Posted on 02/07/2006 11:12:33 AM PST by ex-Texan
U.S. FORECLOSURE MARKET REPORT
Nearly 847,000 Properties Enter Foreclosure During The Year; Florida, Colorado and Utah Post Nation’s Highest Foreclosure Rates.
Irvine, Calif. – January 23, 2006 – RealtyTrac™ (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released year-end data from its 2005 U.S. Foreclosure Market Report, which showed that 846,982 properties nationwide entered some stage of foreclosure in 2005, and a 25 percent increase in the number of new foreclosures from the first quarter to the fourth quarter.
RealtyTrac publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
“Overall U.S. foreclosure numbers climbed steadily over the course of the year, with more new foreclosures reported in every quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “This trend appears to be moving the real estate foreclosure market back to its historic levels.”
Saccacio noted that the number of 2005 foreclosures needed to be kept in context. “Even with almost 850,000 properties entering some stage of foreclosure across the country over the course of the year, this represents less than 1 percent of all U.S. households. And the increase in U.S. foreclosures from Q3 to Q4 was just below 5 percent.”
Report Highlights
• Despite a 29 percent decrease in new foreclosures from the first quarter to the fourth quarter, Florida documented the nation’s highest foreclosure rate and accounted for more than 14 percent of the nation’s new foreclosures in 2005. The state reported 121,843 properties entering some stage of foreclosure — 1.67 percent of the state’s households.
• New foreclosures in Colorado decreased 4 percent from the first quarter to the fourth quarter, but the state’s annual foreclosure rate ranked second highest nationwide thanks to consistently high foreclosure numbers throughout the year. A total of 29,630 Colorado properties entered some stage of foreclosure in 2005 — 1.62 percent of the state’s households.
• 1.5 percent of Utah households entered some stage of foreclosure in 2005, the nation’s third highest annual foreclosure rate. The state reported 11,536 properties entering some stage of foreclosure during the year, but new foreclosures dropped 27 percent from the first quarter to the fourth quarter.
• New foreclosures in Texas increased 54 percent from the first quarter to the fourth quarter, and the state documented the nation’s fourth highest annual foreclosure rate. A total of 115,643 Texas properties entered some stage of foreclosure in 2005 — 1.44 percent of the state’s households and more than 13 percent of the nation’s new foreclosures in 2005.
• Other states with foreclosure rates ranking among the 10 highest nationwide were Georgia, Arizona, Indiana, New Jersey, Ohio and Tennessee. All of these state documented annual foreclosure rates of at least 1 percent of total households and reported new foreclosures increasing from the first quarter to the fourth quarter
• Although their foreclosure rates ranked below the nation’s 10 highest, California, Illinois, New York and Michigan were among the 10 states reporting the most new foreclosures in 2005. California reported 61,563 properties entering some stage of foreclosure, and new foreclosures increased 16 percent from the first quarter to the fourth quarter. Illinois reported 46,723 properties entering some stage of foreclosure, and new foreclosures decreased 14 percent from the first quarter to the fourth quarter. New York reported 37,068 properties entering some stage of foreclosure, and the state reported more than twice as many new foreclosures in the fourth quarter as in the first quarter.
“Over the past few years, we’ve seen historically low mortgage rates, consistently escalating home prices and steady, strong employment,” Saccacio said. “This has translated into relatively low levels of foreclosure properties — particularly bank-owned properties. With interest rates rising and an apparent slowing of property valuations in most markets, we’ll be watching closely to see if there’s a material effect on the number of foreclosures in 2006.”
The RealtyTrac 2005 U.S. Foreclosure Market Report provides the total number of homes entering some stage of foreclosure nationwide and by state for each quarter of 2005. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures – Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures – Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been re-purchased by a bank).
Search foreclosure market statistics nationwide and by state.
Here ya go. See for yourself what the news is. Not a pretty picture is it?
U.S. Supply of Foreclosed Properties Reaches Its Highest Level of 2004
RISMEDIA, June 8-There were 29,990 new foreclosed residential properties listed in the U.S. during May 2004, according to Foreclosure.com,. Overall, the total number of foreclosed properties available in the U.S. for the month of May was 82,991. While the number of new foreclosure listings remained relatively even from April to May, there was an increase of 10 percent in the total number of available properties.
