Colorado Was Nation's Top Foreclosure Rate State
Colorado posted the nation's highest state foreclosure rate in December 2006.
It rose to the top with one new foreclosure filing for every 376 households, despite a nearly 4% dip in foreclosure activity from November, according to RealtyTrac.
The state registered the highest monthly rate for the ninth time in 2006, reclaiming the top spot back from Nevada.
Nevada's foreclosure rate of one new foreclosure filing for every 392 households dropped to second highest in the nation thanks to a nearly 12% decrease in foreclosure activity.
For the fifth month in a row, Greeley, Colo., posted the highest foreclosure rate among the nation's 200-plus largest metropolitan areas.
The Greeley metro area documented 391 properties entering some stage of foreclosure, a decrease of nearly 9% from the previous month and a foreclosure rate of one new foreclosure filing for every 169 households, more than six times the national average.
Georgia also reported a decrease in foreclosure activity, but the state's foreclosure rate with one new foreclosure filing for every 480 households, ranked third highest in the nation for the third month in a row.
RealtyTrac released its December 2006 U.S. Foreclosure Market Report,
The report shows that 109,652 properties nationwide entered some stage of foreclosure during the month. It marked a decrease of nearly 9% from the previous month but an increase of 35% from December 2005.
The report also shows a national foreclosure rate of one new foreclosure filing for every 1,055 U.S. households.
"New foreclosure filings surpassed the 100,000 level for the fifth straight month," said James J. Saccacio, chief executive officer of RealtyTrac.
"Something we've not seen since we began issuing our foreclosure market report in January 2005."
At the same time, she added, it needs to be stressed that there are various factors affecting the reported data.
"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."
Besides Colorado and California several other states did not fare well either, reporting increasing foreclosure rates during that same period.
For instance, Texas recorded the Several most new foreclosure filings of any state in December, taking the top spot from California. The state reported 14,195 properties entering some stage of foreclosure during the month.
It marked an increase of nearly 4% from the previous month and a foreclosure rate of one new foreclosure filing for every 567 households, 1.9 times the national average.
December also was the eighth month that Texas has reported the most new foreclosure filings in 2006.
After claiming the top spot for the three previous months, California's monthly foreclosure total fell to second place thanks to a sharp month-over-month drop in foreclosure activity.
The state reported 12,623 properties entering some stage of foreclosure, a 34% decrease from the previous month but still up nearly 65 percent from December 2005.
Florida documented 8,321 properties entering some stage of foreclosure in December, the third highest number compared to any other state.
In Florida however, the foreclosure rate for that period appeared to have slowed down since despite the high rates compared to the aforementioned other states, the number of foreclosures in December was nonetheless 11% below the number reported in the previous month.
Florida's foreclosure rate of one new foreclosure filing for every 878 households dropped out of the nation's 10 highest state foreclosure rates but remained above the national average.
Ohio, Illinois, Michigan, Georgia, Colorado, Massachusetts and New York also reported state foreclosure totals that rank among the nation's 10 highest hit areas in the country.
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