Activity Increases 121 Percent From Q2 2007 95 of 100 Largest Metro Areas Post Annual Increases
IRVINE, Calif., July 25 /PRNewswire/ -- RealtyTrac(R)
(http://www.realtytrac.com), the leading online marketplace for foreclosure
properties, today released its Q2 2008 U.S. Foreclosure Market Report(TM),
which shows foreclosure filings were reported on 739,714 U.S. properties
during the second quarter, a nearly 14 percent increase from the previous
quarter and a 121 percent increase from the second quarter of 2007. The report
also shows that one in every 171 U.S. households received a foreclosure filing
during the quarter.
RealtyTrac publishes the largest and most comprehensive national database
of foreclosure and bank-owned properties, with over 1.5 million properties
from over 2,200 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.
"Although much of the fallout from foreclosures is being driven by rampant
activity in a few states, such as Nevada, California, Florida, Ohio, Arizona
and Michigan, most areas of the country are seeing at least some increase in
foreclosure activity," said James J. Saccacio, chief executive officer of
RealtyTrac. "Forty-eight of 50 states and 95 out of the nation's 100 largest
metro areas experienced year-over-year increases in foreclosure activity in
the second quarter.
"Bank repossessions, or REOs, accounted for 30 percent of total
foreclosure activity in the second quarter, up from 24 percent of the total in
the first quarter," Saccacio continued. "This shift in the distribution of
activity indicates that there is a progression toward purging the problem
loans out of the system -- at which point the housing market can regain some
sense of normalcy. Of course if another surge in defaults occurs, which could
well happen later this year, it would refill the foreclosure pipeline and
prolong the recovery."
Nevada, California, Arizona post top state foreclosure rates
One in every 43 Nevada households received a foreclosure filing during the
second quarter, the highest foreclosure rate among the states and nearly four
times the national average. Foreclosure filings were reported on 24,657 Nevada
properties during the quarter, up 26 percent from the previous quarter and up
147 percent from the first quarter of 2007.
Foreclosure filings were reported on 202,599 California properties during
the second quarter, the highest total among the states and a rate of one in
every 65 households -- the nation's second highest state foreclosure rate.
Foreclosure activity in California increased 19 percent from the previous
quarter and was nearly three times the level reported in the second quarter of
2007.
With one in every 70 households receiving a foreclosure filing, Arizona
posted the nation's third highest state foreclosure rate in the second
quarter. Foreclosure filings were reported on 37,230 Arizona properties during
the quarter, up nearly 36 percent from the previous quarter and close to four
times the number reported in the second quarter of 2007.
Florida documented the nation's fourth highest state foreclosure rate in
the second quarter, with one in every 78 households receiving a foreclosure
filing during the quarter - more than twice the national average. Foreclosure
filings were reported on 109,433 Florida properties during the quarter, the
second highest total of any state and an increase of nearly 25 percent from
the previous quarter.
Despite a nearly 15 percent quarterly decrease in foreclosure activity in
the second quarter, Colorado posted the nation's fifth highest state
foreclosure rate - one in every 129 Colorado households received a foreclosure
filing during the quarter. Second quarter foreclosure activity in Colorado was
still up more than 50 percent from the second quarter of 2007.
Foreclosure filings were reported on 37,689 Ohio properties in the second
quarter, the third highest total among the states and a rate of one in every
134 households -- the nation's sixth highest state foreclosure rate. Second
quarter foreclosure activity in Ohio was up nearly 21 percent from the
previous quarter and nearly 27 percent from the second quarter of 2007.
With foreclosure filings reported on 32,868 properties during the second
quarter, Michigan notched the fifth highest total among the states. One in
every 137 Michigan households received a foreclosure filing during the
quarter, the nation's seventh highest state foreclosure rate.
Other states with foreclosure rates among the top 10 were Georgia,
Massachusetts and Illinois.
Top 20 metro areas include Las Vegas, Phoenix, Miami, San Diego and
Detroit
The Q2 2008 U.S. Foreclosure Market Report also ranks the nation's 100
largest metropolitan areas by foreclosure rate. California and Florida metro
areas accounted for 16 of the top 20 metro foreclosure rates, with the
California cities of Stockton and Riverside-San Bernardino taking the No. 1
and No. 2 spots.
