Foreclosures Up 2% in 2nd Quarter 2007 According to Bargain Network
One New Foreclosure Filing for Every 877 U.S. Households in June 2007
July 11, 2007
According to recent data compiled by Bargain Network (bargain.com), a leading online provider of real estate foreclosures, pre-foreclosures and for-sale-by-owner property listings and information, the number of foreclosures in the second quarter of 2007 (April through June) entering into some stage of the foreclosure process increased approximately 2 percent from 414,700 filings in the first quarter to an estimated 422,300 foreclosure listings in the second. On a national level, this equated to one foreclosure filing for every 877 households in June 2007.
Quarterly data suggests that the foreclosure filing rate is still rising, although at a significantly slower rate than noted in the first quarter of 2007 when foreclosure listing activity rose 20 percent. The current data supports the premise put forth by some analysts and industry experts that the upward trend in foreclosure activity, which was attributed to several factors including the collapse of the subprime mortgage market and the resetting of billions in adjustable rate mortgages, may be leveling off. A look at U.S. foreclosure activity for the last eight months suggests that this may be a possibility as foreclosure listings activity continues downward after hitting a high in the first quarter of 2007.
Top 5 States Represent More than Half of all Foreclosure Listing Activity
In the second quarter of 2007, the foreclosure listing activity in five states represented over 58 percent of total foreclosure activity. California continued to hold the record high with over 83,210 homes entering some phase of the foreclosure process. California’s home foreclosure month-over-month numbers did however show a 7 percent decline in filings, dropping to approximately 28,482 filings, down from 29,530 in May. That is representative of one foreclosure filing for every 429 households. The national average was one foreclosure home listing filing for every 877 households.
Florida home foreclosure numbers continued to hold the number two spot with 78,408 filings for the quarter and 24,065 filings for June. Florida’s foreclosure listing filing rate increased 23 percent since the first quarter of 2007. Following Florida movement in quarterly foreclosure listing activity was also Texas (31,898), Illinois (24,890) and Colorado (24,436). For the first quarter of 2007, Florida and California home foreclosure listing in combination accounted for 35 up to 40 percent of all U.S. foreclosure filings. Little has changed in the second quarter as foreclosure filings in these two key states continue to represent an estimated 38 percent of all foreclosure activity.
A Home Foreclosure Slowdown Continues for the Majority of States
A few markets showed an increase in foreclosures entering some stage of foreclosure for the month of June, such as Wyoming (35%), South Dakota (31%) and Hawaii (22%), but the majority of markets showed a measurable decline in home foreclosure filings from May. Filings in Nebraska for foreclosure homes dropped an estimated 57 percent to 338 filings, New Mexico’s declined 51 percent to 430 filings and New Jersey’s foreclosure filings dropped 43 percent to 2,794. Other notable mentions with significant declines in foreclosure activity included the District of Columbia (-31%), Missouri (-30%) and Delaware (-28%).
In June 2007, several states reported only double digit activity levels which helped to maintain relatively low overall saturation levels. Vermont recorded only 11 foreclosure filings, or one for every 26,405 households. North Dakota had only 16 filings, or one in 18,585 households. This is a marked contrast from Colorado’s saturation rate of one foreclosure filing for every 266 households – the highest in the country. Other contenders with only double digit foreclosure filing numbers included the District of Columbia (28), Delaware (25) and Wyoming (22).
Single Family Homes Represent Majority of Foreclosure Home Filings
A large percentage of the U.S. home foreclosure activity – approximately 86.5 percent – of the 131,896 filings in June occurred in the Single Family Residence market. The Condo/Townhome market however represents a much smaller portion of the overall housing market, and an estimated 7.2 percent of the foreclosure filings. The remaining 6.3 percent of the foreclosure listing activity consisted of foreclosure activity in the Land, Commercial Buildings, Multi-Family Residences, Mobile Homes, and Miscellaneous sectors.
- Single Family Residence Foreclosure Rates:
The majority of states surpassed the national foreclosure listing filing rate average of 86.5 percent. Only twelve states averaged below the national level. The single family residence foreclosure filing in the District of Columbia, Hawaii, Massachusetts and Rhode Island ranged between 65 to 75 percent. In Alaska, California, Connecticut, Georgia, Louisiana, Maine, New Hampshire, New Jersey, New York and Utah, the rates were slightly higher ranging from 76 to 86 percent. In Vermont and South Dakota, single family residences accounted for 100 percent foreclosure filings in the month of June.
- Condo/Town home Foreclosure Rates:
Hawaii surpassed the national average of 7.2 percent with 26.9 percent of foreclosure activity being attributed to the condo/townhome sector. Other state filing rates trending higher than the average in June included Florida (14%), California (10.9%), Massachusetts (10.7%) and Colorado (8%).
- Land Foreclosure Rates:
More than 9.2 percent of the foreclosure activity in Utah involved land parcels, although land foreclosures accounted for only an estimated 2.3 percent of the foreclosure activity nationwide. Florida (6.9%) and Alaska (5.9%) also noted significantly higher levels of foreclosure activity in this particular sector. Alabama, Colorado, Hawaii, Nevada, Oklahoma, Pennsylvania and Wisconsin ranked at the bottom of the list with activity of less than one percent.
- Multi-Family Units Foreclosure Rates:
In Rhode Island, 16.3 percent of its foreclosure activity occurred in the multi-family category – a significantly higher rate than the national average of 1.7 percent. Massachusetts, North Carolina and Wisconsin also posted high foreclosure numbers with activity ranging from 11 to 14 percent.
