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 one new foreclosure for every 112 households.
Although new foreclosures in Utah decreased 21 percent from the first quarter to the second quarter, the state registered the second-highest foreclosure rate of any state during the first half of 2005, with one new foreclosure for every 123 households – 2.4 times the national average.
With 14,641 properties entering some stage of foreclosure between January and June, Colorado recorded one new foreclosure for every 125 households – the nation’s third-highest foreclosure rate. The state’s foreclosures increased 16 percent in the second quarter.
Texas accounted for 11.6 percent of the nation’s new foreclosures, with 45,303 properties entering some stage of foreclosure during the first six months of 2005. The state’s foreclosure rate was sixth highest among the states, with one property entering foreclosure for every 178 households – 1.7 times the national average.
After Florida and Texas, the states reporting the most new foreclosures from January to June were California, Illinois and Ohio. California accounted for 7.6 percent of the nation’s total foreclosures with 29,391 new foreclosures, although the state’s foreclosure rate registered well below the national average, with one foreclosure for every 416 households. Illinois accounted for 6.2 percent of the nation’s total with 23,988 new foreclosures, and the state’s foreclosure rate was eighth highest among the states, with one foreclosure for every 204 households. Ohio accounted for 4.7 percent of the nation’s total with 18,448 new foreclosures and reported one new foreclosure for every 259 households – 1.2 times the national average.
RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures – Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures – Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been re-purchased by a bank).
What’s your opinion? Send your Letter to the Editor to email@example.com.