PR - Total Foreclosure Activity Decreases 8% in September

 
RealtyTrac, the leading online marketplace for foreclosure properties, today released its September 2007 U.S. Foreclosure Market Report, which shows a total of 223,538 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, down 8 percent from the 32-month high in the previous month, but still up 99 percent from the number reported in September 2006. The national foreclosure rate for the month was one foreclosure filing for every 557 households.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 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.

“U.S. foreclosure activity experienced a fairly broad-based retreat in September, with 39 states reporting decreasing activity and national numbers down in all foreclosure categories — defaults, auctions and bank repossessions,” said James J. Saccacio, chief executive officer. “Nevertheless, it’s important to note that September’s total was still the second highest monthly total we’ve seen since we began issuing our report in January of 2005. It’s too early to tell if September’s numbers represent a one-month lull or if they could signify that more buyers and investors are getting back in the market and snatching up discounted foreclosure properties, thereby providing a release valve for distressed homeowners and overwhelmed lenders.”

Nevada, Florida, California post top state foreclosure rates

For the ninth month in a row Nevada reported the highest foreclosure rate among the states — one foreclosure filing for every 185 households — despite an 11 percent drop in foreclosure activity from the previous month. The state reported 5,504 foreclosure filings for the month, still up 187 percent from September 2007.

Florida foreclosure activity slipped 2 percent from the previous month, but the state’s foreclosure rate — one foreclosure filing for every 248 households — moved up to the nation’s second highest in September after being the third highest in August. The state reported 33,354 foreclosure filings for the month, the second highest total of any state and up 158 percent from September 2006.

California reported 51,259 foreclosure filings in September, the most of any state and one foreclosure filing for every 253 households — the nation’s third highest state foreclosure rate. The state’s foreclosure activity was down 11 percent from the previous month but still up 246 percent from September 2006.

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Other states with foreclosure rates ranking among the nation’s 10 highest were Michigan, Arizona, Georgia, Ohio, Colorado, Texas and Indiana.

California, Florida, Ohio report highest foreclosure totals

Ohio’s foreclosure total of 15,709 came in third highest behind the totals in California and Florida. The state’s foreclosure activity decreased 12 percent from the previous month but was still up 131 percent from September 2006. The state’s foreclosure rate of one foreclosure filing for every 319 households was seventh highest in the nation.

Texas and Michigan both documented monthly decreases in foreclosure activity in September, but both states still reported more than 14,000 foreclosure filings for the month. Georgia reported 11,926 foreclosure filings, down 14 percent from the previous month but still the sixth highest state total.

Illinois was the only state among the top 10 states in terms of total foreclosure filings that registered a month-to-month increase in foreclosure activity in September. The state reported 8,257 foreclosure filings for the month, up 33 percent from the previous month and the nation’s seventh highest state total.

Other states with foreclosure totals among the nation’s 10 highest were Arizona, Colorado and Nevada.

California and Florida cities dominate metro foreclosure rates top 10

California and Florida metropolitan areas posted eight of the top 10 metro foreclosure rates in September, with California metros claiming six spots and Florida metros taking two spots. Merced, Calif., documented the highest metro foreclosure rate in the nation — one foreclosure filing for every 68 households — followed by the California metros of Modesto, Stockton and Riverside-San Bernardino in the two, three and four spots respectively. Other California metros in the top 10 were Vallejo-Fairfield at No. 8 and Sacramento at No.  10.

With one foreclosure filing for every 113 households, Detroit reported the fifth highest metro foreclosure rate in September despite a 23 percent decrease in foreclosure activity from the previous month.

The Florida metro areas of Fort Lauderdale and Cape Coral-Fort Meyers registered the sixth and seventh highest metro foreclosure rates. Cape Coral-Fort Meyers was the only metro area in the top 10 to report a month-over-month increase in foreclosure activity in September.

Las Vegas reported one foreclosure filing for every 150 households, the nation’s ninth highest metro foreclosure rate.