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Foreclosures Improve

March foreclosures down 13%

April 19, 2006

By MortgageDaily.com staff

Following two monthly increases, foreclosures slowed -- though not in the Centennial State.

Nationwide, 101,597 properties entered some stage of foreclosure in March, a 13 percent decrease from the prior month -- although 63 percent higher than a year earlier, according to RealtyTrac's latest monthly U.S. Foreclosure Market Report.

The national foreclosure rate was one new foreclosure for every 1,138 U.S. households, RealtyTrac said.

"After rising more than 20 percent during each of the first two months of the year, foreclosure numbers experienced a fairly sharp correction in March," said James J. Saccacio, RealtyTrac chief executive, in the announcement. "We saw a similar drop in March of '05, followed by four consecutive months of increases. Many buyers and investors typically start looking for properties in the spring, and that could have provided distressed homeowners a better chance of selling their properties to avoid default or foreclosure."

Colorado reportedly posted the nation's highest foreclosure rate -- one new foreclosure for every 339 households -- thanks to a 31 percent increase in new foreclosures from the previous month.

The next highest rate was in Georgia, which had held the No. 1 position during the past two months, at one for every 404 households, according to the announcement. Properties entering some stage of foreclosure fell 19 percent to 7,656.

A total of 4,993 properties entering foreclosure gave Indiana the third-highest foreclosure rate-- with one new foreclosure for every 512 households, the statement said.

Utah, which came in fourth with 1,437 properties entering a stage of foreclosure, pushed its rate to one new foreclosure for every 535 households, the announcement said.

Michigan had 7,727 properties entering some stage of foreclosure in March, reflecting a 25 percent monthly decrease, RealtyTrac reported. Its foreclosure rate of one for every 547 households placed fifth.

Ohio reportedly saw a 53 percent drop from February.

Texas led as the state with most new foreclosures for the fourth consecutive month, with 11,951 properties entering some stage of foreclosure in March, followed by California's 11,073 properties and Florida's 9,283, according to the announcement.

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