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Foreclosure Activity Increases 23 Percent in First Quarter According to RealtyTrac(R) U.S. Foreclosure Market Report

Posted: 07/08/2008 12:00 AM

IRVINE, CA -- Foreclosure Activity Up 112 Percent From Q1 2007 California and Florida Cities Account for 13 of Top 20 Metro Areas RealtyTrac(R) (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, today released its Q1 2008 U.S. Foreclosure Market Report(TM), which shows foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported on 649,917 properties during the first quarter, a 23 percent increase from the previous quarter and a 112 percent increase from the first quarter of 2007. The report also shows that one in every 194 U.S. households received a foreclosure filing during the quarter.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal's Real Estate Journal.

"Foreclosure activity in the first quarter increased on a year-over-year basis in 46 out of the 50 states and in 90 of the nation's 100 largest metro areas, demonstrating that most regions of the country are seeing more foreclosures," said James J. Saccacio, chief executive officer of RealtyTrac. "In some areas there are also some unusual, non-market factors impacting the foreclosure numbers. For example, the city of Philadelphia in late March issued a temporary moratorium on all foreclosure auctions for April, and the city has since adopted a program that will delay foreclosure proceedings on owner-occupied properties until the owners have met face-to-face with lenders to attempt a loan workout plan that would prevent foreclosure.

"While we're hopeful that programs like those in Philadelphia will have a positive long-term impact, they could be simply deferring another flood of foreclosures," Saccacio continued. "And that could extend the length of time it takes the market to recover from this downward cycle, in which we've already seen seven consecutive quarters of increasing foreclosure activity."

Nevada, California, Arizona post top state foreclosure rates

One in every 54 Nevada households received a foreclosure filing during the first quarter, the highest foreclosure rate among the states and 3.6 times the national average. Foreclosure filings were reported on 19,595 Nevada properties during the quarter, up 3 percent from the previous quarter and up 137 percent from the first quarter of 2007.

Foreclosure filings were reported on 169,831 California properties during the first quarter, the highest total among the states and a rate of one in every 78 households -- the nation's second highest foreclosure rate. Foreclosure activity in California increased 32 percent from the previous quarter and was up nearly 213 percent from the first quarter of 2007.

Arizona documented the nation's third highest state foreclosure rate, with one in every 95 households receiving a foreclosure filing during the quarter. Foreclosure filings were reported on 27,404 Arizona properties during the quarter, up 45 percent from the previous quarter and up nearly 245 percent from the first quarter of 2007.

Foreclosure filings were reported on 87,893 Florida properties during the first quarter, the second highest state total and giving Florida the nation's fourth highest foreclosure rate -- one in every 97 households received a foreclosure filing during the quarter. Foreclosure activity in the state was up 17 percent from the previous quarter and up 178 percent from the first quarter of 2007.

Colorado foreclosure activity increased 33 percent from the previous quarter and 78 percent from the first quarter of 2007, and the state's foreclosure rate ranked No. 5 among the states. Foreclosure filings were reported on 18,996 Colorado properties during the quarter, a rate of one in every 110 households.

Other states with foreclosure rates among the top 10 were Georgia, Michigan, Ohio, Massachusetts and Connecticut.

Top 20 metro areas include Las Vegas, Detroit, Miami, Atlanta, Los Angeles

The Q1 2008 U.S. Foreclosure Market Report also ranks the nation's 100 largest metropolitan areas by foreclosure rate. California and Florida metro areas accounted for 13 of the top 20 metro foreclosure rates, with the California cities of Stockton and Riverside-San Bernardino taking the No. 1 and No. 2 spots.

One in every 30 Stockton households received a foreclosure filing during the quarter -- 6.6 times the national average -- and one in every 38 Riverside-San Bernardino households received a foreclosure filing during the quarter -- more than five times the national average. Other California metro areas in the top 20 included Bakersfield at No. 4, Sacramento at No. 5, San Diego at No. 9, Oakland at No. 10, Fresno at No. 12, Los Angeles at No. 17 and Orange County at No. 19.

Las Vegas documented the third highest metro foreclosure rate, with one in every 44 households receiving a foreclosure filing during the quarter. The metro area's foreclosure activity increased 1 percent from the previous quarter and 134 percent from the first quarter of 2007.

