Industry News

Florida, Utah lead nation in real estate foreclosures

U.S. activity continues higher in second quarter

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

RealtyTrac, a foreclosure data provider, today reported that 389,480 properties nationwide entered some stage of foreclosure during the first half of 2005 and the number of new foreclosures increased by 7 percent from the first quarter to the second quarter of the year. "Nationally, one household in every 298 was in some stage of foreclosure between Jan. 1 and June 30, 2005," said RealtyTrac CEO James J. Saccacio. "While there were regional variances and some significant fluctuations from month to month, the overall numbers show a 5.5 percent increase in the number of foreclosure properties over the first six months of the year." Florida documented the most new foreclosures and the highest foreclosure rate of any state despite an 11 percent decrease in new foreclosures in the second quarter. From January to June the state reported a total of 65,463 new foreclosures, comprising 16.8 percent of the nationwide total. Florida's foreclosure rate was 2.7 times the national average, with ...