One New Foreclosure Filing for Every 822 U.S. Households
Despite 10 Percent Dip in April Listings, U.S. Foreclosure
Listing Activity Remains High
May 14, 2007
The latest foreclosure listing data compiled by Bargain
Network, a leading online provider of real estate foreclosures,
pre-foreclosures and for-sale-by-owner property listings and information, shows
approximately 140,711 properties entering various states of the foreclosure
process in April 2007. Compared to last month’s foreclosure listing count of
158,013, April foreclosure filings represent a 10 percent reduction over March
filings. Despite the slight decline in the total number of foreclosures
recorded, April represents the second highest foreclosure listing activity
month year to date. On Average, the total number of households entering some
phase of the foreclosure process in April was nearly 32 percent higher than the
previous six months (November 2006- March, 2007).
Top Five States Represent 55 Percent of All Foreclosure Listing Activity
In April 2007, five states accounted for 55 percent of the total number of
foreclosure filings for the month; four of which have been in the top total
U.S. filings for three consecutive months. California had the highest number of
foreclosure home listings for the month, with 25,198 homes entering into some
phase of the foreclosure process, or one foreclosure for every 484 households.
California accounted for nearly 18 percent of the 140,711 total U.S. filings in
April 2007. Florida ranked second in volume with 24,523 total foreclosure home
filings, or one foreclosure for every 298 households. Florida accounted for
nearly 17 percent of the total U.S. foreclosure listings in April 2007.
Texas posted the third highest foreclosed home activity numbers, recording more
than 10,000 properties entering the foreclosure process in April 2007, a 10
percent increase over March 2007. Texas accounted for 7 percent of the total
U.S. filings, with one foreclosure for every 796 households. Fourth and fifth
ranked states, Colorado and Illinois, averaged a 25 percent reduction in
foreclosure activity from last month, but still accounted for approximately 6
percent of the total U.S. filings in April 2007. Colorado recorded nearly 9,000
homes entering the foreclosure process. Illinois listed approximately 8,000
homes in some stage of foreclosure.
Colorado’s foreclosure saturation rate was the second greatest in the nation for
April 2007, with approximately one filing for every 205 households, over 16
times the national average.
While Some States Level Off, Washington DC Rises to the Top in Foreclosure
Listings
Washington DC recorded the greatest jump in foreclosure filing activity during
April 2007 with a 42 percent increase over last month. Foreclosure activity in
Maryland increased by roughly 18 percent, and was followed closely by Wisconsin
and Virginia (each posting more than a 17 percent increase). In addition, Texas
and Wyoming foreclosure listings rose 10 percent. The six states combined
equated to 12,900 total foreclosure filings for the month of April 2007, or 9%
of the total US foreclosure activity.
Total households entering some phase of the foreclosure process in April
decreased for 33 of the 50 states over the previous month’s listings. Hawaii
reported only half the number of households entering the foreclosure process in
April 2007 versus March with 221 filings in April compared to 116 filings in
March. Maine’s foreclosure filings reduced by 30 percent over the previous
month. Illinois, California, North Dakota and Colorado each reduced the number
of foreclosure filings by more than 20 percent overall in April 2007.
Single Family Homes Lead the Way
On a nationwide level, the bulk of the foreclosure activity in April –
approximately 88 percent – occurred in the Single Family Residence market. The
Townhome and Condo markets, which represent a much smaller portion of the
overall real estate market, contributed approximately seven percent of the
foreclosure filings for April 2007. The remaining five percent of foreclosure
home listing activity comprised Land, Commercial Buildings, Multi-Family
Residences, Mobile Homes, etc.
-
Single Family Residence:
Nationally, the average percentage of Single Family Residence foreclosure
filings per state was approximately 88 percent. Only five states reported less
than 80 percent of their foreclosure activity in the Single Family Residence
market segment, including Florida, Rhode Island, Alaska, Massachusetts and
Hawaii (each ranged between 63 to 79 percent). Kansas, Oklahoma, Nebraska,
Washington DC, Michigan, Mississippi, Alabama and Iowa exceeded the national
average for Single Family Residence foreclosure activity with averages ranging
from 96 to 99 percent.
-
Condo/Townhome:
Condo/Townhome properties accounted for approximately seven percent of the
total foreclosure filings during the month of April. Seven states posted
notably higher than average rates of Condo/Townhome foreclosures, including
Hawaii, Florida, Alaska, Virginia, Maryland, California, and Delaware. In these
states, between 10 to 29 percent of the foreclosure activity involved Townhomes
or Condos. Hawaii topped the list at 29 percent, Florida and Alaska each
recorded 13 percent.
