July 31, 2007
The damage caused by the subprime implosion is highlighted in foreclosure statistics for the first half of 2007. Foreclosure actions surged 55 percent in the first half of the year, according to RealtyTrac, an online marketplace for foreclosure properties.
The company shows a total of 925,986 foreclosure filings default notices, auction sale notices and bank repossessions on 573,397 properties nationwide during the first six months of the year. Thats one foreclosure filing for every 134 U.S. households for the first half of the year.
The report is based on an analysis of a national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country.
Despite a slight drop in June, foreclosure activity shows no sign of slowing down, said James J. Saccacio, chief executive officer of RealtyTrac. Based on the rate of foreclosure activity in the first half of 2007, we could easily surpass 2 million foreclosure filings by the end of the year, which would represent a year-over-year increase of over 65 percent.
Nevada, Colorado, California post top foreclosure rates Nevada posted the nations highest foreclosure rate, with one foreclosure filing for every 40 households during the first half of 2007.
The state reported a total of 25,208 foreclosure filings on 14,687 properties, more than double the number of foreclosure filings reported in the previous six-month period and nearly triple the number reported in the first half of 2006.
Colorado reported one foreclosure filing for every 60 households during the first half of 2007, the nations second highest state foreclosure rate. The state reported a total of 34,287 foreclosure filings on 19,411 properties, a 15 percent increase from the previous six-month period and a 38 percent increase from the first six months of 2006.
With one foreclosure filing for every 69 households during the first half of 2007, California registered the nations third highest state foreclosure rate. The state reported a total of 189,560 foreclosure filings on 104,572 properties, up 122 percent from the previous six-month period and up 232 percent from the first half of 2006.
Other states with foreclosure rates among the top 10 included Michigan, Florida, Ohio, Georgia, Arizona, Connecticut and Indiana.
Largest Totals
California, Florida, Texas and Ohio report the largest total number of foreclosures.
Californias foreclosure filing total and unique property count were both highest among all the states in the first half of 2007. Florida reported the second highest totals, with 102,213 foreclosure filings on 64,250 properties. Floridas foreclosure rate one foreclosure filing for every 81 households ranked fifth highest among all the states.
Texas reported 69,471 foreclosure filings in the first half of 2007 the nations third highest foreclosure filing total. But the states unique property count of 41,592 came in fourth place behind Ohios 44,594. Ohio reported 60,728 total foreclosure filings, the fourth most of any state.
Other states with foreclosure filing totals among the nations 10 highest were Michigan, Georgia, Illinois, Colorado, New Jersey and Arizona.
