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Foreclosures Ease

Texas tops ForeclosureS.com report

July 18, 2006

By MortgageDaily.com staff


The pace of national foreclosures slowed in the second quarter.

Nationwide, there were 220,154 homes in some stage of foreclosure during the second quarter, 3,331 more than in the prior quarter and 56,169 higher than the comparable period a year ago, according to ForeclosureS.com.

Texas led the nation as the state with 33,964 homes in the foreclosure process, followed by California's 31,754 and Florida's 24,671. However, the numbers were 3 percent and 9 percent lower than in the first quarter for Texas and Florida, respectively, the online foreclosure listing service reported.

In the Northeast, Massachusetts led with the number of foreclosures, which according to ForeclosureS.com, amounted to 5,966 last quarter.

Furthermore, "according to our New England researchers as of July 11th, 3,074 Massachusetts properties went into foreclosure in the last 60 days," said ForeclosureS.com President Alexis McGee in a written statement.

"The price boom we saw over the last five years, especially in the bi-coastal urban centers, really has no historical precedent in U.S. housing markets," she said. "Now, we're seeing the fallout that comes as these markets cycle over the top."

With home prices across Massachusetts falling about 4% from the peak at the end of 2005, it "makes it harder for folks being squeezed by rising mortgage payments to sell their way out of foreclosure in an orderly way," McGee added.

The state in which the rate of homes heading for foreclosure slowed by the most quarter-to-quarter -- falling 43% to 505 -- was Nebraska, ForeclosureS.com said.

Meanwhile, the largest quarterly increase in the number of reported properties in a foreclosure stage was in Alabama -- increasing by 4.5 times to 584.


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