Industry News

National real estate foreclosures up in 2005

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National real estate foreclosures increased in every quarter of 2005, according to an industry report released today. RealtyTrac, which provides an online marketplace for foreclosure properties, today released year-end data showing that 846,982 properties nationwide entered some stage of foreclosure in 2005, and there was a 25 percent increase in the number of new foreclosures from the first quarter to the fourth quarter. "Overall, U.S. foreclosure numbers climbed steadily over the course of the year, with more new foreclosures reported in every quarter," said James J. Saccacio, CEO of RealtyTrac. "This trend appears to be moving the real estate foreclosure market back to its historic levels." Saccacio noted that the number of 2005 foreclosures needed to be kept in context. "Even with almost 850,000 properties entering some stage of foreclosure across the country over the course of the year, this represents less than 1 percent of all U.S. households. And the increase in U.S. foreclo...