Detroit foreclosure activity in the first quarter decreased 22 percent from the previous quarter and was down almost 4 percent from the first quarter of 2007, but the metro area's foreclosure rate still ranked No. 6, with one in every 68 households receiving a foreclosure filing during the quarter. Phoenix foreclosure activity increased 46 percent from the previous quarter and 294 percent from the first quarter of 2007, and the metro area's foreclosure rate ranked No. 7, with one in every 70 households receiving a foreclosure filing during the quarter.

The highest ranked Florida metro area was Fort Lauderdale, which ranked No. 8 with one in every 73 households receiving a foreclosure filing during the quarter. Other Florida metro areas in the top 20 included Orlando at No. 13, Miami at No. 14 and Sarasota-Bradenton-Venice at No. 15. The foreclosure rate in Tampa-St. Petersburg-Clearwater ranked No. 21.

Other metro areas with foreclosure rates among the top 20 included Denver at No. 11, Atlanta at No. 16, Cleveland at No. 18 and Memphis, Tenn., at No. 20.

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the quarter -- broken out by type of filing at the state and national level. Data is also available at the individual county level. RealtyTrac's report incorporates documents filed in all three phases of foreclosure: Default -- Notice of Default (NOD) and Lis Pendens (LIS); Auction -- Notice of Trustee Sale and Notice of foreclosure sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the quarter only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous quarter. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

          U.S. Foreclosure Market Statistics by State - Q1 2008

  Rate
  Rank  State Name         NOD        LIS        NTS      NFS        REO

  --    U.S.             145,822    148,540    147,103   51,989    156,463
  43    Alabama                5          0        890        0        805
  31    Alaska                 0          0        421        0         60
   3    Arizona               59          0     19,389        0      7,956
  22    Arkansas             125          0      3,089        0        538
   2    California       108,109          0     21,699        0     40,023
   5    Colorado              99          0     11,875        0      7,022
  10    Connecticut            0      6,209          0    1,124        299
  32    Delaware               0         23          0      364        150
        District of
        Columbia              15          0        847        0        227
   4    Florida               11     66,278          1   11,418     10,185
   6    Georgia              100          0     20,138        0      8,265
  44    Hawaii                51          0        307        0         13
  23    Idaho                836          0        849        0        125
  14    Illinois               0     18,795          0      204      4,216
  11    Indiana                0      4,900          0    4,590      4,446
  34    Iowa                  54          0        696        0        816
  35    Kansas                 0        308          0      773        315
  42    Kentucky               0        333          0      704        545
  37    Louisiana              0         29          0    1,644        265
  41    Maine                264          0        296        0         27
  12    Maryland               0      4,152          0    6,420        821
   9    Mass.                  0      9,461          0    6,785        120
   7    Michigan           3,027          0     14,501        0     12,016
  29    Minnesota             73          0      2,743        0      1,415
  46    Mississippi            6          0        280        0        172
  20    Missouri           1,733          0      3,333        0      3,777
  39    Montana                6          0        389        0         26
  40    Nebraska               0         30          0      612        100
   1    Nevada            13,424          0      2,064        0      4,107
  21    New Hampshire          2          0      1,162        0        624
  16    New Jersey             0      9,703          0    2,284      1,117
  33    New Mexico             1      1,034          0        9        138
  30    New York               0     10,319          0    2,145      1,913
  25    North Carolina     7,408          0        258        0      2,617
  49    North Dakota           0          0          0        1         49
   8    Ohio                   0     12,773         12    8,168     10,299
  28    Oklahoma           1,024          0      1,212        0      1,003
  24    Oregon             2,730          0      1,081        0        391
  36    Pennsylvania           0        833          1    3,323      1,744
  19    Rhode Island           2          0      1,564        0         15
  38    South Carolina         0        448          0      169      1,322
  47    South Dakota           0          0          0       62          2
  13    Tennessee          3,271          0      4,585        0      4,533
  17    Texas                386          0     18,373        0     14,935
  18    Utah                 492          0      2,443        0        354
  50    Vermont                1          0          2        0          0
  15    Virginia           2,389          0      7,123        0      3,639
  26    Washington            55          0      5,354        0      1,229
  48    West Virginia          1          0        115        0         27
  27    Wisconsin              0      2,912          5    1,190      1,565
  45    Wyoming               63          0          6        0         95



                                                      % change     % change
  Rate                                    1/every X      from         from
  Rank  State Name            Total       HH (rate)     Q4 07        Q1 07

