U.S. FORECLOSURE ACTIVITY INCREASES 75 PERCENT IN 2007
More Than 2.2 Million Foreclosure Filings on Nearly 1.3 Million Properties Reported
IRVINE, Calif. – Jan. 29, 2008 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released year-end data from its 2007 U.S. Foreclosure Market Report, which shows a total of 2,203,295 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 1,285,873 properties nationwide during the year, up 75 percent from 2006. The report also shows that more than 1 percent of all U.S. households were in some stage of foreclosure during the year, up from 0.58 percent in 2006.
A total of 215,749 foreclosure filings were reported in December, up 97 percent from December 2006 and bringing the fourth-quarter total to 642,150 filings on 527,740 properties — up 1 percent from the previous quarter and up 86 percent from the fourth quarter of 2006.
“The year ended with a monthly increase of 7 percent in December, making it the fifth straight month with more than 200,000 foreclosure filings reported and giving the fourth quarter the highest quarterly total we’ve seen since we began issuing our report in January 2005,” said James J. Saccacio, chief executive officer of RealtyTrac. “It also pushed the foreclosure filing total for 2007 well over 2 million. And while filings were up 75 percent, the number of properties in some stage of foreclosure was up 79 percent, indicating that some properties may have just entered the initial stage of foreclosure in 2007 and could be going through the rest of the foreclosure process in 2008 — unless lender and government intervention efforts begin to gain more traction.”
Top annual foreclosure rates
Nevada posted the nation’s highest state foreclosure rate for 2007, with 3.4 percent of its households entering some stage of foreclosure during the year — more than three times the national average. The state documented the highest monthly foreclosure rate in all 12 months of the year. A total of 66,316 foreclosure filings on 34,417 properties were reported in Nevada in 2007, an increase of more than 200 percent in total filings from 2006.
With more than 2 percent of its households entering some stage of foreclosure during the year, Florida documented the second highest state foreclosure rate for 2007. A total of 279,325 foreclosure filings on 165,291 properties were reported in the state during the year, more than twice the number of filings reported in 2006. The state’s foreclosure filing total in December was up 275 percent from December 2006, and its fourth quarter total was up 211 percent from the fourth quarter of 2006.
Michigan documented the nation’s third highest state foreclosure for 2007, with 1.9 percent of its households entering some stage of foreclosure during the year. A total of 136,205 foreclosure filings on 87,210 properties were reported in the state during the year, a 68 percent increase in total filings from 2006. Michigan foreclosure activity dipped 17 percent from the third quarter to the fourth quarter, but its December foreclosure filing total was still up more than 70 percent from December 2006.
California, Colorado, Ohio, Georgia, Arizona, Illinois and Indiana all posted foreclosure rates among the nation’s top 10 in 2007, and all these states documented more than 1 percent of their households entering some stage of foreclosure during the year.
Highest foreclosure filing totals
With a total of 481,392 foreclosure filings on 249,513 properties during the year, California documented the highest number of foreclosure filings and the most properties in some stage of foreclosure in 2007. The state’s total foreclosure filings more than tripled from 2006, and the state’s 2007 foreclosure rate — 1.9 percent of its households entering some stage of foreclosure during the year — ranked fourth highest among the states. California foreclosure filings were down 3 percent from the third quarter to the fourth quarter despite a 33 percent spike in December, but total foreclosure filings in the fourth quarter were still nearly three times the number reported in the fourth quarter of 2006.
Florida tallied the second highest totals, both in terms of foreclosure filings and properties entering some stage of foreclosure in 2007. (See above for more details on Florida.)
Ohio’s total foreclosure filings, 153,196, and total properties entering some stage of foreclosure, 89,979, both ranked third highest among the states for 2007. The state’s foreclosure filings increased 88 percent from 2006, and its 2007 foreclosure rate was the nation’s sixth highest, with 1.8 percent of the state’s households entering some stage of foreclosure during the year. Ohio’s high ranking for the year came despite a dip in foreclosure activity in the fourth quarter, when foreclosure filings decreased 2 percent from the previous quarter. The state’s December foreclosure filings were down 26 percent from the previous month but still up 64 percent from December 2006.
Other states with foreclosure filing totals among the top 10 were Texas, Michigan, Georgia, Illinois, Colorado, Arizona and Nevada.
Report methodology
The RealtyTrac 2007 Year-End U.S. Foreclosure Market Report provides the total number of foreclosure filings nationwide and by state, along with the total number of unique addresses entering some stage of foreclosure and percentage of total households entering some stage of foreclosure (foreclosure rate). Data is also available at the individual county level.
