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Foreclosures Higher

120,334 November foreclosures

December , 2006

By MortgageDaily.com staff

Foreclosures continued ascending throughout the nation last month led by the Silver State.

Properties entering some stage of foreclosure during November amounted to 120,334, increasing 4 percent from the previous month and soaring 68 percent above the level a year earlier, RealtyTrac announced Tuesday.

Meanwhile, the national foreclosure rate was one new foreclosure filing for every 961 homes -- the highest monthly foreclosure rate of the year, according to the company's latest U.S. Foreclosure Market Report.

"With home price appreciation slowing, and even declining in some areas of the country, homebuyers who stretched themselves financially to purchase a property don't have much equity to work with if they experience even a small bump in their mortgage rate or disruption in their income," RealtyTrac said in the announcement. "However, the recent dip in interest rates, combined with relatively low unemployment in most areas of the country, should keep foreclosures from accelerating to the point where they impact the entire housing market."

Nevada's foreclosure rate, at one new foreclosure filing for every 346 households -- almost three times the national average, jumped past that of Colorado due to a 12 percent increase in foreclosure activity from the previous month to 2,506 properties entering some stage of foreclosure -- nearly triple the number reported in November 2005, RealtyTrac said.

Colorado -- which had the nation's leading foreclosure rate for eight consecutive months -- posted the second-highest rate in November, with one new filing for every 362 homes due to a 10 percent decrease from October in foreclosure activity, according to the announcement.

The third-highest rate reportedly belonged to Georgia for the second month in a row, with one new filing for each 439 properties, followed by Ohio, Texas, Michigan, California, New Jersey, Indiana and Tennessee, the announcement said.

Within the nation's 200-plus largest metro areas, however, Greeley, Colo., posted the highest foreclosure rate for the fourth consecutive month, with one new foreclosure filing for every 155 households -- over six times the national average. Despite a 21 percent decrease in foreclosure activity, the Detroit area registered the nation's second highest rate for the second month in a row, and the Riverside/San Bernardino, Calif., area posted the third-highest.

California had 19,000 properties enter a foreclosure stage in November -- the highest number reported by any state for the third straight month, RealtyTrac said. Texas, with 13,664, had the second-highest number of filings, followed by Florida's 9,362, and then Ohio, Michigan, Georgia, Illinois, New Jersey, Colorado and New York.

While Massachusetts was among RealtyTrac's states with the most foreclosure activity, ForeclosuresMass.com said its latest foreclosure data showed that 15,133 foreclosures have been initiated in the state from the beginning of the year to Oct. 31 -- with every county already having more foreclosure filings than the entire 2005 calendar year, when filings amounted to 11,493.

RealtyTrac, which claims it publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, said "defaults, auctions and bank repossessions all trended higher in November, bringing the year-to-date foreclosure total to almost 1.2 million -- up 43 percent from the same 11-month period of 2005."

ForeclosureS.com, which says it offers more than 1.4 million listings of current foreclosure statistics by state, county and foreclosure notice type for investors, said that nearly 877,000 homeowners nationwide have been forced into foreclosure so far this year, up about 37 percent all of 2005.

The Southwest was the leading region in the nation, with 329,352 foreclosure filings so far this year, according to ForeclosureS.com.

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