One in every 25 Stockton households received a foreclosure filing during
the quarter -- nearly seven times the national average -- and one in every 32
Riverside-San Bernardino households received a foreclosure filing during the
quarter -- more than five times the national average. Other California metro
areas in the top 20 were Bakersfield at No. 4, Sacramento at No. 5, Oakland at
No. 8, Fresno at No. 9, San Diego at No. 11, Orange at No. 15, Ventura at No.
16 and Los Angeles at No. 19.
Las Vegas documented the third highest metro foreclosure rate, with one in
every 35 households receiving a foreclosure filing during the quarter.
Foreclosure filings were reported on 21,742 Las Vegas metro properties during
the quarter, up more than 25 percent from the previous quarter and up nearly
144 percent from the second quarter of 2007.
The highest ranked Florida metro area was Fort Lauderdale, which ranked
No. 6 with one in every 51 households receiving a foreclosure filing during
the quarter. Other Florida metro areas in the top 20 were Miami at No. 10,
Orlando at No. 13, Sarasota-Bradenton-Venice at No. 14, Tampa-St. Petersburg-
Clearwater at No. 17 and Palm Beach at No. 18.
One in every 51 households in the Phoenix metro area received a
foreclosure filing during the quarter, ranking No. 7; one in every 66
households in the Detroit metro area received a foreclosure filing during the
quarter, ranking No. 12; and one in every 91 households in the Atlanta metro
area received a foreclosure filing during the quarter, ranking No. 20.
Report methodology
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of
the total number of properties with at least one foreclosure filing reported
during the quarter -- broken out by type of filing at the state and national
level. Data is also available at the individual county level. RealtyTrac's
report incorporates documents filed in all three phases of foreclosure:
Default -- Notice of Default (NOD) and Lis Pendens (LIS); Auction -- Notice of
Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate
Owned, or REO properties (that have been foreclosed on and repurchased by a
bank). If more than one foreclosure document is filed against a property
during the quarter only the most recent filing is counted in the report. The
report also checks if the same type of document was filed against a property
in a previous quarter. If so, and if that previous filing occurred within the
estimated foreclosure timeframe for the state the property is in, the report
does not count the property in the current month.
U.S. Foreclosure Market Data by State - Q2 2008
Rate State NameNOD LIS NTS NFS REO
Rank
--U.S.161,162 157,094 139,955 59,112 222,391
43Alabama 3 0 6800 1,146
32Alaska1 0 445060
3 Arizona 18 025,431011,781
25Arkansas168 0 2,4880 818
2 California 119,836 019,968062,795
5 Colorado 22 010,3310 5,881
19Connecticut 0 3,872 2 845 226
36Delaware 0 0 0 308 297
District of Columbia226 0 7280 221