- Commercial Foreclosure Rates:
Commercial foreclosure activity on a national level continues to remain relatively low at 0.5 percent. However, Idaho (6.1%), Wyoming (4.8%) and Delaware (4%) noted significantly higher levels of filing activity.
June 2007 Foreclosure Trend Data
|
Location |
April 2007 |
May 2007 |
June 2007 |
Q2 2007 Total |
% Change
Since Q1 2007 |
State Rank |
| United States |
140,711 |
149,723 |
131,896 |
422,330 |
2% |
- |
| Alabama |
1064 |
933 |
839 |
2,836 |
-11% |
25 |
| Alaska |
236 |
274 |
264 |
774 |
22% |
38 |
| Arizona |
5007 |
6,000 |
6,187 |
17,194 |
37% |
7 |
| Arkansas |
1493 |
1,372 |
1,281 |
4,146 |
2% |
19 |
| California |
25,198 |
29,482 |
83,210 |
1,064 |
-7% |
1 |
| Colorado |
8,907 |
8,662 |
6,867 |
24,436 |
-17% |
4 |
| Connecticut |
168 |
148 |
130 |
445 |
-12% |
40 |
| DC |
58 |
41 |
28 |
127 |
67% |
45 |
| Delaware |
30 |
35 |
25 |
90 |
-19% |
47 |
| Florida |
24,523 |
29,820 |
24,065 |
78.408 |
23% |
2 |
| Georgia |
4,130 |
3,961 |
3,059 |
11,149 |
2% |
12 |
| Hawaii |
116 |
238 |
291 |
645 |
26% |
43 |
| Idaho |
569 |
542 |
501 |
1,612 |
13% |
33 |
| Illinois |
7,993 |
9,525 |
7,372 |
24,890 |
1% |
5 |
| Indiana |
2,374 |
1,970 |
1,699 |
6,043 |
-19% |
13 |
| Iowa |
423 |
300 |
264 |
987 |
-30% |
34 |
| Kansas |
360 |
289 |
244 |
893 |
-27 |
35 |
| Kentucky |
937 |
798 |
885 |
2,620 |
-14% |
26 |
| Louisiana |
683 |
529 |
538 |
1,750 |
-38 |
31 |
| Maine |
102 |
105 |
91 |
298 |
-13% |
44 |
| Maryland |
303 |
287 |
313 |
906 |
41% |
36 |
| Massachusetts |
632 |
573 |
509 |
1,713 |
3% |
32 |
| Michigan |
6,525 |
5,905 |
5,283 |
17,712 |
6% |
6 |
| Minnesota |
1,677 |
1,422 |
1,271 |
4,370 |
-4% |
15 |
| Mississippi |
697 |
348 |
602 |
1,977 |
-5% |
30 |
| Missouri |
4,147 |
3,615 |
2,533 |
10,295 |
-22% |
11 |
| Montana |
275 |
289 |
260 |
823 |
4% |
37 |
| Nebraska |
871 |
786 |
338 |
1,995 |
-14% |
27 |
| Nevada |
4,631 |
5,786 |
5,912 |
16,419 |
18% |
10 |
| New Hampshire |
138 |
126 |
98 |
363 |
-1 |
42 |
| New Jersey |
4,940 |
4,865 |
2,794 |
12,599 |
25% |
8 |
| New Mexico |
707 |
869 |
430 |
2,006 |
-16% |
29 |
| New York |
1,188 |
1,110 |
1,205 |
3,503 |
-13% |
24 |
| North Carolina |
1,564 |
1,422 |
1,095 |
4,080 |
-15% |
16 |
| North Dakota |
22 |
16 |
16 |
54 |
-33% |
49 |
| Ohio |
4,751 |
3,664 |
3,725 |
12,140 |
-10% |
9 |
| Oklahoma |
1,520 |
1,252 |
1,178 |
3,950 |
-22% |
18 |
| Oregon |
1,548 |
1,844 |
1,816 |
5,208 |
23% |
17 |
| Pennsylvania |
1,398 |
1,107 |
1,048 |
3,553 |
-15% |
21 |
| Rhode Island |
149 |
118 |
87 |
354 |
-5% |
41 |
| South Carolina |
796 |
611 |
596 |
2,002 |
-16% |
28 |
| South Dakota |
50 |
30 |
39 |
120 |
-22% |
46 |
| Tennessee |
1,369 |
977 |
906 |
3,252 |
-19% |
22 |
| Texas |
10,119 |
11,012 |
10,768 |
31,898 |
14% |
3 |
| Utah |
1,364 |
1,544 |
1,635 |
4,543 |
20% |
23 |
| Vermont |
11 |
15 |
11 |
37 |
0% |
50 |
| Virginia |
963 |
761 |
788 |
2,512 |
23% |
25 |
| Washington |
2,342 |
2,399 |
2,269 |
7,010 |
6% |
14 |
| West Virginia |
186 |
153 |
138 |
477 |
-18% |
39 |
| Wisconsin |
1,436 |
1,309 |
1,100 |
3,846 |
-2% |
20 |
| Wyoming |
23 |
16 |
22 |
61 |
-13 |
48 |
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 leading online providers 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 www.bargain.com.
Media Contact
Sara Coulter
Tag Team Global
Office: 201.447.5531
Mobile: 201.819.1403
Fax: 201.632.4853
scoultertagteamglobal.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.