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Foreclosure Data
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“While foreclosures are not at historically high levels, 42-percent year-over-year increase is certainly noteworthy,” said James J. Saccacio, chief executive officer of RealtyTrac. “The increase in the number of properties in foreclosure was driven partly by the general slowing of overall housing sales and partly by the impact of monthly mortgage payments increasing dramatically for homeowners who held some of the riskier types of adjustable-rate and subprime mortgages. As more and more of these loans reset, we saw a surge to finish the year, with the fourth quarter producing more foreclosure filings than any of the three previous quarters.” Total foreclosure filings jumped to 1,259,118 in 2006, up from 885,000 in 2005. Although foreclosures show significant spikes, Saccacio says it's still within the range of normal averages. “It's true that foreclosures could have a negative impact on the housing market if they continue to increase at this rate, and in some of the more problematic local markets, they already may be contributing to slowing home price appreciation and a glut of homes for sale,” said Saccacio. “However, most markets have been able to reabsorb foreclosure homes without seeing any major damage to the local economy.” By Foreclosure Rate Colorado, Georgia, and Nevada topped the charts for highest foreclosure rates. Colorado reported one foreclosure for every 33 households—3 percent of its entire population. Colorado also posted the eighth highest increase from 2005 when compared to all states. Georgia and Nevada alike filed one foreclosure for every 41 households. For Georgia, that's 2.5 percent of the state's population and only 2.4 percent for Nevada. Also in the nation's top 10 for foreclosure rates are Texas, Michigan, Indiana, Florida, Ohio, Utah and Tennessee. By Foreclosure Filings Texas topped the list for total foreclosures, reporting 156,876 foreclosures for 2006 and accounting for almost 13 percent of the United States' total. Texas reported more foreclosures than any other state eight times during the year. California reported twice as many foreclosures in 2006 than in 2005, claiming 142,429 foreclosure filings. Florida came in as a close third with 124,721 foreclosures but only showed a 2-percent increase over 2005. Joining Texas, California, and Florida in the nation's top 10 for foreclosure filings include Ohio, Michigan, Georgia, Illinois, Colorado, New York, and Indiana. By Metro Foreclosure Rate In excess of 10,000 foreclosures were filed in Detroit the nation's highest rate among the the 100 largest metropolitan areas. Closely behind Detroit, followed Atlanta with 63, 737 foreclosures and Indianapolis claiming 4.3 percent of all its households. Denver, Dallas, Fort Worth, Las Vegas, Memphis, Fort Lauderdale, and Miami were also among the nation's top 10 for foreclosure rates for metro areas. RealtyTrac's data includes all homes entering some stage of foreclosure in 2006. This includes defaults, auctions, and REO properties. contact us |
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