4 Florida 074,96828 18,37916,058
8 Georgia 107 017,522010,124
41Hawaii 61 0 385050
20Idaho 1,142 0 6930 251
10Illinois 018,302301,912 6,646
11Indiana 0 4,048295,021 4,792
39Iowa 1 0 7510 630
34Kansas0 273 5 735 948
42Kentucky 0 415 8 814 597
40Louisiana 0 3 21,432 455
38Maine 369 0 389067
16Maryland 0 6,881171,357 1,197
9 Mass. 0 6,734224,345 5,072
7 Michigan 5,114 012,526015,228
27Minnesota80 0 2,7770 2,816
46Mississippi 0 0 3660 313
18Missouri 3,289 0 1,9320 4,455
44Montana 7 0 299030
33Nebraska 068 6 973 227
1 Nevada 13,831 0 2,1100 8,716
22New Hampshire 0 0 9520 786
12New Jersey011,725 83,694 1,862
37New Mexico0 877 0 73 200
30New York 011,101 72,292 2,625
26North Carolina6,521 0 4440 3,546
49North Dakota 0 0 0150
6 Ohio 011,71678 10,13115,764
29Oklahoma 1,182 0 1,4340 1,270
23Oregon2,504 0 1,6450 460
31Pennsylvania 0 3,199 74,653 2,548
17Rhode Island 0 0 1,1500 510
35South Carolina0 30511 397 2,466
47South Dakota 0 0 1 8012
13Tennessee 2,935 0 4,1890 4,884
21Texas 308 014,781014,020
14Utah516 0 2,7440 721
50Vermont 0 0 7030
15Virginia 2,882 0 6,4830 4,811
24Washington 39 0 5,8050 1,876
48West Virginia 0 0 136059
28Wisconsin 0 2,607171,670 1,921
45Wyoming 0 086073
Rate State Name Total 1/every X %Change %Change
RankHH (rate) from Q1 08from Q2 07
-- U.S. 739,714 171 13.82121.36
43 Alabama 1,8291,154 7.59 -0.76
32 Alaska 506 547 5.20 75.69
3Arizona 37,230 70 35.86272.26
25 Arkansas 3,474 367 -7.41226.50
2California 202,599 65 19.29197.78
5Colorado16,234 129 -14.54 50.69
19 Connecticut 4,945 290 -35.21 7.95
36 Delaware 605 633 12.66 178.80*
District of Columbia 1,175 241 7.90 3,163.89*
4Florida109,433 78 24.51181.83
8Georgia 27,753 140 -2.63 85.12
41 Hawaii 4961,008 33.69 82.35
20 Idaho2,086 295 15.25148.63
10 Illinois26,890 193 15.83 57.99
11 Indiana 13,890 198 -0.33 59.40
39 Iowa 1,382 955 -11.75 33.14
34 Kansas 1,961 616 40.47131.25
42 Kentucky 1,8341,030 15.93 0.60
40 Louisiana1,892 967 -2.37 73.10
38 Maine 825 838 40.55 2,257.14
16 Maryland 9,452 243 -17.04130.20
9Mass. 16,173 168 -1.18 285.71*
7Michigan32,868 137 11.25 73.18
27 Minnesota5,673 403 34.08* 119.71*
46 Mississippi6791,828 48.25*81.55*
18 Missouri 9,676 271 9.42 85.36
44 Montana3361,286 -20.19 13.90
33 Nebraska 1,274 608 71.70 86.80
1Nevada 24,657 43 25.83146.77
22 New Hampshire1,738 339 -2.80 1,748.94*
12 New Jersey 17,289 201 31.94140.33
37 New Mexico 1,150 739 -2.71 59.94
30 New York16,025 493 11.46 61.66
26 North Carolina 10,511 383 2.22 57.97
49 North Dakota516,035 2.00-25.00
6Ohio37,689 134 20.60 26.93
29 Oklahoma 3,886 414 19.98 72.10
23 Oregon 4,609 344 9.69118.44
31 Pennsylvania10,407 524 76.36*62.76*
17 Rhode Island 1,660 271 5.00 444.26*
35 South Carolina 3,179 621 63.95* 211.97*
47 South Dakota933,794 45.31 1,450.00*
13 Tennessee 12,008 223 -3.08105.19
21 Texas 29,109 317 -13.61 40.47
14 Utah 3,981 226 21.04113.23
50 Vermont 378,366 1,133.33* 236.36*
15 Virginia14,176 228 7.79278.43
