RealtyTrac Reports an Increase In Foreclosed Property on Market
The number of new properties in foreclosure increased nationwide for the second month in a row, according to a report released by Irvine, Calif.-based online marketplace for foreclosure properties RealtyTrac.
RealtyTrac's April 2005 Monthly U.S. Foreclosure Market Report showed that 64,057 properties saw foreclosure in April, up 2.6% from the 62,422 in March. This increase was markedly lower than the increase in March, possibly indicating a one-month temporary spike in the foreclosure market rather than the beginning of a trend.
The report showed that the highest foreclosure rates in the country for April was in the Sun Belt.
Texas beat Florida by a narrow margin as the state with the highest rate of property in some stage of foreclosure, with one property in foreclosure for every 694 households. In Florida, which had the highest rate of foreclosure in the previous two months, there was one property in foreclosure for every 719 households.
Both states' foreclosure rates were more than 2.5 times the national average.
"April continues a trend we've seen over the last few months where Texas and Florida have consistently produced an above-average number of properties in some stage of foreclosure," said James J. Saccacio, CEO of RealtyTrac.
Texas is also the home of the county with the highest foreclosure rate in the nation. Rockwell County had one property in foreclosure for every 136 households, more than 13 times the national average.
Following Texas and Florida, the states with the highest foreclosure rates included Arizona, Colorado and Utah. Arizona replaced Georgia in the top five, with more than two times the national average, while Georgia's foreclosure rate dropped below the national average.
Almost two-thirds of Arizona foreclosure properties were in the highly populated Maricopa County.
The lowest foreclosure rates - in terms of percentile - were primarily in New England, with Rhode Island being the lowest with only two properties in a state of foreclosure.
The second lowest was New Hampshire, with five. Maine had nine in April.
The RealtyTrac report includes properties in all three phases of foreclosure: pre-foreclosures - notice of default; foreclosures - notice of trustee sale and notice of foreclosure sale; and real estate-owned properties.
SNAPSHOT: Foreclosure Sales on the Rise
April Foreclosure Inventory 64,057
March Foreclosure Inventory 62,422
Source: Realty Trac
(c) 2005 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com