Foreclosure Activity Increases 8 Percent in July According to RealtyTrac U.S. Foreclosure Market Report
Activity Up 55 Percent From July 2007
RealtyTrac(R) (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, today released its July 2008 U.S. Foreclosure Market Report(TM), which shows foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported on 272,171 U.S. properties during the month, an 8 percent increase from the previous month and a 55 percent increase from July 2007. The report also shows one in every 464 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.
"Bank repossessions, or REOs, continued to be the fastest growing segment of foreclosure activity in July, posting a 184 percent year-over-year increase -- compared to a 53 percent year-over-year increase in default notices and an 11 percent year-over-year increase in auction notices," said James J. Saccacio, chief executive officer of RealtyTrac. "The sharp rise in REOs, combined with slow sales, has resulted in a bloated inventory of bank-owned properties for sale. RealtyTrac now has more than three quarters of a million properties in its active REO database, a number that represents approximately 17 percent of the inventory of existing homes for sale reported in June by the National Association of Realtors."
Nevada, California, Florida post top state foreclosure rates
Nevada continued to document the nation's highest state foreclosure rate in July, with one in every 106 households receiving a foreclosure filing during the month. Foreclosure activity in Nevada was up 15 percent from the previous month and 97 percent from July 2007, pushing the total number of properties with foreclosure filings to over 10,000. Bank repossessions in Nevada were up 384 percent on a year-over-year basis, while default notices were up 59 percent and auction notices were up 31 percent.
One in every 182 California properties received a foreclosure filing in July, the nation's second highest state foreclosure rate, while one in every 186 Florida properties received a foreclosure filing, the nation's third highest state foreclosure rate.
Despite increasing foreclosure activity, Arizona's foreclosure rate dropped from the nation's third highest in June to fourth highest in July. Foreclosure filings were reported on 13,350 Arizona properties during the month, a 3 percent increase from the previous month and a 127 percent increase from July 2007. One in every 195 Arizona properties received a foreclosure filing, a rate that was more than twice the national average.
Other states with foreclosure rates ranking among the top 10 were Ohio, Georgia, Michigan, Colorado, Utah and Virginia.
California, Florida, Ohio report highest foreclosure totals
Foreclosure filings were reported on 72,285 California properties in July, the highest total among the states. The state's foreclosure activity increased 5 percent from the previous month and was up 85 percent from July 2007. On a year-over-year basis, bank repossessions in California were up 427 percent, while auction notices were up 67 percent and default notices were up 34 percent. However, default notices declined 4 percent from the previous month.
Florida foreclosure activity in July increased 14 percent from the previous month and 139 percent from July 2007. The state posted the nation's second highest number of properties with filings -- 45,884. On a year-over-year basis, bank repossessions in Florida increased 678 percent, while auction notices were up 180 percent and default notices were up 100 percent.
Ohio's total of 13,457 properties with foreclosure filings in July was third highest among the states despite an increase of just 2 percent from the previous month and 1 percent from July 2007. On a year-over-year basis, bank repossessions in Ohio were still up 33 percent, while auction notices were down nearly 20 percent and default notices were up nearly 8 percent. One in every 375 Ohio households received a foreclosure filing during the month, the nation's fifth highest state foreclosure rate.
After Arizona, Michigan documented the fifth highest state total in July -- 11,591 properties with filings -- but the state's foreclosure activity decreased 4 percent from the previous month and 17 percent from July 2007. The state's foreclosure rate -- one in every 389 households received a foreclosure filing -- ranked seventh highest among the states.
Other states with total properties with foreclosure filings among the 10 highest were Texas, Georgia, Nevada, Illinois and New York.
Top Metro Rates in California, Florida, Nevada, Arizona
The Cape Coral-Fort Myers, Fla., metro area registered the highest foreclosure rate among the 230 metro areas tracked in the July report. One in every 64 households in the metro area received a foreclosure filing during the month -- more than seven times the national average.
Three California cities followed in the metro foreclosure rate rankings: Merced was at No. 2 with one in every 73 households receiving a foreclosure filing; and Stockton and Modesto were in a virtual tie, each with one in every 82 households receiving a foreclosure filing.
With one in every 85 households receiving a foreclosure filing, the Las Vegas metro area's foreclosure rate ranked No. 5, followed by three more California metros: Riverside-San Bernardino, Bakersfield and Vallejo-Fairfield.
Fort Lauderdale, Fla., documented the ninth highest metro foreclosure rate, and the foreclosure rate in Phoenix took the No. 10 spot.