24 Washington 7,720 350 16.30 87.11
48 West Virginia 1954,501 36.36 22.64
28 Wisconsin6,215 408 9.57157.88
45 Wyoming1591,504 -3.0587.06*
* Actual increase may not be as high due to data collection changes or
improvements
Top 100 U.S. Metro Foreclosure Market Data - Q2 2008
1/every %Change%Change
Rate X HHfrom from
Rank State Metro NameTotal (rate) Q1 08 Q2 07
-- U.S. Total739,714171 13.82 121.36
1 CA STOCKTON9,066 25 19.92 170.63
2 CA RIVERSIDE/
SAN BERNARDINO 43,600 32 17.08 193.42
3 NV LAS VEGAS/PARADISE 21,742 35 25.53 143.66
4 CA BAKERSFIELD 6,431 41 25.78 294.78
5 CA SACRAMENTO 15,505 49 11.01 125.46
6 FL FORT LAUDERDALE15,558 51 42.39 215.26
7 AZ PHOENIX/MESA 31,613 51 36.65 306.81
8 CA OAKLAND15,904 60 25.56 237.31
9 CA FRESNO 4,806 62 26.08 178.13
10FL MIAMI 15,260 62 30.39 112.86
11CA SAN DIEGO 17,343 65 13.24 206.52
12MI DETROIT/LIVONIA/
DEARBORN 12,826 66 3.42 52.91
13FL ORLANDO11,809 72 12.23 247.94
14FL SARASOTA/BRADENTON/
VENICE 4,690 82 9.10 163.34
15CA ORANGE 12,439 82 29.69 276.71
16CA VENTURA 3,177 85 34.62 228.88
17FL TAMPA/ST PETERSBURG/
CLEARWATER 14,960 87 26.66 158.51
18FL PALM BEACH 7,141 88 50.69 188.29
19CA LOS ANGELES/
LONG BEACH 36,955 91 14.85 168.24
20GA ATLANTA/SANDY
SPRINGS/MARIETTA 22,484 91 -0.31 77.05
21OH TOLEDO 3,253 92 73.31 121.44
22OH AKRON 3,283 93 58.68 24.40
23CO DENVER/AURORA 10,829 95-18.99 44.71
24CA SAN JOSE/SUNNYVALE/
SANTA CLARA 6,437 97 35.66 343.32
25TN-MS-
AR MEMPHIS 5,141105 3.75 95.33
26OH CLEVELAND/LORAIN/
ELYRIA/MENTOR 8,735108 -2.61 -3.69
27DC-MD- WASHINGTON/ARLINGTON/
VA-WV ALEXANDRIA 15,569109 3.05250.97*
28MI WARREN/FARMINGTON
HILLS/TROY 9,312113 17.22 100.26
29OH DAYTON 3,304115 21.47 18.68
30IN INDIANAPOLIS6,058122 -4.30 30.87
31OH COLUMBUS6,285122 17.74 39.11
32MA ESSEX 2,418122 1.77365.90*
33FL JACKSONVILLE4,540125 -0.37 73.35
34IN GARY1,980144 10.61 61.11
35IL CHICAGO21,488144 22.08 58.30
36MA WORCHESTER 2,156146-14.24188.62*
37AZ TUCSON 2,820148 51.29 138.18
38NJ NEWARK 5,458154 26.25 170.47
39IL LAKE/KENOSHA1,573159 5.93 61.66
40MA BOSTON/QUINCY 4,719159 -1.34333.33*
41OH-KY-
IN CINCINNATI 5,601161 15.60 16.49
42NJ CAMDEN 1,588177 40.04 137.37
43WA TACOMA 1,732179 14.40 112.78
44WI MILWAUKEE/WAUKESHA/
WEST ALLIS 3,545184 16.23 208.80
45MO-KS KANSAS CITY 4,643187 38.10 94.84
46MO-IL ST LOUIS6,357192 -4.05 76.73
47MA SPRINGFIELD 1,449195-24.57198.15*
48MA CAMBRIDGE/NEWTON/
FRAMINGHAM 2,994197 9.59337.08*
49TX DALLAS 7,638202 -8.38 10.11
50TX FORT WORTH/ARLINGTON3,785203-17.70 27.44
51TX HOUSTON/BAYTOWN/
SUGARLAND 9,827214-21.18 83.96
52UT SALT LAKE CITY 1,768217 17.16 89.29
53OK TULSA 1,772222 41.65 69.57
54MD BETHESDA/FREDERICK/
GAITHERSBURG1,939229 -9.69167.45*
55NC-SC CHARLOTTE/GASTONIA 2,923232 -5.65 25.45
56TN NASHVILLE/DAVIDSON 2,626238 0.69 126.18
57CT NEWHAVEN/MILFORD
POUGHKEEPSIE/ 1,452240-36.81 -3.33
58NY NEWBURGH/
MIDDLETOWN 1,015241 210.40*423.20*
59MN-WI MINNEAPOLIS/ST
PAUL/BLOOMINGTON5,120256 28.64 106.04
