USA Foreclosure Listing Activity Heats Up
Toward Summer:
New Foreclosure Trend Report Indicates 20%
Rise since Last Quarter and More than 50% Jump Compared to March 2006.
April 11, 2007
Updated quarterly 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,
indicates that the number of foreclosures in the first quarter of 2007 (January
through March) rose approximately 20 percent to 414,000 filings compared to the
fourth quarter of 2006 (October through December). In addition, foreclosure
activity in the most recent month (March 2007) rose more than 25 percent over
the previous month to approximately 158,000. The report supports the widespread
predictions made by economists and real estate experts, who anticipated that
the rate of foreclosure activity would continue in robust fashion this year.
When the nationwide foreclosure statistics for the current month (March 2007)
are compared to similar numbers from March 2006, for example, foreclosure
listing in the USA is estimated to have climbed upwards of 50 to 60 pecent.
Top 4 States Represent More than Half of all Foreclosure
Listing Activity
During the March 2007 period, the four states with the highest
levels of foreclosure listing activity accounted for 52 percent of total
foreclosure filings. California recorded more than 32,500 homes entering some
phase of the foreclosure process, or one foreclosure for every 373 households.
Of the estimated 158,000 homes representing the foreclosure activity in March,
one out of every five was in California. Florida was second on the list in
terms of foreclosure filings with over 27,000, followed by Colorado and
Illinois at approximately 11,000 filings. Of those four states, Colorado’s
foreclosure saturation rate was the highest with an estimated one foreclosure
filing for every 161 households. Florida and California together accounted for
between 35 and 40 percent of all foreclosures in the nation for March, and
these two influential states contributed close to 37 percent of the total
nationwide activity for the first quarter of 2007.
In fact, the four states mentioned above accounted for more than
half of all foreclosure activity in the USA, for both the month of March as
well as for the entire quarter. Other brisk markets included Michigan (6,055),
Nevada (5,581), and Arizona (5,137). New Jersey and Missouri each had around
4,800 foreclosure properties, with Ohio and Georgia racking up similar numbers
of about 4,400 each.
Illinois saw the greatest statistical increase in month over
month foreclosure property activity with a jump of about 82 percent compared to
February. New Jersey also saw a dramatic month over month spike of nearly 80
percent, and Georgia climbed more than 65 percent in the same period. Florida
and Michigan both rose about 33 percent, with California’s rate of change from
February to March breaking into the double digits at more than twelve percent.
Texas Plays Hold ‘Em as Neighboring Louisiana Welcomes a
Slowdown
While the overall national foreclosure filing rate was higher in
March than it has been in pasts months, several states actually saw a decrease
in the number of foreclosures, or saw little change compared to the month
previous. For example, Texas recorded an estimated 9,200 real estate properties
entering some stage of the foreclosure process, which is less than a one
percent change compared with last month. Mississippi, Pennsylvania, and Utah
also remained relatively consistent in terms of foreclosure activity each
recording changes of less than four percent.
Several states recorded decreased levels of foreclosure
activity, the most notable being Katrina-ravaged Louisiana where foreclosure
activity in March declined by approximately 43 percent. New York State also
managed to slip into negative territory, showing a drop of about five percent
between February and March. For New York, this brought the foreclosure
saturation rate to a mere one foreclosure filing for every 5,900 homes, which
is well under the national average of one foreclosure filing for every 732
homes.
Single Family Homes Lead the Way, but Condos & Townhomes also
Count
On a nationwide level, the bulk of the foreclosure activity –
approximately 81 percent – occurred in the single family residence market. The
Townhome and Condo market, which represents a much smaller portion of the
overall housing market, contributed to approximately six percent of the
foreclosure filings. The remaining thirteen percent of the foreclosure mix of
Land, Commercial Buildings, Multi-Family Residences, Mobile Homes, etc.
-
Single Family Residence:
Compared with the national average of 81 percent, Idaho, California, South
Carolina, and Michigan each recorded significantly fewer Single Family
Residence foreclosure filings, ranging between 57 - 67 percent. In Idaho, the
bulk of the difference can be attributed directly to the increase in
foreclosure activity in the Condo and Townhome market. Alabama, Missouri,
Virginia, and Ohio, on the contrary, each recorded significantly more
foreclosures in the Single Family Residence market than the national average,
ranging from 96 – 99 percent.