-
Multi-Family Units:
In Rhode Island, 23 percent of the total homes entering some phase of the
foreclosure process were Multi-Family Units which is six times the national
average of 3.7 percent. Massachusetts posted 21 percent of the state’s
foreclosure activity in the Multi-Family Unit category.
-
Land:
Florida reported four percent of the foreclosure activity in the Land market
segment, three times the national average of 1.25 percent. Utah, Alaska, and
Texas, all known for land availability investment opportunities, were the top
three states in the Land category, with two to three percent of the total
foreclosure filings categorized as “Land Type” real estate properties.
|
Location |
Total Count |
% Change Since
Last Month |
1 Foreclosure for
every # of HH |
| Alabama |
1,064 |
8% |
1,845 |
| Alaska |
236 |
0% |
871 |
| Arizona
|
5,007 |
-3% |
438 |
| Arkansas |
1,493 |
-4% |
785 |
| California |
25,198 |
-23% |
484 |
| Colorado |
8,907 |
-22% |
205 |
| Connecticut |
168 |
-19% |
8,264 |
| DC |
58 |
41% |
5,915 |
| Delaware |
30 |
-17% |
9,093 |
| Florida |
24,523 |
-9% |
298 |
| Georgia |
4,130 |
-7% |
750 |
| Hawaii |
116 |
-48% |
3,982 |
| Idaho |
569 |
-10% |
923 |
| Illinois |
7,993 |
-23% |
612 |
| Indiana |
2,374 |
-4% |
1,063 |
| Iowa |
423 |
-4% |
2,7912 |
| Kansas |
360 |
-16% |
3,136 |
| Kentucky |
937 |
-19% |
1,869 |
| Louisiana |
683 |
-3% |
2,757 |
| Maine |
102 |
-30% |
6,362 |
| Maryland |
303 |
18% |
7,071 |
| Massachusetts |
632 |
-3% |
4,151 |
| Michigan |
6,525 |
8% |
648 |
| Minnesota |
1,677 |
-4% |
1,233 |
| Mississippi |
697 |
2% |
1,820 |
| Missouri |
4,147 |
-15% |
588 |
| Montana |
275 |
-1% |
1,501 |
| Nebraska |
871 |
2% |
825 |
| Nevada |
4,631 |
-17% |
825 |
| New Hampshire |
138 |
-5% |
3,951 |
| New Jersey |
4,940 |
1% |
670 |
| New Mexico |
707 |
-17% |
1,103 |
| New York |
1,188 |
-8% |
6,467 |
| North Carolina |
1,564 |
-8% |
2,252 |
| North Dakota |
22 |
-23% |
13,156 |
| Ohio |
4,751 |
6% |
1,006 |
| Oklahoma |
1,520 |
-17% |
983 |
| Oregon |
1,548 |
10% |
940 |
| Pennsylvania |
1,398 |
6% |
3,756 |
| Rhode Island |
149 |
6% |
2,950 |
| South Carolina |
796 |
6% |
2,203
|
| South Dakota |
50 |
-11% |
6,429 |
| Tennessee |
1,369 |
-1% |
1,791 |
| Texas |
10,119 |
10% |
796 |
| Utah |
1,364 |
4% |
564
|
| Vermont |
11 |
-8% |
26,762 |
| Virginia |
963 |
17% |
2,997 |
| Washington |
2,342 |
-10% |
1,021 |
| West Virginia |
186 |
-2% |
4,541 |
| Wisconsin |
1,436 |
17% |
1,603 |
| Wyoming
|
23 |
10% |
9,732 |
The Bargain Network Monthly U.S. Foreclosure Trend Report provides foreclosure
activity information and changes based on the total number of homes entering
some stage of foreclosure nationwide. Data is also available at the individual
state level. Bargain Network’s report includes real estate properties in all
three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis
Pendens (LIS); Foreclosures — 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). For more information, visit
www.bargain.com/homes.
About Bargain Network
Bargain Network is a leading online
provider of fast and accurate information on the pricing, quality and
availability of hard-to-find real estate bargains such as pre-foreclosures,
foreclosures, and for sale by owner properties. A trusted resource for real
estate information for over 10 years, Bargain Network has leveraged
leading-edge, proprietary search technology with best-of-breed customer
management practices to enable home buyers and sellers to find, evaluate and
purchase properties at below market costs. Bargain Network has over 700,000
hard-to-find properties with daily updates. Millions of consumers have used
Bargain Network to help them find the right property online at the right price.
For more information, please visit http://www.bargain.com.
Media Contact:
Barbara King
C2K Communications
908.347.9026
email: c2kpr@optonline.com
Please note:
The information provided in this news release is based on an analysis of
proprietary data from a variety of independent, proprietary and public sources.
Bargain Network assumes no liability for errors or omissions. The data provided
is for information purposes only.