Foreclosure Activity Increases 7% in May
RISMEDIA, June 16, 2008-RealtyTrac®, a leading online marketplace
for foreclosure properties, released its May 2008 U.S. Foreclosure
Market Report(TM), which shows foreclosure filings — default
notices, auction sale notices and bank repossessions — were
reported on 261,255 properties during the month, a 7% increase from
the previous month and a 48% increase from May 2007. The report also
shows one in every 483 U.S. households received a foreclosure filing
during the month, the highest monthly foreclosure rate since RealtyTrac
began issuing the report in January 2005.
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.
“May was the third straight month where we’ve seen a
month-to-month increase in foreclosure activity and the 29th straight
month we’ve seen a year-over-year increase,” said James
J. Saccacio, chief executive officer of RealtyTrac. “The nationwide
rate of increase for default notices and foreclosure auction notices
slowed in May, with default notices up just 1% from the previous month
and auction notices down 3% from the previous month. However, bank
repossessions continued to surge in May — posting a double-digit
percentage increase from the previous month and more than twice the
number reported in May 2007 — which pushed the total inventory
of bank-owned REOs in our database to more than 700,000.”
Nevada, California, Arizona post top state foreclosure rates
With one in every 118 households receiving a foreclosure filing in
May, Nevada posted the highest state foreclosure rate for the 17th
consecutive month. Foreclosure filings were reported on a total of
9,009 Nevada properties, an increase of nearly 24% from the previous
month and a 72% increase from May 2007.
California foreclosure activity in May increased 11% from the previous
month and 81% from May 2007, helping the state continue to register
the nation’s second highest state foreclosure rate. One in every
183 California households received a foreclosure filing during the
month, a rate that was 2.6 times the national average.
Arizona’s May foreclosure rate — one in every 201 households
received a foreclosure filing during the month — ranked third
highest among the states for the second month in a row. Arizona foreclosure
activity increased nearly 12% from the previous month and almost 119%
from May 2007.
One in every 228 Florida households received a foreclosure filing
in May, giving it the fourth highest foreclosure rate among the states.
Michigan foreclosure activity in May increased nearly 25% from the
previous month, helping the state’s foreclosure rate to jump
to fifth highest among the states after ranking No. 9 the previous
month. One in every 353 Michigan households received a foreclosure
filing in May.
Other states with foreclosure rates ranking among the top 10 were
Georgia, Colorado, Massachusetts, Ohio and New Jersey.
California, Florida, Arizona report highest foreclosure totals
Foreclosure filings were reported on 71,930 California properties,
37,364 Florida properties and 12,959 Arizona properties, the three
highest state totals in May. Michigan was not far behind Arizona,
with 12,792 properties receiving foreclosure filings during the month.
Foreclosure filings were reported on 12,295 Ohio properties in May,
the fifth highest state total despite a nearly 7% decrease from May
2007. With one in every 410 households receiving a foreclosure filing,
Ohio’s foreclosure rate ranked No. 9 among the states and was
above the national average.
Georgia foreclosure activity increased 11% from the previous month
and 23% from May 2007, giving the state 10,241 properties with foreclosure
filing in May — the nation’s sixth highest total. And
with one in every 378 Georgia households receiving a foreclosure filing
during the month, the state’s foreclosure rate also ranked No.
6 among the states.
Other states in the top 10 for total properties with filings were
Texas, Illinois, Nevada and New Jersey.
California and Florida cities account for 9 of top 10 metro rates
For the second 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 cities
were in the top 10, led by Stockton in the top spot. One in every
75 Stockton area households received a foreclosure filing in May —
more than six times the national average. Other California cities
in the top 10 were Merced at No. 3, Modesto at No. 4, Riverside-San
Bernardino at No. 5, Vallejo-Fairfield at No. 7, Bakersfield at No.
8, and Sacramento at No. 9.
The Cape Coral-Fort Myers metro area in Florida registered the second
highest metro foreclosure rate in May, with one in every 79 households
receiving a foreclosure filing during the month. The other Florida
metro area in the top 10 was Port Lucie-Fort Pierce at No. 10.
Las Vegas was the only city outside of California and Florida with
a foreclosure rate ranking among the top 10. One in every 96 Las Vegas
households received a foreclosure filing in May, 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. 14, San Diego at No. 17 and Miami at No.
For more information, visit http://www.ForeclosurePulse.com