Roundup: New Foreclosures Decline Heading into 2006

As 2005 came to a close, the number of properties entering "some stage of foreclosure" has been decreasing, according to Irvine, Ca., based online marketplace for foreclosed properties, RealtyTrac findings.

In November 2005, according to a RealtyTrac monthly U.S. Foreclosure Market Report, 71,606 properties nationwide, or 12% less than the previous month.

"Fewer foreclosures in most of the Gulf Coast states contributed to this," RealtyTrac CEO, James J. Saccacio noted, "it also continues the trend of seeing the national foreclosure rate drop the month after a significant spike."

Florida topped the list of states with the higher number of foreclosures and was the only Gulf Coast state exception, where 8,872 properties entered some stage of foreclosure, a 16% increase compared to the previous month.

"After reaching their highest level in October," he said, "foreclosures in November retreated closer to the levels we saw earlier this fall and in the summer."

The report also shows that nationally there was one foreclosure for every 1,615 U.S. households, an average that compares favorably to Florida's one foreclosure for every 824 households, the third highest in the country after Colorado and Georgia, with respectively one foreclosure in 681 households and one foreclosure in every 701 households. As to California and New York, both states maintained foreclosure rates below the national average even though new foreclosures increased by 29% and 33%.

SNAPSHOT: Foreclosure Rates For November 2005

National 1 per 1,615

Colorado 1 per 681

Georgia 1 per 701

Florida 1 per 825

Source: RealtyTrac

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