Foreclosures Up 6 Percent From March 2007
One New Foreclosure Filing for Every 772 U.S. Households
June 11, 2007
Bargain Network (bargain.com), a leading online provider of real estate foreclosures, pre-foreclosures and for-sale-by-owner property listings and information reported today that the number of properties entering some stage of the foreclosure process in May 2007 climbed approximately 6% to 149,000 listings compared to April 2007. This also marks a 38% increase in foreclosure activity compared to November 2006 when properties in some stage of foreclosure totaled 108,000.
Top Five States Represent 59% of All Foreclosure Activity
For the second consecutive month, five states – Florida, California, Texas, Illinois and Colorado -- accounted for 59% of the total number of foreclosure filings. Florida posted the highest number of foreclosure listings for the month, with 29,820 homes entering some phase of the foreclosure process – a 22% increase in filing activity over April 2007. California ranked second with 29,530 filings and a 17 % increase in foreclosure activity since April 2007. Third place went to the Lone Star State with 11,012 filings, or one foreclosure for every 732 households. Illinois and Colorado rounded off the top five states with 9,525 and 8,662 new listings respectively.
Colorado's foreclosure saturation rate was the highest in the U.S. for May, with an estimated one filing for every 211 households. Florida ran a close second with approximately one filing for every 245 households. The two states each recorded listings more than triple the national average for May of one filing for every 772 households.
While foreclosure activity in some states appears to be leveling off or declining, a few states showed sharp increases in foreclosure filing activity during May. Hawaii recorded the sharpest increase in filings with a 106% increase over the previous month. Vermont (36%), Nevada (27%) and Florida (22%) also reported an increase in foreclosure activity.
The total number of households entering some phase of the foreclosure process in May 2007 decreased in 35 of the 50 states compared to April 2007. South Dakota reduced the total number of foreclosure filings by approximately 40% from the previous month. Other states showing a significant reduction in foreclosure filing activity included Wyoming (down 30%) and the District of Columbia and Tennessee (both down an estimated 29%).
Single Family Homes Still Dominating Foreclosure Activity
Nationwide, the foreclosure activity rate dropped slightly from the previous month’s high of 87.5% to 85.9% in May. The bulk of the foreclosure activity continues to occur in the single family residence market. The condominium and town home markets added approximately 7.5% of the foreclosure filings for May 2007, up from 6.6% in April. The remaining estimated 5% of foreclosure activity was comprised of commercial, land, mobile home, multi-family and miscellaneous listings.
- Single Family Residence:
A total of 43 states reported more than 80% of their foreclosure activity in the single family residence market segment. The national average was 85.9%. Only seven states reported less than 80% of their foreclosure activity in single family homes: Alaska, Connecticut, District of Columbia, Florida, Hawaii, Massachusetts and Rhode Island.
- Condo/Townhome:
Nine states posted rates of Condo/Townhome foreclosures notably higher than the national average of 7.5%, including Alaska, California, Colorado, District of Columbia, Florida, Hawaii, Illinois, Maryland and Massachusetts. Hawaii topped the list at 30.41%, followed by Florida at 14.35% and California at 11.09%.
- Land:
Florida reported 7.57% of the nearly all foreclosure activity in the land market segment, more than twice the national average of 2.84%. Utah (5.81%) and Colorado (4.08%) ranked second and third in total foreclosure filings categorized as "Land Type" real estate properties.
| Location |
Total Count |
% Change Since
Last Month |
1 Foreclosure for
every # of HH |
State
Rank |
| Alabama |
933 |
-12% |
2,104 |
25 |
| Alaska |
274 |
16% |
749 |
39 |
| Arizona |
6,000 |
20% |
365 |
6 |
| Arkansas |
1,372 |
-8% |
855 |
19 |
| California |
29,530 |
17% |
413 |
2 |
| Colorado |
8,665 |
-3% |
211 |
5 |
| Connecticut |
148 |
-12% |
9,366 |
42 |
| DC |
41 |
-29% |
8,367 |
46 |
| Delaware |
35 |
16% |
7,853 |
47 |
| Florida |
29,820 |
22% |
245 |
1 |
| Georgia |
3,961 |
-4% |
782 |
10 |
| Hawaii |
238 |
106% |
1,935 |
40 |
| Idaho |
542 |
-5% |
970 |
33 |
| Illinois |
9,525 |
19% |
514 |
4 |
| Indiana |
1,970 |
-17% |
1,281 |
14 |
| Iowa |
300 |
-29% |
4,109 |
35 |
| Kansas |
289 |
-20% |
3,903 |
36 |
| Kentucky |
798 |
-15% |
2,194 |
27 |
| Louisiana |
529 |
-23% |
3,560 |
34 |
| Maine |
105 |
2% |
6,208 |
45 |
| Maryland |
287 |
-5% |
7,465 |
38 |
| Massachusetts |
573 |
-9% |
4,575 |
32 |
| Michigan |
5,905 |
-9% |
716 |
7 |
| Minnesota |
1,422 |
-15% |
1,484 |
17 |
| Mississippi |
678 |
-3% |
1,871 |
30 |
| Missouri |
3,615 |
-13% |
674 |
12 |
| Montana |
289 |
5% |
1,426 |
36 |
| Nebraska |
786 |
-10% |
814 |
28 |
| Nevada |
5,876 |
27% |
148 |
8 |
| New Hampshire |
123 |
-9% |
4,341 |
43 |
| New Jersey |
4,865 |
-2% |
680 |
9 |
| New Mexico |
869 |
23% |
898 |
26 |
| New York |
1,110 |
-7% |
6,920 |
22 |
| North Carolina |
1,422 |
-9% |
2,476 |
17 |
| North Dakota |
16 |
-27% |
18,104 |
49 |
| Ohio |
3,664 |
-23% |
1,304 |
11 |
| Oklahoma |
1,252 |
-18% |
1,193 |
21 |
| Oregon |
1,844 |
19% |
789 |
15 |
| Pennsylvania |
1,107 |
-21% |
4,744 |
23 |
| Rhode Island |
118 |
-21% |
3,728 |
44 |
| South Carolina |
611 |
-23% |
2,868 |
31 |
| South Dakota |
30 |
-40% |
10,774 |
48 |
| Tennessee |
977 |
-29% |
2,510 |
24 |
| Texas |
11,012 |
9% |
732 |
3 |
| Utah |
1,544 |
13% |
498 |
16 |
| Vermont |
15 |
36% |
19,625 |
51 |
| Virginia |
761 |
-21% |
3,793 |
29 |
| Washington |
2,399 |
2% |
997 |
13 |
| West Virginia |
153 |
-18% |
5,521 |
41 |
| Wisconsin |
1,309 |
-9% |
1,759 |
20 |
| Wyoming |
16 |
-30% |
13,990 |
49 |
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 Bargain Network.
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Media Contact:
Sara Coulter
Tag Team Global
Office: 201.447.5531
Mobile: 201.819.1403
Fax: 201.632.4853
scoulter@tagreamglobal.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.