"The increase in foreclosure inventory during the past month indicates that lenders are burdened with a high number of properties. This creates a very attractive buyer's market, as lending institutions do not benefit from holding foreclosed properties on their books," said Greg Sullivan, vice president and co-founder, Foreclosure.com. "Georgia, North Carolina, Ohio and Texas continue to show the largest number of foreclosed properties in the country. However, new foreclosures in Texas, North Carolina and Ohio dropped from April to May, the first drop in new listings in these states in 2004."
U.S. Foreclosure Data for May 2004:
ALASKA
Total Properties: 66
New Foreclosures: 27
ALABAMA
Total Properties: 1915
New Foreclosures: 670
ARKANSAS
Total Properties: 891
New Foreclosures: 291
ARIZONA
Total Properties: 1490
New Foreclosures: 712
CALIFORNIA
Total Properties: 649
New Foreclosures: 355
COLORADO
Total Properties: 2297
New Foreclosures: 875
CONNECTICUT
Total Properties: 300
New Foreclosures: 111
DISTRICT OF COLUMBIA
Total Properties: 50
New Foreclosures: 28
DELAWARE
Total Properties: 115
New Foreclosures: 53
FLORIDA
Total Properties: 2405
New Foreclosures: 1016
GEORGIA
Total Properties: 6194
New Foreclosures: 2276
HAWAII
Total Properties: 28
New Foreclosures: 13
IOWA
Total Properties: 1078
New Foreclosures: 428
IDAHO
Total Properties: 720
New Foreclosures: 259
ILLINOIS
Total Properties: 2932
New Foreclosures: 1133
INDIANA
Total Properties: 4615
New Foreclosures: 1609
KANSAS
Total Properties: 893
New Foreclosures: 305
KENTUCKY
Total Properties: 1422
New Foreclosures: 504
LOUISIANA
Total Properties: 1193
New Foreclosures: 444
MASSACHUSETTS
Total Properties: 120
New Foreclosures: 38
MARYLAND
Total Properties: 1093
New Foreclosures: 531
MAINE
Total Properties: 138
New Foreclosures: 42
MICHIGAN
Total Properties: 5356
New Foreclosures: 1808
MINNESOTA
Total Properties: 620
New Foreclosures: 240
MISSOURI
Total Properties: 2379
New Foreclosures: 879
MISSISSIPPI
Total Properties: 1179
New Foreclosures: 402
MONTANA
Total Properties: 171
New Foreclosures: 48
NORTH CAROLINA
Total Properties: 6009
New Foreclosures: 1854
NORTH DAKOTA
Total Properties: 68
New Foreclosures: 18
NEBRASKA
Total Properties: 558
New Foreclosures: 201
NEW HAMPSHIRE
Total Properties: 56
New Foreclosures: 20
NEW JERSEY
Total Properties: 674
New Foreclosures: 329
NEW MEXICO
Total Properties: 743
New Foreclosures: 255
NEVADA
Total Properties: 406
New Foreclosures: 224
NEW YORK
Total Properties: 2064
New Foreclosures: 752
OHIO
Total Properties: 5564
New Foreclosures: 1673
OKLAHOMA
Total Properties: 1370
New Foreclosures: 494
OREGON
Total Properties: 1113
New Foreclosures: 411
PENNSYLVANIA
Total Properties: 3117
New Foreclosures: 1060
RHODE ISLAND
Total Properties: 6
New Foreclosures: 3
SOUTH CAROLINA
Total Properties: 2525
New Foreclosures: 856
SOUTH DAKOTA
Total Properties: 132
New Foreclosures: 51
TENNESSEE
Total Properties: 3730
New Foreclosures: 1291
TEXAS
Total Properties: 8715
New Foreclosures: 3213
UTAH
Total Properties: 1391
New Foreclosures: 556
VIRGINIA
Total Properties: 951
New Foreclosures: 316
VERMONT
Total Properties: 35
New Foreclosures: 15
WASHINGTON
Total Properties: 1987
New Foreclosures: 734
WISCONSIN
Total Properties: 966
New Foreclosures: 415
WEST VIRGINIA
Total Properties: 412
New Foreclosures: 116
WYOMING
Total Properties: 90
New Foreclosures: 36
For more information, visit http://www.foreclosure.com/
The only way someone could survive one of these loans would be to have the discipline (and the money) to pay a few hundred dollars extra each month toward the principal. But if you have the money to do that, why not just get a low rate fixed loan in the first place?
