IRVINE, CA -- States' Legislation Slows Rate of Increase, But Foreclosure Activity Up 25 Percent From October 2007 RealtyTrac(R) (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, today released its October 2008 U.S. Foreclosure Market Report(TM), which shows foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported on 279,561 U.S. properties during the month, a 5 percent increase from the previous month and a 25 percent increase from October 2007. The report also shows one in every 452 U.S. housing units received a foreclosure filing in October.
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.
"We've seen sharp declines in new foreclosure filings after legislation mandating delays to the foreclosure process was signed into law in several states -- most notably in California, where overall foreclosure activity was down by double-digit percentage points for the second straight month in October, and where default filings were 44 percent below October 2007 levels," said James J. Saccacio, chief executive officer of RealtyTrac. "Despite this, October marks the 34th consecutive month where U.S. foreclosure activity has increased compared to the prior year.
"While the intention behind this legislation -- to prevent more foreclosures -- is admirable, without a more integrated approach that includes significant loan modifications, the net effect may be merely delaying inevitable foreclosures. And in the meantime, the apparent slowing of foreclosure activity understates the severity of the foreclosure problem in these states."
Nevada, Arizona, Florida post top state foreclosure rates
Nevada posted the nation's highest state foreclosure rate for the 22nd consecutive month in October, with one in every 74 housing units receiving a foreclosure filing during the month -- more than six times the national average. Foreclosure filings were reported on 14,483 Nevada properties in October, an increase of 11 percent from the previous month and up nearly 119 percent from October 2007.
With one in every 149 housing units receiving a foreclosure filing in October, Arizona registered the second highest state foreclosure rate. Foreclosure filings were reported on 17,507 Arizona properties for the month, an increase of nearly 35 percent from the previous month and up 176 percent from October 2007.
One in every 157 Florida housing units received a foreclosure filing in October, the nation's third highest state foreclosure rate. A total of 54,324 Florida properties received a foreclosure filing during the month, an increase of 13 percent from the previous month and up nearly 80 percent from October 2007.
Other states with foreclosure rates ranking among the top 10 were California, Colorado, Georgia, Michigan, New Jersey, Illinois and Ohio.
California posts top foreclosure total despite continued drop in foreclosure activity
California foreclosure activity in October decreased 18 percent from the previous month, but the state still posted the highest number of properties with foreclosure filings for the month -- 56,954. That total was down from a peak of more than 100,000 in August, but was still up 13 percent from October 2007.
Florida, Arizona and Nevada posted the second, third and fourth highest number of properties with foreclosure filings respectively in October.
With 12,681 properties receiving a foreclosure filing in October, Illinois registered the nation's fifth highest state total. The state's foreclosure activity increased 24 percent from the previous month and was up 31 percent from October 2007.
Other states where total properties with foreclosure filings landed among the 10 highest were Ohio, Michigan, Georgia, Texas and New Jersey.
Las Vegas, Florida cities top list of highest metro foreclosure rates
Las Vegas documented the highest metropolitan foreclosure rate among the 230 metro areas tracked in the report, with one in every 62 housing units receiving a foreclosure filing in October -- more than seven times the national average. Foreclosure filings were reported on 12,155 Las Vegas area properties during the month, an increase of nearly 6 percent from the previous month and up nearly 104 percent from October of 2007.
Four Florida metro areas posted foreclosure rates that ranked among the top 10 in October, led by Cape Coral-Fort Myers and Miami in the Nos. 2 and 3 spots respectively. Other Florida cities in the top 10 were Fort Lauderdale at No. 8 and Orlando at No. 10.
California metro areas also accounted for four of the top 10 metro foreclosure rates in October, but that was down from previous months, when at least six California metro areas consistently ranked among the top 10. Stockton was the highest ranked California metro area at No. 4, with one in every 100 housing units receiving a foreclosure filing in October. Other California cities in the top 10 were Merced at No. 5, Riverside-San Bernardino at No. 7 and Modesto at No. 9. All four California metro areas experienced monthly decreases in foreclosure activity.
