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U.S. FORECLOSURE ACTIVITY INCREASES 75 PERCENT IN 2007
By RealtyTrac Staff   

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.

Click to enlarge

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 Totals

Rate Rank State Name Total Foreclosure Filings %Change from 2006 %Change from 2005 Total Properties with Filings %Households (foreclosure rate)
-- United States

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 207 and Dec 2007

  Dec 2007 Q4 2007
State Name Total Filings %Change from Nov 07 %Change from Dec 06 Total Filings %Change from Q3 07 %Change from Q4 06 Total Properties with Filings
United States

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.

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Media Contact:
Michelle Sabolich
Atomic Public Relations
415-402-0230
michelle.sabolich@atomicpr.com


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