  --    U.S.                649,917          194        23.15       111.89
  43    Alabama               1,700        1,241         0.12         8.21
  31    Alaska                  481          575       -12.39        72.40
  3     Arizona              27,404           95        45.21       244.66
  22    Arkansas              3,752          339        35.45       277.46
  2     California          169,831           78        32.10       212.78
  5     Colorado             18,996          110        32.71        77.98
  10    Connecticut           7,632          188       183.51      303.17*
  32    Delaware                537          713      172.59*       87.76*
        District of
        Columbia              1,089          260       195.12     7160.00*
  4     Florida              87,893           97        17.11       178.12
  6     Georgia              28,503          136        22.54        79.94
  44    Hawaii                  371        1,348        18.15       109.60
  23    Idaho                 1,810          340        20.03       163.85
  14    Illinois             23,215          224        -1.13        53.51
  11    Indiana              13,936          198        32.11        85.52
  34    Iowa                  1,566          843        24.98        28.47
  35    Kansas                1,396          865        45.57        52.40
  42    Kentucky              1,582        1,194        31.18        -9.34
  37    Louisiana             1,938          944        70.15        31.12
  41    Maine                   587        1,177      243.27*     2074.07*
  12    Maryland             11,393          202        26.69      504.08*
  9     Mass.                16,366          166       263.04       259.93
  7     Michigan             29,544          153        -8.76        24.34
  29    Minnesota             4,231          540        10.35        72.27
  46    Mississippi             458        2,711        -7.66        65.94
  20    Missouri              8,843          297         0.57        46.48
  39    Montana                 421        1,026         6.58        40.33
  40    Nebraska                742        1,044       -40.31       -24.21
  1     Nevada               19,595           54         3.49       137.14
  21    New Hampshire         1,788          330      221.01*     2880.00*
  16    New Jersey           13,104          265        34.32        66.00
  33    New Mexico            1,182          719        16.91        39.06
  30    New York             14,377          550        14.31        40.28
  25    North Carolina       10,283          392         3.40        25.94
  49    North Dakota             50        6,156       -26.47       -20.63
  8     Ohio                 31,252          161        -7.15        62.17
  28    Oklahoma              3,239          496        22.27        11.15
  24    Oregon                4,202          378        34.68       121.62
  36    Pennsylvania          5,901          924         7.62       -24.37
  19    Rhode Island          1,581          284      179.33*      621.92*
  38    South Carolina        1,939        1,019        61.99       87.71*
  47    South Dakota             64        5,513     6300.00*     2033.33*
  13    Tennessee            12,389          216        41.38        72.21
  17    Texas                33,694          274        17.77        28.75
  18    Utah                  3,289          274        32.62        77.59
  50    Vermont                   3      103,186       -66.67        0.00*
  15    Virginia             13,151          246        65.53      525.64*
  26    Washington            6,638          407        14.23        62.18
  48    West Virginia           143        6,138        70.24        37.50
  27    Wisconsin             5,672          447        17.82       194.50
  45    Wyoming                 164        1,458        17.99      137.68*

  *  Actual increase may not be as high due to data collection changes or
     improvements



        Top 100 U.S. Metro Foreclosure Market Statistics - Q1 2008

                                                   1/every % change % change
  Rate                                                X HH   from     from
  Rank State          Metro Name           Total     (rate)  Q4 07    Q1 07

