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05/11/2006: "National Foreclosures Up in 2005"

(January 24, 2006) -- The U.S. residential foreclosure inventory saw gains in each quarter of 2005, according to a new report from RealtyTrac.

Between the first three months and the last three, the number of new foreclosures ramped up 25 percent—with a total of 846,982 homes entering some stage of the process last year. However, RealtyTrac CEO James J. Saccacio stresses that, although seemingly high, the number of properties entering foreclosure actually represents fewer than 1 percent of all American households.

The report identifies Florida as the state with the highest foreclosure rate. Its 121,843 reported foreclosures accounted for more than 14 percent of the nationwide total for 2005, according to RealtyTrac. Florida was followed in foreclosure activity, respectively, by Colorado, Utah, and Texas.

Other states with foreclosure rates ranking among the 10 highest in the country included Indiana and Ohio. Among the states reporting the highest number of new foreclosures, meanwhile, were California, Illinois, New York, and Michigan.

"Over the past few years, we've seen historically low mortgage rates, consistently escalating home prices, and steady, strong employment," Saccacio notes. "This has translated into relatively low levels of foreclosure properties, particularly bank-owned properties. With interest rates rising and an apparent slowing of property valuations in most markets, we'll be watching closely to see if there's a material effect on the number of foreclosures in 2006."

Source: Inman News Features (01/23/06)

Replies: 8 Comments

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