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 - July 2008
Properties with Foreclosure Filings
Rate State
Rank Name NOD LIS NTS NFS REO
-- U.S. 55,601 55,042 57,145 27,088 77,295
41 Alabama 0 0 451 0 412
32 Alaska 0 0 166 0 41
4 Arizona 15 0 8,210 0 5,125
28 Arkansas 71 0 866 0 131
2 California 36,373 0 12,506 0 23,406
8 Colorado 3 0 3,023 0 2,350
16 Connecticut 0 1,550 12 372 80
44 Delaware 0 0 2 80 50
District of
Columbia 2860 0 188 0 85
3 Florida 0 29,708 91 9,818 6,267
6 Georgia 76 0 6,487 0 3,498
40 Hawaii 35 0 169 0 25
15 Idaho 513 0 314 0 109
12 Illinois 0 5,854 71 755 2,235
11 Indiana 0 1,366 15 2,138 1,264
42 Iowa 0 0 270 0 228
37 Kansas 0 110 7 226 334
35 Kentucky 0 253 9 578 386
39 Louisiana 0 2 4 822 189
43 Maine 104 0 130 0 21
17 Maryland 0 1,844 14 160 1,086
20 Massachusetts 0 512 21 1,518 1,523
7 Michigan 2,170 0 5,488 0 3,933
33 Minnesota 19 0 1,186 0 466
47 Mississippi 0 0 66 0 124
18 Missouri 1,939 0 714 0 859
45 Montana 2 0 129 0 11
27 Nebraska 0 22 10 465 163
1 Nevada 5,350 0 1,395 0 3,315
14 New
Hampshire 0 0 456 0 447
19 New
Jersey 0 2,200 18 1,473 931
36 New
Mexico 0 358 5 105 76
30 New
York 0 4,105 15 1,131 916
25 North
Carolina 2,690 0 199 0 1,414
46 North
Dakota 0 0 1 3 61
5 Ohio 0 4,533 58 4,809 4,057
24 Oklahoma 457 0 602 0 669
21 Oregon 1,307 0 451 0 197
31 Pennsylvania 0 1,590 25 1,665 894
23 Rhode
Island 0 0 371 0 123
34 South
Carolina 0 176 12 329 816
48 South
Dakota 0 0 0 27 3
13 Tennessee 1,622 0 1,564 0 1,379
22 Texas 136 0 6,102 0 4,116
9 Utah 892 0 687 0 332
50 Vermont 0 0 2 0 3
10 Virginia 1,536 0 2,341 0 1,868
26 Washington 5 0 2,054 0 703
49 West
Virginia 0 0 28 0 10
29 Wisconsin 0 859 27 614 544
38 Wyoming 0 0 113 0 20
U.S. Foreclosure Market Data by State - July 2008
Properties with Foreclosure Filings
Rate State 1/every X % change % change
Rank Name Total HH (rate) from Jun 08 from Jul 07
-- U.S. 272,171 464 7.85 55.12
41 Alabama 863 2,445 11.50 72.95
32 Alaska 207 1,336 7.81 143.53
4 Arizona 13,350 195 3.09 127.31
28 Arkansas 1,068 1,193 -5.15 2.30
2 California 72,285 182 5.27 85.28
8 Colorado 5,376 390 10.21 -9.19
16 Connecticut 2,014 711 24.09 -4.91
44 Delaware 132 2,900 -38.32 57.14
District of
Columbia 559 506 7.71 7885.71*
3 Florida 45,884 186 13.71 139.24
6 Georgia 10,061 385 15.46 18.91
40 Hawaii 229 2,184 70.90 169.41
15 Idaho 936 658 40.54 121.28
12 Illinois 8,915 583 9.29 61.21
11 Indiana 4,783 576 -1.40 6.88
42 Iowa 498 2,651 17.18 -19.81
37 Kansas 677 1,784 13.02 57.44
35 Kentucky 1,226 1,540 67.72 90.37
39 Louisiana 1,017 1,799 74.14* 82.59*
43 Maine 255 2,710 -7.61 104.00
17 Maryland 3,104 741 72.06 40.20
20 Massachusetts 3,574 758 17.91 -22.86
7 Michigan 11,591 389 -3.61 -17.08
33 Minnesota 1,671 1,367 -1.36 59.60
47 Mississippi 190 6,534 -43.95 13.10
18 Missouri 3,512 747 1.74 72.75
45 Montana 142 3,042 51.06 69.05
27 Nebraska 660 1,174 51.72 165.06
1 Nevada 10,060 106 15.46 96.64
14 New
Hampshire 903 653 79.52* 356.06*
19 New Jersey 4,622 751 -7.56 11.19
36 New Mexico 544 1,563 45.07* 270.07*
30 New York 6,167 1,282 14.91 44.43
25 North
Carolina 4,303 936 24.18 126.59
46 North Dakota 65 4,735 490.91* 150.00*
5 Ohio 13,457 375 1.99 1.06
24 Oklahoma 1,728 930 47.31* 92.21*
21 Oregon 1,955 812 -4.49 192.23
31 Pennsylvania 4,174 1,306 2.81 39.60
23 Rhode Island 494 910 -16.69 194.05
34 South
Carolina 1,333 1,482 25.40 223.54
48 South Dakota 30 11,760 3.45 0.00
13 Tennessee 4,565 587 4.75 29.47
22 Texas 10,354 891 -6.32 -16.78
9 Utah 1,911 472 27.32 294.02
50 Vermont 5 61,911 -84.85 -44.44
10 Virginia 5,745 562 9.32 193.26
26 Washington 2,762 977 0.73 55.96
49 West Virginia 38 23,100 -54.76 -59.57
29 Wisconsin 2,044 1,240 -13.50 63.91
38 Wyoming 133 1,798 70.51 171.43
* 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.
Source: RealtyTrac
Web site: http://www.realtytrac.com/
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