  --          U.S. Total                  649,917      194   23.15   111.89
   1   CA     STOCKTON                      7,560       30   17.14   291.91
   2   CA     RIVERSIDE/SAN BERNARDINO     37,239       38   39.13   230.81
   3   NV     LAS VEGAS/PARADISE           17,320       44    1.34   134.40
   4   CA     BAKERSFIELD                   5,113       51   29.31   226.08
   5   CA     SACRAMENTO                   13,967       55   14.46   134.62
   6   MI     DETROIT/LIVONIA/DEARBORN     12,402       68  -22.01    -3.67
   7   AZ     PHOENIX/MESA                 23,135       70   46.33   294.06
   8   FL     FORT LAUDERDALE              10,926       73   15.29   205.79
   9   CA     SAN DIEGO                    15,315       74   48.36   251.50
  10   CA     OAKLAND                      12,666       75   13.34   222.87
  11   CO     DENVER/AURORA                13,368       77   36.79    85.69
  12   CA     FRESNO                        3,812       79   16.79   176.03
  13   FL     ORLANDO                      10,522       81   48.03   248.87
  14   FL     MIAMI                        11,703       81   -2.86   153.37
  15   FL     SARASOTA/BRADENTON/VENICE     4,299       89   13.94   275.79
  16   GA     ATLANTA/SANDY
              SPRINGS/MARIETTA             22,554       91   13.71    68.70
  17   CA     LOS ANGELES/LONG BEACH       32,177      104   45.47   203.61
  18   OH     CLEVELAND/LORAIN/ELYRIA/
              MENTOR                        8,969      105   -7.11    49.56
  19   CA     ORANGE                        9,591      107   56.36   268.18
  20   TN-MS- MEMPHIS                       4,955      108   22.89    51.11
       AR
  21   FL     TAMPA/ST PETERSBURG/
              CLEARWATER                   11,811      110    9.61   127.05
  22   DC-MD- WASHINGTON/ARLINGTON/
       VA-WV  ALEXANDRIA                   15,108      112  56.46*  546.19*
  23   CA     VENTURA                       2,360      115   37.85   109.96
  24   IN     INDIANAPOLIS                  6,330      116   17.20    35.55
  25   MA     ESSEX                         2,376      125  319.05   331.22
  26   MA     WORCHESTER                    2,514      125  190.64   183.75
  27   FL     JACKSONVILLE                  4,557      125   26.90    64.16
  28   CA     SAN JOSE/SUNNYVALE/SANTA
              CLARA                         4,745      132   37.46   260.56
  29   MI     WARREN/FARMINGTON HILLS/TROY  7,944      133    4.90    47.80
  30   FL     PALM BEACH                    4,739      133   -8.92   123.43
  31   OH     DAYTON                        2,720      139  -20.16    69.05
  32   OH     COLUMBUS                      5,338      144   -4.46    53.92
  33   MA     SPRINGFIELD                   1,921      147  329.75   226.15
  34   OH     AKRON                         2,069      148  -24.05    50.25
  35   CT     NEWHAVEN/MILFORD              2,298      152  158.78  328.73*
  36   MA     BOSTON/QUINCY                 4,783      157  278.10   325.53
  37   OH     TOLEDO                        1,877      159  -33.89    38.52
  38   IN     GARY                          1,790      159   93.30   176.23
  39   TX     FORT WORTH/ARLINGTON          4,599      167    4.43    11.90
  40   TX     HOUSTON/BAYTOWN/SUGARLAND    12,468      168   41.78    58.85
  41   IL     LAKE/KENOSHA                  1,485      169   10.24    72.88
  42   IL     CHICAGO                      17,602      176   -5.54    48.20
  43   MO-IL  ST LOUIS                      6,625      185   14.50    79.49
  44   TX     DALLAS                        8,337      185   -1.88     6.37
  45   CT     BRIDGEPORT/STAMFORD/NORWALK   1,878      186  226.61  359.17*
  46   OH-KY- CINCINNATI                    4,845      187   12.49    61.93
       IN
  47   NJ     NEWARK                        4,323      195   39.95   167.51
  48   WA     TACOMA                        1,514      204   15.05    79.60
  49   MD     BETHESDA/FREDERICK/
              GAITHERSBURG                  2,147      207   46.25  658.66*
  50   WI     MILWAUKEE/WAUKESHA/WST ALLIS  3,050      213    1.33   203.48
  51   CT     HARTFORD                      2,285      214  184.91  247.79*
  52   MA     CAMBRIDGE/NEWTON/FRAMINGHAM   2,732      216  225.24   275.27
  53   NC-SC  CHARLOTTE/GASTONIA            3,098      219   -1.05     0.75
  54   AZ     TUCSON                        1,864      224   14.50    90.20
  55   AR     LITTLE ROCK/NORTH LITTLE
