Daily News and Information for the Professional Real Estate Agent
Foreclosure Activity Up Over 55 Percent in First Half of 2007
Wednesday, August 01, 2007
-
IRVINE, CA - RealtyTrac® released its Midyear 2007 U.S. Foreclosure Market Report, which shows a total of 925,986 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 573,397 properties nationwide during the first six months of the year, up more than 30 percent from the previous six-month period and up more than 55 percent from the first six months of 2006. The report also shows a foreclosure rate of one foreclosure filing for every 134 U.S. households for the first half of the year.
“Despite a slight drop in June, foreclosure activity shows no sign of slowing down,” noted James J. Saccacio, chief executive officer of RealtyTrac. “Based on the rate of foreclosure activity in the first half of 2007, we could easily surpass 2 million foreclosure filings by the end of the year, which would represent a year-over-year increase of over 65 percent.”
Nevada, Colorado, California post top foreclosure rates Nevada posted the nation’s highest foreclosure rate, with one foreclosure filing for every 40 households during the first half of 2007. The state reported a total of 25,208 foreclosure filings on 14,687 properties, more than double the number of foreclosure filings reported in the previous six-month period and nearly triple the number reported in the first half of 2006.
Colorado reported one foreclosure filing for every 60 households during the first half of 2007, the nation’s second highest state foreclosure rate. The state reported a total of 34,287 foreclosure filings on 19,411 properties, a 15 percent increase from the previous six-month period and a 38 percent increase from the first six months of 2006.
With one foreclosure filing for every 69 households during the first half of 2007, California registered the nation’s third highest state foreclosure rate. The state reported a total of 189,560 foreclosure filings on 104,572 properties, up 122 percent from the previous six-month period and up 232 percent from the first half of 2006.
Other states with foreclosure rates among the top 10 included Michigan, Florida, Ohio, Georgia, Arizona, Connecticut and Indiana.
California, Florida, Texas, Ohio document largest foreclosure totals California’s foreclosure filing total and unique property count were both highest among all the states in the first half of 2007. Florida reported the second highest totals, with 102,213 foreclosure filings on 64,250 properties. Florida’s foreclosure rate — one foreclosure filing for every 81 households — ranked fifth highest among all the states.
Texas reported 69,471 foreclosure filings in the first half of 2007 — the nation’s third highest foreclosure filing total. But the state’s unique property count of 41,592 came in fourth place behind Ohio’s 44,594. Ohio reported 60,728 total foreclosure filings, the fourth most of any state. Other states with foreclosure filing totals among the nation’s 10 highest were Michigan, Georgia, Illinois, Colorado, New Jersey and Arizona.
Related
Articles :
More Than 1.2 Million Foreclosures Reported in 2006 According to a national foreclosure tracking service more than 1.2 million foreclosure filings were reported nationwide during the year, up 42 percent from 2005 and a foreclosure rate of one foreclosure filing for every 92 U.S. households.
U.S. Foreclosures Rise a Whopping 90 Percent From One Year Earlier According to a national foreclosure tracking service, foreclosures increased 19 percent from the previous month and nearly 90 percent from one year earlier. Nevada continued to post the highest state foreclosure rate for the fifth month in a row followed by Colorado and California.
3 Out of 1000 Owners Have Lost Their Homes This Year The foreclosure pox continues to spread unchecked across the country despite efforts by the government and housing industry to stop it. 3 out of every 1,000 homeowners in the United States lost their homes to foreclosure in the first half of the year. That's up 41 percent compared to the same period last year, according to an industry tracking service.
Top Metro Foreclosure Rates Released A national foreclosure ranking service released its 2007 Midyear Metropolitan Foreclosure Market Report, which shows Stockton, Calif., Detroit and Las Vegas documenting the three highest foreclosure rates among the nation's 100 largest metropolitan areas during the first six months of the year. Read on to find out where your metro ranked.
93 Percent Increase in Foreclosure Filings From One Year Ago According to a national foreclosure tracking service, foreclosure activity nationwide during July was up 9 percent from the previous month and up 93 percent from July 2006. The report also shows a national foreclosure rate of one foreclosure filing for every 693 households for the month.