Report methodology
The RealtyTrac 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. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 or quarter, 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 or quarter. 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 - Oct 2008
Rate Properties with Foreclosure Filings
Rank State Name NOD LIS NTS NFS
-- U.S. 36,036 66,033 66,319 26,305
39 Alabama 7 0 349 0
28 Alaska 2 0 156 0
2 Arizona 191 0 11,041 0
19 Arkansas 187 0 1,305 0
4 California 16,245 0 20,078 0
5 Colorado 51 0 2,982 0
11 Connecticut 0 1,981 0 611
34 Delaware 0 8 0 81
District of Columbia 160 0 6 0
3 Florida 0 34,315 0 12,969
6 Georgia 63 0 5,642 0
30 Hawaii 68 0 289 0
15 Idaho 673 0 450 0
9 Illinois 0 7,680 0 1,363
14 Indiana 0 1,822 0 1,860
40 Iowa 11 0 369 0
33 Kansas 0 123 0 208
43 Kentucky 0 281 0 120
41 Louisiana 0 19 0 457
36 Maine 164 0 148 0
23 Maryland 0 2,238 0 271
21 Massachusetts 0 1,577 0 862
7 Michigan 5,223 0 434 0
25 Minnesota 14 0 946 0
44 Mississippi 3 0 113 0
20 Missouri 626 0 1,650 0
48 Montana 1 0 7 0
49 Nebraska 0 6 0 17
1 Nevada 6,736 0 4,192 0
24 New Hampshire 4 0 488 0
8 New Jersey 0 6,681 0 982
42 New Mexico 0 88 0 91
37 New York 0 1,718 0 908
29 North Carolina 1,178 0 724 0
45 North Dakota 0 1 0 23
10 Ohio 0 4,546 0 3,240
35 Oklahoma 293 0 137 0
16 Oregon 1,306 0 834 0
32 Pennsylvania 0 2,019 0 999
22 Rhode Island 1 0 384 0
27 South Carolina 0 637 0 442
47 South Dakota 0 3 0 28
18 Tennessee 8 0 2,296 0
26 Texas 41 0 5,467 0
13 Utah 889 0 277 0
50 Vermont 0 0 2 0
12 Virginia 1,844 0 2,339 0
17 Washington 47 0 3,082 0
46 West Virginia 0 0 68 0
31 Wisconsin 0 290 0 773
38 Wyoming 0 0 64 0
Properties with Foreclosure Filings
Rate 1/every X %Chg. from %Chg. from
Rank State Name REO Total HU(rate) Sep 08 Oct 07
-- U.S. 84,868 279,561 452 5.11 24.55
39 Alabama 480 836 2,524 15.47 0.84
28 Alaska 100 258 1,072 25.24 2.38
2 Arizona 6,275 17,507 149 34.86 176.18
19 Arkansas 403 1,895 672 16.98 26.67
4 California 20,631 56,954 231 -18.11 13.00
5 Colorado 2,341 5,374 390 23.68 -0.09
11 Connecticut 520 3,112 460 136.12* 95.23*
34 Delaware 118 207 1,849 -51.75 58.02
District
of Columbia 61 227 1,246 8.61 176.83*
3 Florida 7,040 54,324 157 13.28 79.94
6 Georgia 4,195 9,900 391 6.46 -12.79
30 Hawaii 38 395 1,266 -33.50 201.53
15 Idaho 50 1,173 525 9.42 95.50
9 Illinois 3,638 12,681 410 24.27 31.08
14 Indiana 1,722 5,404 510 -5.94 2.27
40 Iowa 120 500 2,641 29.53 -25.71
33 Kansas 325 656 1,841 -36.86 30.68
43 Kentucky 127 528 3,576 -33.50 -34.98
41 Louisiana 166 642 2,851 35.44 -10.83
36 Maine 38 350 1,975 7.69 138.10*
23 Maryland 464 2,973 774 32.31 -15.71
21 Massachusetts 1,191 3,630 746 -8.84 25.00
7 Michigan 5,736 11,393 396 7.96 -15.07
25 Minnesota 1,700 2,660 858 24.07 61.21
44 Mississippi 81 197 6,302 -30.39 -10.05
20 Missouri 1,396 3,672 714 26.62 2.43
48 Montana 32 40 10,801 -4.76 -72.60
49 Nebraska 27 50 15,497 31.58 -85.21
1 Nevada 3,555 14,483 74 11.22 118.84
24 New Hampshire 199 691 854 34.17 20.38
8 New Jersey 810 8,473 410 10.64 74.92
42 New Mexico 85 264 3,220 9.09 -45.00
37 New York 1,135 3,761 2,102 13.21 -42.31
29 North Carolina 1,312 3,214 1,254 29.75 -20.15
45 North Dakota 18 42 7,329 16.67 68.00
10 Ohio 4,323 12,109 417 5.57 -29.91
35 Oklahoma 387 817 1,967 -36.02 -37.20
16 Oregon 701 2,841 558 21.20 159.45
32 Pennsylvania 987 4,005 1,362 -4.39 26.34
22 Rhode Island 197 582 772 -5.52 60.77
27 South Carolina 952 2,031 973 -7.77 262.68*
47 South Dakota 3 34 10,377 -33.33 78.95
18 Tennessee 1,734 4,038 664 -1.46 -11.23
26 Texas 4,392 9,900 932 7.69 -19.43
13 Utah 646 1,812 497 3.78 72.57
50 Vermont 11 13 23,812 116.67 44.44
12 Virginia 2,372 6,555 493 2.47 160.33
17 Washington 1,149 4,278 631 119.16 95.08
46 West Virginia 21 89 9,863 36.92 85.42
31 Wisconsin 826 1,889 1,341 22.34 -24.62
38 Wyoming 38 102 2,345 15.91 104.00
* 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. For current news and information regarding foreclosure-related issues and trends, visit our blog at http://www.foreclosurepulse.com/.
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| Notes:
Source: RealtyTrac
CONTACT: Michelle Sabolich of Atomic Public Relations, +1-415-402-0230,
michelle.sabolich@atomicpr.com, for RealtyTrac
Web site: http://www.realtytrac.com/
http://www.foreclosurepulse.com/
About This Release
If you have any questions regarding information in this press release, please contact the organization listed in the press release. Issuers of press releases and not TCI are solely responsible for the accuracy of the content.
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