Firm Reports Rise In Foreclosures
More than 100,000 entered the foreclosure process during each of the last five months of 2006, according to RealtyTrac, an online marketplace for foreclosed property.
The firm reported that 109,692 properties nationwide entered some stage of the foreclosure process in December. While that was down 9% from November's rate, it was 35% higher than the foreclosure rate in December of 2005.
The RealtyTrac report shows a national foreclosure rate of one foreclosure for every 1,055 households. RealtyTrac claims to list over 700,000 properties from nearly 2,500 counties across the country in its database of foreclosure and pre-foreclosure properties.
James Saccacio, CEO of RealtyTrac, said in a news release that December marked the first time foreclosure filings surpassed the 100,000 mark for five consecutive months since his firm started the survey in the beginning of 2005.
"While the number of new foreclosure filings dropped back from the high point of 2006 in November, the combination of slower home sales and rising interest rates on adjustable mortgages continues to drive foreclosures at significantly higher numbers than a year ago," he said.
Colorado had the highest foreclosure rate, at one in every 376 households. Nevada was second at one filing for every 392 households. Georgia was third at one in every 480 households. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com