60CA SAN FRANCISCO 2,778263 28.43 203.94
61NC RALEIGH/CARY1,515270 8.45 64.50
62AR LITTLE ROCK/NORTH
LITTLE ROCK 1,074270-16.42 167.16
63RI PROVIDENCE/
NEW BEDFORD 1,660271 5.00444.26*
64CT BRIDGEPORT/
STAMFORD/NORWALK1,283272-31.68 43.19
65NJ EDISON 3,367276 25.26 54.10
66OK OKLAHOMA CITY 1,826282 5.86 75.58
67OR-WA PORTLAND/VANCOUVER/
BEAVERTON 2,961295 10.57 132.05
68TX SAN ANTONIO 2,452301 -5.66 39.08
69NY SUFFOLK/NASSAU 3,298304 -1.61 82.41
70NC GREENSBORO/
HIGHPOINT 1,007304 -4.73 75.44
71NE-IA OMAHA/COUNCIL BLUFFS1,075322113.29 97.97
72PA PHILADELPHIA4,977324 62.43 46.60
73MD BALTIMORE/TOWSON3,389325-19.65105.64*
74CT HARTFORD1,470333-35.67 -0.14
75TN KNOXVILLE 856354-17.77 108.78
76NY ALBANY/SCHENECTADY/
TROY1,062356 74.67 276.60
77SC COLUMBIA 81337347.82*354.19*
78TX AUSTIN/ROUND ROCK 1,611381 -3.19 12.42
79PA PITTSBURGH 2,880383 73.29 87.74
80NY ROCHESTER 1,124392 13.77 10.63
81LA NEW ORLEANS 1,127398 -1.31 83.85
82NM ALBUQUERQUE 857405 -6.13 64.81
83WA SEATTLE/BELLEVUE/
EVERETT 2,616411 25.89 69.10
84NY-NJ NEW YORK/WAYNE/
WHITE PLAINS 10,189432 16.61 66.19
85VA RICHMOND1,104456 -6.60804.92*
86KS WICHITA 548466 56.13 122.76
87DE-MD-
NJ WILMINGTON576483 -9.29 244.91
88SC GREENVILLE536492 40.68587.18*
89KY-IN LOUISVILLE 1,032523 3.72 -21.22
90VA-NC NORFOLK/VIRGINIA
BEACH/NEWPORT NEWS 1,081551 -1.28170.25*
91TX EL PASO 408611 65.85 2.77
92TX MCALLEN/EDINBURG/
PHARR 392612-25.62 276.92
93SC CHARLESTON437627 21.39 67.43*
94PA SCRANTON/WILKES/
BARRE/HAZLETON360715115.57 56.52
95NY BUFFALO/CHEEKTOWAGA/
TONAWANDA** 680765 0.44 77.55
96LA BATON ROUGE 400780 13.96 132.56
97AL BIRMINGHAM/HOOVER 574798 48.70 -43.39
98NY SYRACUSE 331860 5.75 154.62
99PA ALLENTOWN/BETHLEHEM/
EASTON317972 1168.00 10.84
100 HI HONOLULU 250 1,331 61.29 63.40
* Actual increase may not be as high due to data collection changes or
improvements
** Actual Total and Rate may be higher because of limited data coverage
About RealtyTrac Inc.
Ranked as the third largest real estate site by Media Metrix and No. 53
on Inc. magazine's 2006 Inc. 500 list of the nation's fastest-growing private
companies, RealtyTrac Inc. (http://www.realtytrac.com), is the leading online
marketplace for foreclosure properties, providing all the resources that home
seekers, investors and real estate agents need to locate, evaluate and buy
properties below market value.
Founded in 1996, RealtyTrac publishes the largest and most comprehensive
national database of pre-foreclosure, foreclosure, For Sale By Owner, resale
and new homes, with more than 1 million properties across the country,
property reports, productivity tools and extensive professional resources.
RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen
to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall
Street Journal's Real Estate Journal. For current news and information
regarding foreclosure-related issues and trends, visit our blog at
http://www.ForeclosurePulse.com.
SOURCE RealtyTrac