Investors that are going to sell properties before 10 years and are sure the value will go up might be OK with a loan like this, but I bet the majority of interest only loans are to young couples who can't really afford a big house and don't understand what will happen in 10 years.
During the late '80's I worked with a fellow who had gone underwater in the Fort Collins Colorado real estate market. He was in rural Arizona on the run from his creditors. My friend had been doing lots of creative leverage stunts which worked very well as long as the market was rising. But when the market began to fall . . . Whoa, Nellie!!
One thing he told me which will always remain in my memory was: When the market turns, which I bet its doing in Colorado and Utah, it does so with a vengeance and speed which is breathtaking. There were a whole boatload of Middle Easterners involved in the market there. And they all pulled stakes the same day.
Beware people! It's a jungle out there.
So did the dotcoms when people didn't invest in them wisely.
Again, I don't think any of this is Bush's fault. I think it's people not behaving responsibly. When you take out a 5 year ARM loan at 4.5% for as much house as you can possibly buy (even with the 4.5% interest rate) knowing full well that the interest rate WILL go up at the end of that 5 years, you're taking a huge risk. You're either betting you'll be able to refi at a decent rate or you're betting that you're going to be able to move to improve your situation at the end of that five years.
That's risky in Arkansas where the real estate prices have fluctuated modestly. That can create a very loud financial thud for people that did that in the states where the real estate prices have fluctuated wildly.
The cheap loans weren't bad. It's the cheap loans that turn into expensive loans that are the problem.
Correct, it is no one persons fault, but it certainly made the economy look good for a while.
You're assuming the property value will go up.
These interest only lone people have a VERY good chance of getting screwed in places like California or New York where the real estate prices are cooling off and could go down since a lot of them went too high.
I just know what Suze Orman says, and Suze makes sense.
Why do you keep posting these thread then? And making this comment on every one? Everyone knows there will be a dip in housing; the MSM touts this all the time.
But, brother, you get tiresome.
Birds gotta fly, fish gotta swim, ex-Texan gotta whine.
Don't know whose fault it is, re Greenspan or Bush or Clinton, but we refi'd five years ago to change our adjustable to a fixed and shorten the term by ten years. Didn't take any funds out. Current equity at at least 2.5 times the mortgage balance so we can stand some downward pressure. By the way, we don't use credit cards, period, and we pay cash for our vehicles. Hubby and I are solid on paying off the house asap and resisting temptation to draw on the equity. Hopefully it will pay off in the long run. I know the lack of debt is nice right now. And our lifetstyle isn't spartan by any means. We live in California, by the way, an hour east of San Francisco.
Looks like he's just trying to drum up traffic for his site.
What percent is now in foreclosure?
That's exactly what he's trying to do.
A total of 115,643 Texas properties entered some stage of foreclosure in 2005Which of the two has the highest value, largest population and the one most talked about everyone, including businesses fleeing from again?----
California reported 61,563 properties entering some stage of foreclosure
Wait two more years.
What percent?
Please explain how the taxpayer picks up the tab.
Those ill conceived mortgages are resold to Fannie Mae/Freddie Mac and, if there ultimately are too many bad loans to cover from their reserves..., there WILL be a "Bail Out" similar to the Resolution Trust established to take care of the last such event in the 80s.
So when you said this:
This sort of scheme only works for the duration of the value bubble then..., the "homeowner" walks away leaving the TAXPAYERS to ultimately "pick up the tab"!
You were guessing. Because it hasn't happen before.
I don't suppose you know what these reserves are?
Not right off hand (and if I did, I doubt that I could make a rigorous analysis of their sufficiency) but I do know that a number of knowledgable folks have expressed concern over both the governance and reserves of Fannie Mae and Freddie Mac (Including Alan Greenspan just a few months back).
Whether this is an imminent danger or just a possibility, the marginal (and many fraudulent) mortgages are immediately resold into the secondary market after they are created.
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