Web site:
http://www.realtytrac.com/
http://www.foreclosurepulse.com/
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