-
Condo/Townhome:
In the Condo/Townhome market, which represented about six percent of the total
foreclosure filings during the month of March, several states posted higher
than average rates of Condo/Townhome foreclosures. In Idaho, for example,
almost 27 percent of the foreclosure activity involved townhomes or condos, the
highest rate in the nation. Massachusetts, Washington State, and Georgia also
topped the list with fifteen percent, fourteen percent, and thirteen percent
respectively.
-
Land:
More than six percent of the foreclosure activity in Georgia involved parcels
of land, although land accounted for only about two percent of the foreclosure
activity nationwide. Oklahoma and Texas – known for their large ranches and
expansive tracts of land – ranked at the bottom of this list with the least
activity.
-
Multi-Family Units:
In Michigan, approximately 1,500 multi-family residences entered some state of
the foreclosure process in March, a figure that represents more than 25 percent
of Michigan’s total. South Carolina also posted high foreclosure activity
numbers of close to 30 percent in this category.
All in all, finding a foreclosure is not as hard as you may think. No, there may not be any available in your neighborhood, but if you search far and wide you should find something that suits your real estate tastes in the end.
|
Location |
Total Count |
% Change Since
Last Month |
1 Foreclosure for
every # of HH |
| Alabama |
984 |
-10% |
1,995 |
| Alaska |
235 |
19% |
897 |
| Arizona
|
5,137 |
36% |
426 |
| Arkansas |
1,563 |
19% |
750 |
| California |
32,692
|
13% |
373 |
| Colorado |
11,372 |
38% |
161 |
| Connecticut |
208 |
61% |
6,679 |
| DC |
41 |
156% |
8,367 |
| Delaware |
36 |
25% |
7,577 |
| Florida |
27,092 |
33% |
270
|
| Georgia |
4,463 |
67% |
694 |
| Hawaii |
221 |
42% |
2,085 |
| Idaho |
633 |
17% |
831 |
| Illinois |
11,044 |
82% |
443 |
| Indiana |
2,468 |
10% |
1,023 |
| Iowa |
442 |
6% |
2,792 |
| Kansas |
429 |
23% |
2,631 |
| Kentucky |
1,162 |
15% |
1,506 |
| Louisiana |
705 |
-43% |
2,671 |
| Maine |
146 |
76% |
4,454 |
| Maryland |
256 |
35% |
8,369 |
| Massachusetts |
653 |
52% |
4,017 |
| Michigan |
6,055 |
33% |
698 |
| Minnesota |
1,745 |
39% |
1,185 |
| Mississippi |
682 |
4% |
1,860 |
| Missouri |
4,870 |
24% |
501 |
| Montana |
276 |
6% |
1,491 |
| Nebraska |
856 |
48% |
840 |
| Nevada |
5,581 |
34% |
155 |
| New Hampshire |
146 |
56% |
3,759 |
| New Jersey |
4,886 |
79% |
677 |
| New Mexico |
854 |
18% |
914 |
| New York |
1,296 |
-5% |
5,928 |
| North Carolina |
1,694 |
17% |
2,079 |
| North Dakota |
28 |
14% |
10,184 |
| Ohio |
4,478 |
23% |
1,067 |
| Oklahoma |
1,828 |
35% |
818 |
| Oregon |
1,730 |
41% |
842 |
| Pennsylvania |
1,321 |
1% |
3,976 |
| Rhode Island |
141 |
45% |
3,118 |
| South Carolina |
750 |
-3% |
2,336
|
| South Dakota |
56 |
48% |
5,730 |
| Tennessee |
1,379 |
16% |
1,778 |
| Texas |
9,201 |
-0.4% |
876 |
| Utah |
1,318 |
-3% |
583
|
| Vermont |
12 |
20% |
24,532
|
| Virginia |
823 |
41% |
3,507 |
| Washington |
2,591 |
37% |
923t |
| West Virginia |
190 |
7% |
4,446 |
| Wisconsin |
1,223 |
-11% |
1,883 |
| Wyoming
|
21 |
-28% |
10,659 |
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 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
(bargain.com) 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
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please visit http://www.bargain.com.
Media Contact:
Sara Coulter
Tag Team Global
Office: 201.447.5531
Mobile: 201.819.1403
Fax: 201.632.4853
email: scoulter@tagteamglobal.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.