              ROCK                          1,285      226   14.53   141.54
  56   TN     NASHVILLE/DAVIDSON            2,608      240   46.52    93.76
  57   NJ     CAMDEN                        1,134      248    7.59    25.72
  58   UT     SALT LAKE CITY                1,509      255   22.58    69.36
  59   MO-KS  KANSAS CITY                   3,362      259   -9.45    14.08
  60   MD     BALTIMORE/TOWSON              4,218      261   19.42  435.28*
  61   TX     SAN ANTONIO                   2,599      284    1.68     9.02
  62   RI     PROVIDENCE/NEW BEDFORD        1,581      284  179.33  621.92*
  63   NC     GREENSBORO/HIGHPOINT          1,057      289   -8.48    43.61
  64   TN     KNOXVILLE                     1,041      291   63.94   182.88
  65   NC     RALEIGH/CARY                  1,397      293   -1.34    23.85
  66   OK     OKLAHOMA CITY                 1,725      298   40.02    13.64
  67   NY     SUFFOLK/NASSAU                3,352      299   21.80     8.69
  68   OK     TULSA                         1,251      314   -0.48     1.54
  69   OR-WA  PORTLAND/VANCOUVER/BEAVERTON  2,678      326   41.02   148.42
  70   MN-WI  MINNEAPOLIS/ST PAUL/
              BLOOMINGTON                   3,980      329   12.14    71.11
  71   CA     SAN FRANCISCO                 2,163      338   17.43   154.17
  72   NJ     EDISON                        2,688      346   18.21    -3.97
  73   TX     AUSTIN/ROUND ROCK             1,664      369    8.26     4.79
  74   NM     ALBUQUERQUE                     913      380   16.31    33.87
  75   LA     NEW ORLEANS                   1,142      393   53.49    33.88
  76   VA     RICHMOND                      1,182      425  206.22 1341.46*
  77   DE-MD- WILMINGTON                      635      438  112.37   155.02
       NJ
  78   NY     ROCHESTER                       988      446  -11.15     8.45
  79   TX     MCALLEN/EDINBURG/PHARR          527      455  575.64   997.92
  80   NY-NJ  NEW YORK/WAYNE/WHITE PLAINS   8,738      503   10.94    66.57
  81   WA     SEATTLE/BELLEVUE/EVERETT      2,078      517    7.78    40.98
  82   PA     PHILADELPHIA                  3,064      527   17.21   -29.64
  83   KY-IN  LOUISVILLE                      995      542   18.59    -7.53
  84   VA-NC  NORFOLK/VIRGINIA BEACH/
              NEWPORT NEWS                  1,095      544   21.80  365.96*
  85   SC     COLUMBIA                        550      552  120.00   170.94
  86   NY     ALBANY/SCHENECTADY/TROY         608      622  147.15   447.75
  87   PA     PITTSBURGH                    1,662      664   -9.13    -4.59
  88   NE-IA  OMAHA/COUNCIL BLUFFS            504      686  -51.59   -42.73
  89   SC     GREENVILLE                      381      693  710.64  504.76*
  90   KS     WICHITA                         351      727   35.00    50.00
  91   NY     POUGHKEEPSIE/NEWBURGH/
              MIDDLETOWN                      327      748   28.74    57.21
  92   SC     CHARLESTON                      360      761   27.66   70.62*
  93   NY     BUFFALO/CHEEKTOWAGA/
              TONAWANDA                       677      768   44.04     2.73
  94   LA     BATON ROUGE                     351      889   40.96    31.46
  95   NY     SYRACUSE                        313      909   99.36   184.55
  96   TX     EL PASO                         246    1,013  -10.55   -51.95
  97   AL     BIRMINGHAM/HOOVER               386    1,187  -24.02   -48.87
  98   PA     SCRANTON/WILKES/BARRE/
              HAZLETON                        167    1,542  -29.54   -43.20
  99   HI     HONOLULU                        155    2,147    1.31    51.96
  100  PA     ALLENTOWN/BETHLEHEM/EASTON       25   12,328  -66.22   -61.54

  *  Actual increase may not be as high due to data collection changes or
     improvements



  About RealtyTrac Inc.


Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine's 2006 Inc. 500 list of the nation's fastest-growing private companies, RealtyTrac Inc. (http://www.realtytrac.com/), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal's Real Estate Journal. For current news and information regarding foreclosure-related issues and trends, visit our blog at http://www.foreclosurepulse.com/.
   Notes:

First Call Analyst:
FCMN Contact:


Source: RealtyTrac Inc.


CONTACT: Michelle Sabolich of Atomic Public Relations, +1-415-402-0230
michelle.sabolich@atomicpr.com, for RealtyTrac Inc.

Web site: http://www.realtytrac.com/
http://www.foreclosurepulse.com/


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