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Foreclosures Worsen

RealtyTrac reports 115,568 October foreclosures

November 17, 2006

By MortgageDaily.com staff

Led by California, national foreclosures increased in October.

Last month, 115,568 properties nationwide entered some stage of foreclosure, a 3 percent uptick from September and 42 percent jump from the level a year earlier, according to RealtyTrac's latest U.S. Foreclosure Market Report.

The month's national foreclosure rate of one new foreclosure filing for every 1,001 households was the second highest rate of any month this year, the online foreclosure property marketplace provider reported.

"Monthly foreclosure filings were just below their high for the year, mirroring the trend from last year, when the most foreclosures of the year were also reported in October," said James J. Saccacio, RealtyTrac chief executive officer, in the written statement. "Our data from the last three months shows that foreclosures are definitely trending upward, putting more pressure on an already strained housing market, and placing buyers and investors in the driver's seat when it comes to negotiating home purchases."

Year-to-date, over 1 million properties have entered some stage of foreclosure -- up 27 percent from the same time last year, according to the announcement.

For the eighth month in a row, Colorado had the nation's highest foreclosure rate, with one new foreclosure filing for every 327 households, due to a 25 percent increase in foreclosure activity from September, RealtyTrac said. Furthermore, the 5,592 properties that entered some stage of foreclosure in October are more than double the number the state reported for the same month a year ago.

For the fifth consecutive month, Nevada reportedly had the second-highest rate, with one new foreclosure filing for every 389 households.

With a 33 percent month-over-month increase, Georgia went from being the state with the fifth-highest rate to the third-highest, with one new foreclosure filing for every 449 households, the announcement said.

The rest of the top 10 foreclosure rates belonged to Michigan, Illinois, Florida, Ohio, Tennessee, New Jersey and Utah, RealtyTrac reported.

While California had the 12th highest rate, it had the highest number -- over 16,000 -- of properties that entered a stage of foreclosure for the second month in a row, the online marketplace service said. The Golden State's foreclosure activity has more than tripled from a year ago.

Florida reportedly came in second, with 11,413 properties entering some stage of foreclosure in October, followed by Texas, Michigan, Illinois, Ohio, Georgia, Colorado, New Jersey and New York.

Amongst the 200-plus largest metropolitan areas, Greeley, Colo., had the highest foreclosure rate for the third consecutive month, with one new foreclosure filing for every 175 homes -- almost 6 times the national average, RealtyTrac said.

The second-highest metro foreclosure rate belonged to Detroit, with one new filing for every 196 properties, followed by Modesto, Calif.'s rate of one new filing for every 214 homes, according to the announcement.

RealtyTrac says it publishes "the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from nearly 2,500 counties across the country."

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