Foreclosures increased in California and New York from October to November, according to RealtyTrac, an online marketplace for foreclosure properties, while Florida topped the list for the most properties in some stage of foreclosure.
RealtyTrac’s November 2005 Monthly U.S. Foreclosure Market Report, showed that 71,606 properties nationwide entered some stage of foreclosure in November, a 12 percent decrease from October. The report shows a November national foreclosure rate of one foreclosure for every 1,615 U.S. households.
Founded in 1996, RealtyTrac publishes a national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties from over 2,400 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
“After reaching their highest level of the year in October, foreclosures in November retreated closer to the levels we saw earlier this fall and in the summer,” said James J. Saccacio, RealtyTrac CEO. “While fewer foreclosures in most of the Gulf Coast states contributed to this, it also continues the trend of seeing the national foreclosure rate drop the month after a significant spike.”
Florida was the only Gulf Coast state with increasing foreclosures in November. The state reported 8,872 properties entering some stage of foreclosure, a 16 percent increase and the most foreclosures reported by any state. Florida’s foreclosure rate of one foreclosure for every 824 households was the third highest in the country, RealtyTrac reported.
Colorado and Georgia registered the nation’s two highest foreclosure rates. Colorado reported 2,687 properties entering some stage of foreclosure, a 4.7 percent increase and a foreclosure rate of one foreclosure for every 681 households. Georgia reported 4,416 properties entering some stage of foreclosure, a 28 percent increase and a foreclosure rate of one foreclosure for every 701 households.
In Nevada, foreclosures increased 156 percent from October to November, and almost 100 percent in Kentucky. Foreclosures dropped significantly in New Jersey (down 62 percent) and Connecticut (down 54 percent) during that time.
Foreclosure rates in Ohio and Indiana also ranked among the five highest nationwide thanks to increasing foreclosures. Ohio reported 4,968 properties entering some stage of foreclosure, a 5.7 percent increase and a foreclosure rate of one foreclosure for every 963 households. Indiana reported 2,800 properties entering some stage of foreclosure, a 32 percent increase and a foreclosure rate of one foreclosure for every 902 households, RealtyTrac reported.
While foreclosures increased 33 percent in New York (4,702 new foreclosures) and 29 percent in California (6,051 new foreclosures) from October to November, both states maintained foreclosure rates below the national average, Realty Track reported. California reported 6,051 new foreclosures, a 29 percent increase, and New York reported 4,702 new foreclosures, a 33 percent increase.
“The extension of a foreclosure moratorium in areas affected by hurricanes Katrina and Rita may have contributed to lower foreclosure numbers in several Gulf Coast states,” RealtyTrac reported. Texas foreclosures decreased 52 percent, with 7,912 properties entering some stage of foreclosure in November. Also, Texas had one foreclosure for every 1,017 households during that month, which ranked below the five highest in the country for the first time since July, according to RealtyTrac. “Even with the steep decline, Texas still reported more foreclosures than any state except Florida.”
Louisiana foreclosures decreased 42 percent in November, and the state’s foreclosure rate – one foreclosure for every 13,078 households – remained far below the national average. Alabama and Mississippi registered even lower foreclosure rates, as foreclosures dropped more than 20 percent in Alabama and more than 75 percent in Mississippi.
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 (NTS) and notice of foreclosure sale (NFS); and Real Estate Owned, or REO properties that have been foreclosed on and repurchased by a bank.
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