The household numbers are based on the U.S. Census Bureau’s 2005 estimates of total housing units. Foreclosure filings include foreclosure-related documents 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).
U.S. Foreclosure Market Statistics by State -- 2007 TotalsRate State Total %Change %Change Total %Households Rank Name Foreclosure from from Properties (foreclosure Filings 2006 2005 with Filings rate) -- U.S. 2,203,295 74.99 148.83 1,285,873 1.033 37 Alabama 7,903 81.76 83.07 5,572 0.268 28 Alaska 1,650 54.64 17.69 1,332 0.486 8 Arizona 69,970 150.91 160.70 38,568 1.516 26 Arkansas 14,310 26.44 23.58 6,406 0.513 4 California 481,392 237.99 681.95 249,513 1.921 5 Colorado 71,149 29.96 140.12 39,403 1.919 16 Connecticut 23,470 100.05* 111.38* 11,860 0.833 38 Delaware 1,430 225.00* 342.72* 999 0.266 District of Columbia 800 607.96* 393.83* 777 0.280 2 Florida 279,325 123.96 129.25 165,291 2.002 7 Georgia 99,578 31.07 118.43 59,057 1.566 43 Hawaii 1,270 88.71 -60.39 966 0.197 20 Idaho 6,032 140.51* 119.83* 3,640 0.611 9 Illinois 90,782 25.29 94.30 64,310 1.250 10 Indiana 52,930 11.31 73.57 27,980 1.027 33 Iowa 7,404 114.92* 251.90* 4,103 0.314 42 Kansas 4,978 20.85 161.31* 2,434 0.203 35 Kentucky 8,793 23.45 76.96 5,105 0.274 41 Louisiana 7,331 151.58* 90.61 3,968 0.204 48 Maine N/A N/A N/A 286 0.042 17 Maryland 25,109 455.26 388.41 18,879 0.830 19 Mass. 41,487 161.14 751.36 17,737 0.660 3 Michigan 136,205 68.32 282.22 87,210 1.947 25 Minnesota 13,615 127.11* 506.73* 11,557 0.513 45 Mississippi 1,997 91.65 4.55 1,409 0.114 13 Missouri 32,022 80.93 176.74 23,492 0.906 36 Montana 1,378 29.27 52.60 1,150 0.268 30 Nebraska 3,971 30.88 91.84 3,636 0.474 1 Nevada 66,316 215.12 758.68 34,417 3.376 40 New Hampshire N/A N/A N/A 1,238 0.212 14 New Jersey 53,652 34.06 52.75 31,071 0.902 32 New Mexico 3,893 -26.04 -46.55 2,994 0.357 27 New York 57,350 10.19 54.72 38,688 0.493 18 North Carolina 37,426 66.52 135.07 29,101 0.739 46 North Dakota 308 74.01 86.67 250 0.082 6 Ohio 153,196 87.93 207.35 89,979 1.797 23 Oklahoma 13,594 -12.78 0.71 8,256 0.520 22 Oregon 10,746 12.25 56.76 8,461 0.543 34 Pennsylvania 34,089 -11.07 18.98 16,379 0.302 31 Rhode Island 3,241 153.80* 7804.88* 1,838 0.410 39 South Carolina 5,038 -27.56 -33.76 4,247 0.220 50 South Dakota N/A N/A N/A 24 0.007 11 Tennessee 45,834 24.56 65.66 25,914 0.983 12 Texas 149,703 -4.57 9.22 84,469 0.936 15 Utah 9,668 -25.87 -16.19 7,438 0.852 49 Vermont 61 35.56 1.67 29 0.009 24 Virginia 24,199 456.30 728.73 16,307 0.514 21 Washington 23,705 27.95 59.47 15,184 0.573 47 West Virginia 1,135 30.31 10.95 460 0.053 29 Wisconsin 17,503 131.15* 241.79* 12,133 0.486 44 Wyoming 497 21.52 99.60 356 0.151
*Actual increase may not be as high due to expanded data coverage in this
state.
