properties, today released its November 2006 U.S. Foreclosure Market
Report, which shows that 120,334 properties nationwide entered some stage of foreclosure during the month, an increase of 4 percent from the previous month and an increase of 68 percent from November 2005. The report also shows a national foreclosure rate of one new foreclosure filing for every 961 U.S. households, the highest monthly foreclosure rate reported so far this year.
database of pre-foreclosure and foreclosure properties, with over 700,000 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.
"Defaults, auctions and bank repossessions all trended higher in
November, bringing the year-to-date foreclosure total to almost 1.2 million - up 43 percent from the same 11-month period of 2005," said James J.Saccacio. "With home price appreciation slowing, and even declining in some areas of the country, homebuyers who stretched themselves financially to purchase a property don't have much equity to work with if they experience even a small bump in their mortgage rate or disruption in their income.
However, the recent dip in interest rates, combined with relatively low
unemployment in most areas of the country, should keep foreclosures from accelerating to the point where they impact the entire housing market."
Nevada beats out Colorado for highest foreclosure rate
After eight consecutive months with Colorado posting the nation's
highest foreclosure rate, Nevada's foreclosure rate jumped to the top spot thanks to a 12 percent increase in foreclosure activity from the previous month. Nevada reported 2,506 properties entering some stage of foreclosure during the month, nearly triple the number reported in November 2005 and a foreclosure rate of one new foreclosure filing for every 346 households - 2.8 times the national average.
Colorado foreclosure activity decreased nearly 10 percent from the
previous month, helping the state's foreclosure rate - one new foreclosure filing for every 362 households -- drop to second highest among the states.
The state reported 5,051 properties entering some stage of foreclosure,
still up 88 percent from November 2005.
With one new foreclosure filing for every 439 households, Georgia
documented the nation's third highest state foreclosure rate for the second month in a row. The state reported 7,056 properties entering some stage of foreclosure, a 2 percent increase from the previous month and a nearly 60 percent increase from November 2005.
Other states with foreclosure rates among the nation's 10 highest were
Ohio, Texas, Michigan, California, New Jersey, Indiana and Tennessee.
California reports highest number of foreclosures for third straight
month
More than 19,000 California properties entered some stage of
foreclosure during November, the most of any state for the third straight month and an increase of more than 19 percent from the previous month. The state's foreclosure rate of one new foreclosure filing for every 635 households rose to 1.5 times the national average and jumped to seventh highest among the states after being 12th highest the previous month. California foreclosure activity has more than tripled from a year ago.
Texas foreclosure activity jumped more than 40 percent in November
after posting a decline in October. The increase pushed the state's
foreclosure total to 13,664, the second highest total of any state. The
state's foreclosure rate of one new foreclosure filing for every 589
households was 1.6 times the national average and fifth highest in the
nation.
Despite an 18 percent month-to-month decrease in foreclosure activity,
Florida reported the third highest foreclosure total in November. The state reported 9,362 properties entering some stage of foreclosure, up more than 5 percent from November 2005 and a foreclosure rate of one new foreclosure filing for every 780 households -- 12th highest among the states.
Ohio, Michigan, Georgia, Illinois, New Jersey, Colorado and New York
rounded out the 10 states with the most new foreclosure filings in
November.
Highest metro foreclosure rates in Colorado, Michigan and California
For the fourth month in a row, Greeley, Colo., posted the highest
foreclosure rate among the nation's 200-plus largest metropolitan areas. The Greeley metro area (Weld County) documented 428 properties entering some stage of foreclosure, an increase of 13 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 155 households -- more than six times the national average.
Despite a 21 percent decrease in foreclosure activity, the Detroit
metropolitan area (Wayne County) registered the nation's second highest metro foreclosure rate for the second month in a row. The metro area reported 3,333 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 248 households.
With one new foreclosure filing for every 250 households, Riverside/San
Bernardino, Calif., documented the nation's third highest MSA foreclosure rate in November. The two-county metro area reported 4,747 properties entering some stage of foreclosure during the month, an increase of more than 57 percent from the previous month and 3.8 times the national average.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the
total number of homes entering some stage of foreclosure nationwide and by state over the preceding month. Data is also available at the individual county level. RealtyTrac's report includes properties in all three phases of foreclosure: Defaults -- Notice of Default (NOD) and Lis Pendens (LIS); Auctions -- 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).