U.S. Foreclosure Market Statistics by State -- Q4 2007 and Dec 2007Dec 2007 Q4 2007 %Change %Change %Change %Change Total from from from from Properties State Total Nov Dec Total Q3 Q4 with Name Filings 07 06 Filings 07 06 Filings U.S. 215,749 6.83 96.76 642,150 1.10 85.83 527,740 Alabama 693 5.00 6.29 2,182 35.70 17.25 1,698 Alaska 321 105.77 306.33 729 113.16 156.69 549 Arizona 7,599 31.77 200.95 19,705 -13.38 136.53 18,872 Arkansas 1,360 19.30 77.31 3,996 17.08 57.76 2,770 California 53,292 33.26 322.18 143,685 -3.01 199.54 128,565 Colorado 6,262 -2.54 28.74 18,066 -3.88 16.50 14,314 Connecticut 1,733 35.18 61.36 4,609 -18.61 34.14 2,692 Delaware 54 -59.09 68.75 317 -44.68 178.07 197 District of Columbia 265 223.17 6525.00* 429 29.61 1330.00* 369 Florida 31,219 6.78 275.18 90,647 4.84 211.54 75,051 Georgia 7,697 -14.17 19.24 28,017 5.59 37.30 23,261 Hawaii 130 15.04 202.33 374 2.47 105.49 314 Idaho 694 4.05 767.50* 1,961 21.65 259.82* 1,508 Illinois 9,864 19.74 42.89 27,776 38.82 34.08 23,481 Indiana 3,711 -34.13 8.00 14,629 5.15 37.00 10,549 Iowa 561 -25.00 18.60 1,982 -10.19 43.94 1,253 Kansas 367 4.26 3.38 1,221 -2.24 2.95 959 Kentucky 414 -45.38 -19.92 1,984 -13.96 3.60 1,206 Louisiana 437 -32.87 10.63 1,808 -2.95 45.69 1,139 Maine 116 -1.69 1833.33* 381 -10.77 580.36* 171 Maryland 3,079 -1.60 1478.97 9,735 16.73 870.59 8,993 Mass. 4,220 25.71 -12.86 10,481 -17.15 26.13 4,508 Michigan 11,644 1.57 70.93 36,523 -16.59 64.43 32,379 Minnesota 1,232 1.82 71.83 4,092 2.20 113.35 3,834 Mississippi 153 -20.31 -9.47 564 14.17 39.26 496 Missouri 3,187 -4.55 61.37 10,111 29.15 91.35 8,793 Montana 151 27.97 73.56 415 31.33 28.88 395 Nebraska 474 -2.07 85.16 1,296 30.12 32.92 1,243 Nevada 10,979 64.01 396.11 24,291 44.44 249.61 18,935 New Hampshire 487 15.95 3958.33* 1,481 9.22 3602.50* 557 New Jersey 3,250 -23.20 -15.91 12,326 -9.73 -11.18 9,756 New Mexico 409 57.92 30.25 1,148 84.57 28.13 1,011 New York 4,619 -20.28 -1.51 16,932 18.64 22.02 12,577 North Carolina 3,240 -18.41 157.14 11,236 28.24 148.04 9,945 North Dakota 26 -18.75 85.71 83 16.90 93.02 68 Ohio 12,066 -26.01 64.19 45,650 -2.49 99.62 33,660 Oklahoma 930 -21.72 23.02 3,419 1.88 13.51 2,649 Oregon 1,099 -10.07 310.07 3,416 26.71 86.46 3,120 Pennsylvania 2,239 -13.12 -39.55 7,986 -19.49 -16.84 5,483 Rhode Island 278 -6.08 445.10 936 14.71 140.00 566 South Carolina 515 -2.09 47.99 1,601 24.01 21.20 1,197 South Dakota 27 22.73 35.00 68 -9.33 7.94 N/A Tennessee 3,778 -2.18 32.47 12,189 -0.07 20.48 8,763 Texas 12,253 5.64 -13.68 36,140 -18.04 -3.85 28,611 Utah 831 -15.29 15.10 2,862 31.71 5.73 2,480 Vermont 3 -50.00 200.00* 18 -28.00 500.00* 9 Virginia 3,955 53.41 971.82 9,051 17.27 700.27 7,945 Washington 2,016 -18.48 59.87 6,682 10.72 55.54 5,811 West Virginia 32 -34.69 -70.91 129 -54.58 -45.57 84 Wisconsin 1,744 -26.88 196.10 6,635 34.23 208.75 4,814 Wyoming 44 -29.03 41.94 156 -11.86 14.71 139
*Actual increase may not be as high due to improved or expanded data coverage in this state.
About RealtyTrac Inc.
Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (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 more charts, graphs, commentary on the 2007 year-end report, and to offer your own insights and opinions, visit the Foreclosure Pulse blog.
